Increasing Global Demand For Specialty Gas Market With Rising CAGR Forecast Till 2030|Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on May 15th, 2024 San Francisco, 15 May 2024: The ReportSpecialty Gas Market Size, Share & Trends Analysis Report By Product (Ultra-high Purity Gases, Carbon Gases), By Application (Electronics, Healthcare), By Region (Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030 The global specialty gas market size is anticipated to reach USD 21.81 billion by 2030, expanding at a CAGR of 7.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing product adoption in electronics, manufacturing, and healthcare applications is anticipated to drive market growth. A rise in spending by governments across the globe to upgrade healthcare facilities acts as one of the major factors driving the growth of the market for specialty gas. The increased demand for flat panel displays and semiconductor devices boosts market growth. The widespread use of specialty gas as a cleaning gas for thermal chemical vapor deposition for high-tech thin films is driving their demand. The COVID-19 pandemic negatively impacted the global market. The pandemic disrupted the whole supply chain causing a shortage of raw materials required for the consumer electronics, food & beverage, petrochemical, and manufacturing industries. The lower production in these industries also negatively impacted the demand for specialty gases. Asia Pacific dominated the market and accounted for the largest market share of 38.5% in 2022 and is expected to retain its dominance over the forecast period. The region dominates electronic and semiconductor manufacturing. China is a manufacturing powerhouse that ranks as the world’s top producer of automobiles, manufacturing, semiconductors, and other significant end-use industries. The dominant presence of various end-use industries in the region is contributing to the market growth. The increasing adoption of specialty gas in electronics, manufacturing, and healthcare applications is anticipated to drive market growth. The expanding markets for semiconductors and displays play a significant role in increasing the usage of specialty gases in electronics applications. Moreover, the growing healthcare industry and advances in clinical treatments are driving the market growth. The specialty gas industry supplies different sectors, such as petrochemical, oil & gas, analytical research, and consumer electronics. The recent increase in demand for specialty gases can be largely attributed to a rise in the demand for semiconductors and LEDs. The semiconductor industry is one of the world’s most dynamic, competitive, and sophisticated industries. As it expands, so does the demand for ultra-pure gases and chemicals. Moreover, high-purity gases are crucial in the manufacturing processes for consumer electronics as well. The recent growth of the consumer electronics industry helps propel the growth of the specialty gas industry. Request sample report of Specialty Gas Market@https://www.grandviewresearch.com/industry-analysis/specialty-gas-market/request/rs1 The COVID-19 pandemic had a negative impact on the overall market. The pandemic led to disruption of the supply chain related to different industries, such as consumer electronics, oil & gas, petrochemicals, and manufacturing. The manufacturing industry was impacted in several ways due to the pandemic, which resulted in low-scale operations and, eventually, a detrimental impact on output levels. Index for Industrial Production (IIP) in India fell to -1.40% for the year 2023-20. The negative impact of the pandemic on various end-use industries also impacted the demand for specialty gases. Specialty Gas Market Report Highlights
Based on product, the market has been segmented into ultra-high purity gases, noble gases, carbon gases, halogen gases, and others. The carbon gases segment accounted for the largest revenue share of 30.2% in 2022 and is expected to retain its dominance over the forecast period. Carbon gases are widely used in medical equipment, such as nuclear magnetic resonance imaging, magnetic resonance imaging, ophthalmology, and others. The demand for carbon gases is high in sectors, such as electronics, manufacturing, healthcare, and chemicals. The growing application scope of carbon gases for instrument calibration is propelling the carbon gas demand. The ultra-high purity gases segment is expected to grow at the highest CAGR of 8.5% over the forecast period. Ultra-high purity gases are used for insulation, lighting, and cooling in various industries, such as electronics, metal processing, chemical, and oil & gas. Also, ultra-high purity gases play a major role in the manufacturing of semiconductors. The expansion of the semiconductor industry is expected to drive the demand for ultra-high purity gases. Specialty Gas Market Report Scope
The market is highly competitive as it features various global and regional players. The world’s leading companies are undertaking partnerships, collaborations, acquisitions, mergers, and agreements as strategies to withstand the intense competition and increase their market share. Moreover, specialty gas manufacturers are spending extensively to increase production capacities to cater to the growing product demand. For instance, in December 2022, Air Products and Chemicals, Inc. and AES Corporation announced USD 4.0 billion investment to develop the first mega-scale green hydrogen production facility in Texas, U.S. This plant is being developed to meet the growing requirement for zero-carbon-intensity fuels from the transportation and industrial sectors of the country. List of Key Players of Specialty Gas Market
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