Specialty Gas Market to Garner $17.7 Billion, Globally, By 2031 at 5.0% CAGR, Says Allied Market Research

Factors such as the high growth of the end-user industry and the increase in demand for photovoltaic products & plasma display panels drive the growth of the global specialty gas market.

PORTLAND, Ore., Dec. 5, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Specialty Gas Market by Product Type (High purity, Nobel, Carbon, Halogen, Others), by Application (Manufacturing, Electronics, Healthcare, Institutional, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global specialty gas industry generated $10.9 billion in 2021, and is anticipated to generate $17.7 billion by 2031, witnessing a CAGR of 5.0% from 2022 to 2031.

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Prime determinants of growth

Factors such as the high growth of the end-user industry, the increase in demand for photovoltaic products & plasma display panels, increase in environmental awareness, rising demand from the healthcare industry, and surge in demand for bio-based products drive the growth of the global specialty gas market. However, increasing regulations and restrictions on the production as well as quality control of specialty gas along with the presence of substitutes of specialty gas is predicted to hamper the market growth. Moreover, the production of new environmentally friendly technologies and products along with emerging markets is likely to offer lucrative growth opportunities for the specialty gas market.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global specialty gas market. Most production plants were temporarily shut down due to lockdowns in many countries, resulting in a decrease in demand for numerous specialty gases.
• Moreover, due to an increase in coronavirus cases, building activity was stopped, resulting in a decrease in the usage of welding gases such as hydrogen and argon.
• The pandemic, on the other hand, has created new possibilities in the healthcare industry due to the increased demand for high-purity gases such as oxygen, nitrogen, and other specialty gases.

The carbon segment to maintain its leadership status throughout the forecast period

Based on product type, the carbon segment held the highest market share in 2021, accounting for nearly one-third of the global specialty gas market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its wide usage in end-use industries such as chemicals, oil, food and beverages and others. In healthcare, carbon gases are used on a large scale in devices such as nuclear magnetic resource imaging, magnetic resonance imaging, ophthalmology, and others. However, the nobel segment is projected to manifest the highest CAGR of 5.2% from 2022 to 2031. Nobel gases have grown in popularity in various industries such as manufacturing, electronics, and healthcare, globally due to their inertness at high temperatures and use in metal melting applications. 

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The electronics segment to witness fastest growth rate during the forecast period

Based on application, the electronics segment is expected to portray the largest CAGR of 5.1% from 2022 to 2031. Specialty gases are used in the electronics industry to produce components such as integrated circuits (IC) and silicon wafers as well as flat panel display products and compound semiconductors. Specialty gases are also used in different types of electronic devices such as LED bulbs, various types of displays, and other electrical devices. The report also discusses other segments such as manufacturing, healthcare, institutional, and others.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global specialty gas market, and is likely to dominate the market during the forecast period. The rise in the automotive and healthcare sectors is influencing the growth of the specialty gas market. Also, the demand for semiconductors has gained immense popularity leading to the growth of the market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.1% from 2022 to 2031. The market growth rate is being driven by an increase in demand for specialty gases from the healthcare and electronics industries. The development of various end-user verticals, particularly in emerging countries, and increasing R&D capabilities will all have a direct and positive impact on the market's growth rate.

Leading Market Players:

• Airgas, Inc.,
• Linde plc,
• Messer group GmbH,
• Norco Inc.,
• Weldstar, Inc.,
• Air Liquide S.A.,
• Air Products Inc.,
• MESA International Technologies, Inc.,
• Showa Denko K.K,
• Taiyo Nippon Sanso Corporation

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