The Global Specialty Gas Market was estimated at USD 11.1 Bn in 2020 and is expected to grow with CAGR of 9.7% during the forecast period.
The specialty gas market is majorly growing owing to the increasing product demand from the healthcare sector. Due to the ultra-high purity accounting to 99.995% & above, specialty gases have high application in the healthcare industry. Therefore, the rising demand for noble and high purity gases in several medical application fields such as anesthetic, mechanical ventilation, and reanimation process is boosting the demand for specialty gases from the healthcare sector. In addition, specialty gases are also consumed in Magnetic Resonance Imaging (MRI) applications. Moreover, rising expenditure and significant growth in the healthcare and medical sectors are contributing to surging the specialty gases market growth.
The specialty gas market is also experiencing strong growth due to increasing demand from other end-use industries such as electronics, manufacturing, and automotive. For instance, the specialty gas industry experiences high product demand from manufacturing industries for lighting, chemicals, and laser applications. Similarly, in the electronics industry, these gases are demanded for manufacturing semiconductor devices and flat panel displays. Further, specialty gases such as krypton have high application in automotive headlights and serve as a filler between panes of glass, thus acting as an insulator against temperature variations. Owing to such wide application in several industry verticals, the specialty gases market is projected to witness high product demand over the forecast period. Furthermore, rising investment by key manufacturers in the industry such as Praxair Incorporated, Air Products and Chemicals, and Messer Group GmbH among others for expansion and new product development is expected to be an instrumental step in offering growth opportunities in the industry.
Global Specialty Gas Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, the region dominated the specialty gas market and is projected to exhibit high growth during the forecast period. This high share is mainly attributed to the wide application of specialty gases from the healthcare and electronics industries in the region. The growth is also prominently owing to rapidly growing end-use industries in emerging economies in the region such as China and India. China is the leading electronics-producing country across the globe. This is due to the growing population along with increasing disposable incomes in the economy which is creating higher demand in the electronics sector and thereby positively driving the specialty gas market. Further, India is among one of the largest healthcare sectors across the globe due to the geriatric population of more than 100 million and increasing incidences of lifestyle diseases. Hence, the growing electronics and healthcare industry is contributing to surging product demand in this region.
Key Findings:
The key market players in the specialty gas industry are:
Log in / Register