The Global Specialty Gas Market was valued at USD 11.1 Bn in 2020 and is expected to reach USD 21.2 Bn by 2027, with a growing CAGR of 9.7% during the forecast period.
Specialty gases are ultra-high purity or rare gases which include a range of minor gases that are used in specialized applications. Various types of specialty gases include ultra-high purity, noble, carbon, halogen, and other specialty gases. These gases have unique properties and therefore benefit many industries such as automotive, manufacturing, electronics, healthcare, institutional, food and beverage, oil, and gas, and among others.
The specialty gas market is majorly experiencing traction due to the broad spectrum of uses including controlling biological growth, monitoring air quality, testing breath alcohol, testing car exhaust, calorimetric testing, confined space monitoring, emission & natural gas trading, and commercial diving. Specialty gas such as ultra-high purity gas offers a purity level of approximately 99.99999%. Higher purity accounts for lower and fewer levels of the impurities which can cause issues with high-tech production instrumentation or processes as well as analytical measurement. In addition, specialty gas provides a high specification tolerance of the mixing chemicals in comparison to other medical and industrial gases. Owing to this high level of purity and tolerance over other gases, specialty gas is preferred across several end-user industries.
Moreover, additional benefits offered by specialty gas such as cost reduction, optimization of performance, and yield improvement are another major factor driving the growth in the specialty gas market. Additionally, rising demand for the product in applications like voltaic cells and plasma display panels is also projected to bring a surge in the specialty gas market over the forecast period. Further, rising environmental awareness along with growing demand for bio-based products is another major factor offering growth opportunities in the specialty gas market across the globe.
The unique insights provided by this report also include the following:
Based on the product, the carbon specialty gas accounted for the major share in the specialty gas market owing to growing product demand by several end-use industries
Based on the product, the specialty gas market is segmented as ultra-high purity, noble, carbon, halogen, and other specialty gases. Among these, carbon specialty gas accounted for the major share in the specialty gas market across the globe. This high share is owing to growing product demand by several end-use industries including electronics, manufacturing, healthcare, chemicals, oil & gas among others. Carbon gas is used in the electronics industry for a wide range of circuits such as board assembly, cleaning surfaces, and manufacturing semiconductor devices. In the healthcare industry, carbon gas is used to make urea, organic & inorganic carbonates, methanol, sodium salicylate, and polyurethanes. It is further used in the oil & gas industry for enhanced oil recovery (EOR). Owing to such wide application, carbon gas has been experiencing high demand, thereby driving the specialty gas market.
Based on application, the electronics industry has dominated the specialty gas industry due to the use of specialty gases in producing various electronics components
Based on application, the specialty gas market is fragmented into automotive, manufacturing, electronics, healthcare, institutional, food and beverage, oil, and gas, and among others. Among these, the electronics industry has dominated the specialty gas industry and is expected to show similar trends during the forecast period. This dominant share is due to the use of specialty gases in producing various electronic components such as silicon wafers & integrated circuits (IC) along with the manufacturing of compound semiconductors and flat panel display products. Additionally, there is a wide displacement of wet processes in manufacturing semiconductor components by gas-phase cleaning and engraving owing to the rising demand for supplementary complex semiconductors. This is also resulting in augmenting the specialty gas industry demand in the electronics sector.
Based on region, the Asia-Pacific region led the specialty gas industry across the globe due to the growing product demand from many end-use industries in the region
Based on region, the specialty gas industry is divided into Asia-Pacific, North America, Latin America, the Middle East and Africa, and Europe. Among these, the Asia-Pacific region led the specialty gas industry across the globe and is anticipated to show a significant growth trend during the forecast period. This share is majorly attributed to the growing product demand from many end-use industries in the region such as electronics, healthcare, pharmaceutical, and manufacturing among others. High purity gas is produced on a large scale in this region owing to the growing preference towards the healthcare sector and widening application in the electronics & food and beverage sector. Further, massive investments by several economies in the region for adopting new technologies for the production equipment, packaging & process along with developing techniques for custom blending in the region proliferate the specialty gas industry growth across the region.
Note: Challenges along with in-depth Specialty Gas market dynamics analysis is mentioned in the report.
COVID-19 pandemic has resulted on causing significant disturbance in most industries across the globe. Due to the enforcement of social distancing, lockdowns, and other measures, many manufacturing units were temporarily shut down, resulting in decreasing product demand, thereby negatively impacting the specialty gas market growth. In addition, many construction projects that were in the bidding or final stages were delayed or cancelled due to pandemic. As per American Road & Transportation Builder Association, infrastructure projects of more than USD 9.6 billion were delayed or cancelled because of pandemic. This led to decrease in the demand for gases such as argon and hydrogen used in welding purposes. Owing to the decreased product demand from these end-use industries, the specialty gases market demand also took a major hit across the globe.
The report also provides an in-depth analysis of key trends in the Specialty Gas market
The report also provides an in-depth analysis of recent news developments and investments in the Specialty Gas market
The key players operating in the specialty gas industry are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.