Global Specialty Gas Market Size, Share, Trends, Growth and Forecast 2032

Global Specialty Gas Market Insights

According to a report from Zion Market Research, the global Global Specialty Gas Market was valued at USD 1309.86 Million in 2023 and is projected to hit USD 1963.41 Million by 2032, with a compound annual growth rate (CAGR) of 4.6% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Global Specialty Gas Market industry over the next decade.

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Global Specialty Gas Market: Overview

Specialty gases are ultra-high purity gases that are rare. The unique property of such specialty gases improves yields, optimizes performance, lowers cost in different industries like petrochemical, pharmaceutical, analytical, electronics, and many others. These are categorized into halogen gases (fluorine and chlorine), carbon monoxide (methane, carbon monoxide, carbon dioxide), noble gases (krypton, xenon, argon, and helium), and high purity gases (oxygen and nitrogen). Such gases can only be utilized for specific industrial uses and hence called specialty gases. A common category of these gases is called specialty pure gases. These are utilized in the spectrometers, chromatographs, detectors, and many others.

Global Specialty Gas Market: Growth Factors

The global specialty gas market is anticipated to grow significantly during the forecast period due to the growing demand in the healthcare sector and the increasing need for ultra-high purity gases in several manufacturing applications. The increased use of these gases is expected to develop the manufacturing and healthcare sector tremendously. Products manufactured using different blending techniques are making significant progress both in research & development and commercialization. The rapid proliferation of automation and the electronics sector also boosts the demand for such gases which in turn are anticipated to fuel the growth of the global specialty gas market. There is the possibility of the scarcity of helium in the future which has led the manufacturers to undergo extensive research and development activities for finding an alternative solution to it. However, these researches had led to several innovations in specialty gases and thus fueled the growth of the market globally. The continuous growth in the biotechnology sector will support the growth of the global specialty gas market significantly during the forecast period. Biotechnology is creating many lucrative opportunities in the market and hence attracting many manufacturers to step into the global specialty gas market.

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Global Specialty Gas Market: Segmentation

The global specialty gas market can be segmented into application, product, and region.

By application, the market can be segmented into institutional, healthcare, electronics, manufacturing, and others. The healthcare segment holds hegemony over others owing to the increased preferences and availability in medical sector applications. The manufacturing segment is also expected to witness huge growth due to the high need for these gases for specific applications. The electronic segment is growing fast in the global specialty gas market due to the growing use of these gases in the manufacturing of semiconductor devices and innovative flat panel displays.

By product, the market can be segmented into halogen, carbon, noble, ultra-high purity, and other specialties. The carbon segment accounts for the largest share in the global specialty gas market due to the increasing demand for carbon in several end-use industries like chemical, healthcare, electronics, manufacturing, and many more.

The noble gas segment is also anticipated to witness huge growth with high CAGR during the forecast period owing to the growing need for non-reactive chemical agents in the manufacturing process and different industrial applications like driving gear, laser equipment, welding, and lightning. It is also utilized in cooling semiconductors with high temperatures at low pressures. There is significant growth in the demand for the other specialty gases due to the growing need for custom blend mixtures by the food & beverage, healthcare, chemical, and manufacturing sector.

Global Specialty Gas Market: Regional analysis

Asia Pacific accounts for the largest share in the global specialty gas market owing to the presence of different end-users in pharmaceuticals, manufacturing, electronics, healthcare, and many others. The region is heavily investing in innovating custom developing techniques and the adoption of advanced technology in equipment, production, and packaging processes. The growing support for the regional government is also boosting the growth of the regional market.

North America is among the significant markets for specialty gas. It is expected to witness huge growth due to the large production of these gases in the region. Moreover, the heavy investment by prominent manufacturers is fueling the regional market growth.

Global Specialty Gas Market: Report Scope

Global Specialty Gas Market: Competitive Players

Some of the significant players in the global specialty gas market are:

• Showa Denko K.K.
• Taiyo Nippon Sanso Corporation
• Norco Inc.
• Mesa Specialty Gases & Equipment
• Weldstar, Inc.
• Air Products and Chemicals, Inc.
• Messer Group GmbH
• Air Liquide International S.A.
• Linde plc
• Coregas Pty Ltd
• Air Water Inc.
• Iwatani Corporation
• Praxair Inc
• Southern Industrial Gas Sdn Bhd.

Global Specialty Gas Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa