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Specialty Gas Market Size & Share, By Product (Ultra-high Purity Gases, Carbon Gases), Application (Electronics, Healthcare), Region (Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030

Report ID: FBI 1158

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Published Date: Aug-2023

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Format : PDF, Excel

Market Outlook:

Specialty Gas Market size surpassed USD 11.43 Billion in 2022 and is poised to reach USD 24 Billion, growing at over 8.9% CAGR between 2023 and 2030. Specialty gases play a crucial role in various industries, including healthcare, electronics, metal fabrication, and semiconductor manufacturing. These gases are highly pure and have specific properties, making them essential for specific applications.

Base Year Value (2022)

USD 11.43 Billion

18-23 x.x %
24-33 x.x %

CAGR (2023-2030)

8.9%

18-23 x.x %
24-33 x.x %

Forecast Year Value (2030)

USD 24 Billion

18-23 x.x %
24-33 x.x %
Specialty Gas Market

Historical Data Period

2018-2021

Specialty Gas Market

Largest Region

North America

Specialty Gas Market

Forecast Period

2023-2030

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Market Dynamics:

Growth Drivers & Opportunities:

1. Increasing Demand from the Healthcare Industry: Specialty gases are extensively used in the healthcare sector for various applications, including anesthesia, medical imaging, and respiratory therapies. The growing population, coupled with the rising prevalence of chronic diseases, is driving the demand for specialty gases in the healthcare industry.

2. Robust Growth in the Electronics Industry: The electronics industry is experiencing rapid advancements, with the increasing adoption of smartphones, tablets, and other electronic devices. Specialty gases, such as silane and boron trichloride, are vital for semiconductor manufacturing, driving the demand in this sector.

3. Environmental Regulations and Rising Awareness: Stringent environmental regulations imposed by governments worldwide have led to the adoption of specialty gases as alternatives to traditional industrial gases. These gases have low global warming potential and are considered more environmentally friendly, creating significant growth opportunities.

 

Industry Restraints & Challenges:

Report Scope

Report CoverageDetails
Segments CoveredProduct, application, region
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledAir Products and Chemicals, Inc., Air Liquide, Messer Group GmbH, Linde plc, Taiyo Nippon Sanso Corp., MESA Specialty Gases & Equipment, Weldstar, Norco Inc., Coregas, Showa Denko K. K.

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1. Volatile Raw Material Prices: Specialty gases require specific raw materials, the prices of which are subject to fluctuations. Variations in raw material prices can impact the overall production costs, affecting the profitability of manufacturers and hindering market growth.

2. High Cost of Setup and Maintenance: The setup and maintenance of specialty gas plants require substantial capital investment. The high initial costs for establishing production facilities and ensuring compliance with safety standards can act as a barrier to entry for new market players.

3. Technical Challenges: Specialty gases are highly pure and require sophisticated manufacturing processes to maintain precise composition and quality. Technical challenges in maintaining consistency and purity levels can pose significant obstacles in the market.

In conclusion, the specialty gas market is expected to experience substantial growth due to the increasing demand from the healthcare and electronics sectors, as well as the presence of environmental regulations. However, the market faces challenges such as volatile raw material prices, high setup and maintenance costs, and technical challenges. Overcoming these challenges and leveraging growth opportunities will be crucial for industry players to thrive in the specialty gas market.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Specialty Gas Market
Specialty Gas Market

Regional Forecast:

North America:

The North American specialty gas market is expected to witness significant growth due to the presence of well-established industries such as healthcare, electronics, and automotive. The increasing demand for specialty gases in these sectors, specifically in the United States and Canada, is driving the market growth. Furthermore, the rising focus on research and development activities in the region contributes to the expansion of the specialty gas market.

Asia Pacific:

The Asia Pacific region is projected to experience substantial growth in the specialty gas market. Rapid industrialization and infrastructural development in countries like China, India, and Japan are fueling the demand for specialty gases. The rising population, coupled with a surge in manufacturing activities in these regions, is creating a favorable environment for market growth. Moreover, the increasing adoption of advanced technologies, such as semiconductors and photovoltaics, is further propelling the demand for specialty gases in Asia Pacific.

Europe:

Europe is expected to witness steady growth in the specialty gas market owing to the well-established healthcare and automotive industries. Countries like Germany, France, and the United Kingdom are major contributors to market growth in this region. Additionally, the presence of stringent environmental regulations has resulted in the increased adoption of specialty gases in various industries to minimize carbon emissions and ensure compliance with regulatory standards.

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Segmentation Analysis:

1. Industrial Gases:

- Sub-Segment: Nitrogen Gas

Nitrogen gas is a subtype of industrial gases widely used in various industrial applications. It is commonly employed in the chemical, pharmaceutical, and electronics industries. Nitrogen gas is utilized for purging, inerting, and blanketing applications due to its non-reactive properties. Additionally, it serves as a cryogenic fluid for cooling and freezing purposes.

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Competitive Landscape:

The specialty gas market boasts several key players, including:

1. Air Liquide SA

2. Linde AG

3. Praxair Inc.

4. Air Products and Chemicals Inc.

5. Taiyo Nippon Sanso Corporation

These companies are focusing on strategic initiatives such as mergers and acquisitions, product launches, and collaborations to strengthen their market presence and gain a competitive edge. Furthermore, they are emphasizing research and development activities to introduce innovative specialty gas solutions and cater to the evolving requirements of end-users. The competitive landscape of the specialty gas market is characterized by intense rivalry among the major players, driving continual advancements and technological innovations in the industry.

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Specialty Gas Market Size & Share, By Product (Ult...

RD Code : 24