Specialty Gas Market Share, Regional Outlook, Forecasts Report 2028
Specialty Gas Industry Overview
The global specialty gas market size was valued at USD 9.64 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028.
Increasing applicability rates majorly in manufacturing, electronics, and healthcare applications are anticipated to drive the growth. Specialty gas is expected to gain preference in the healthcare sector owing to increasing consumption of high purity and noble gases in various medical application areas i.e. reanimation process, anesthetic, and mechanical ventilation. It is also used in Magnetic Resonance Imaging (MRI). The growing display market is a vital role-playing factor for increasing specialty gas consumption in electronics application.
Gather more insights about the market drivers, restrains and growth of the Global Specialty Gas Market
Market growth can be attributed to the increasing demand for specialty gas from healthcare and electronics end-use industries which reckon for the majority share of the total market and improving economic conditions fostering high demand for electronic goods in China and India.
Specialty gases are used in the electronics industry to produce components such as integrated circuits (IC) and silicon wafers as well as manufacturing of flat panel display products and compound semiconductors. Due to the increasing demand for supplementary complex semiconductors, the wet processes are displaced by gas-phase engraving and cleaning which induces the use of specialty gases.
Development in automotive, healthcare, and electronics industries on account of growing demand, particularly in the Asia Pacific region are expected to present themselves as a major prospect for market growth. Welding and cutting, lighting, metal fabrication, and chemical production are some of the domineering industry applications in the Asia Pacific.
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- Heat Transfer Fluids Market: The global heat transfer fluids market size was estimated at USD 10.3 billion in 2021 and is anticipated to exhibit a compound annual growth rate(CAGR) of 3.6% from 2022 to 2030.
- White Oil Market: The global white oil market size was valued at USD 2.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.
Market Share Insights
- August 2019: Air Products and Chemicals, Inc. acquired General Electric Company’s gasification business unit. The acquisition is estimated to allow the company to expand its product offerings, strengthen its position, and build, own, and operate gasification projects across the globe.
Key Companies profiled:
Some of the major companies operating in the global specialty gas market are
- Linde plc
- Air Liquide International S.A.
- Messer Group GmbH
- Air Products and Chemicals, Inc.
- Weldstar, Inc.
- Mesa Specialty Gases & Equipment
- Norco Inc.
- Taiyo Nippon Sanso Corporation
- Showa Denko K.K.
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