Specialty Gas Market Projected To Exhibit Robust CAGR of 8.8% For The Forecast Period From 2021 To 2028: Grand View Research Inc.

 

The global specialty gas market size is expected to reach USD 18.22 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.8% from 2021 to 2028. Increased preference for specialty gases in the healthcare sector owing to an increased rate of applicability in medical applications is a driving factor for the strong market growth.

Increased rate of applicability in key applications such as manufacturing (welding and cutting, lighting, laser, chemicals), healthcare (medical devices, pharmaceutical drugs manufacturing, anesthetic), electronics (flat panel displays, semiconductor devices), and analytical and calibration instruments are expected to drive market growth.

The manufacturing and electronics industries are flourishing at an increased rate in emerging economies of Asia Pacific. Government initiatives to strengthen analytical testing capabilities, growing expenditure on drugs and medical devices by public health organizations, technological advancement, and government investments in the healthcare and electronics industries are increasing the demand for specialty gas.

Prevailing energy and environment-friendly practices coupled with growing societal awareness towards green products and solutions are anticipated to develop more stringent environmental and emission norms over the forecasted period. Furthermore, key players such as Air Liquide, Praxair, Inc., Linde AG, etc. are developing clean technologies and introducing innovative solutions that will lower emissions and pollutants.

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.

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Specialty Gas Market Report Highlights

• Carbon gases was the largest segment by product capturing over 26% of the market share in 2020. Carbon gases are obtained from various natural sources and used by end-use industries such as chemicals, oil, food and beverages, etc. Majorly carbon dioxide and carbon monoxide have an increasing demand in the market owing to the high applicability rate in many industrial applications
• The healthcare segment is anticipated to reach USD 4.66 billion in 2027. Specialty gases are used on large scale in devices such as nuclear magnetic resource imaging, magnetic resonance imaging, and ophthalmology, etc.
• Asia Pacific region captured the largest regional segment in 2020 accounting for USD 4.20 billion owing to steady capacity expansions by surgical instruments, defense equipment, electronics, cotton, textiles industries, and a growing number of new applications of specialty gases is expected to drive market growth
• The market is competitive with key participants involved in R&D and constant innovation done by the vendors has become one of the most important factors for companies to perform in this industry. Key manufactures include Air Liquide S.A., Air Products and Chemicals, Inc., Iwatani Corporation, Linde plc, and Messer Group GmbH.

List of Key Players of Specialty Gas Market

• 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.