Specialty Gas Market Size, Share & Trends Analysis Report By Product (Noble, Carbon, Ultra-high Purity, Halogen), By Application (Manufacturing, Electronics, Healthcare), And Segment Forecasts, 2021 - 2028

Report 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.

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.

Product Insights

The carbon gas segment is anticipated to be a leading segment in the market with a revenue share of over 26% as of 2020, owing to increasing demand by various end-use industries such as manufacturing, electronics, healthcare, and chemicals as well as growing application scope for analytical purposes and instrument calibration. Increasing demand for noble gas from manufacturing and electronics industries is anticipated to propel the industry growth.

The ultra-high purity segment is anticipated to be the leading segment in the specialty gas industry owing to its increasing usage in applications such as manufacturing semiconductors, usage in laser technology, displays, photovoltaic products, welding and cutting, analytical instruments, stabilizing chemical processes, creating amplified light for hardening and marking, etc.

Noble gases are also expected to witness huge demand owing to the increasing requirement for non-reactive chemical reactions in the manufacturing process and industrial applications such as lighting, welding, laser equipment, and diving gear. Other specialty gases include zero air, silane, nitrous oxide, custom blends, and gas mixtures. Increasing demand for custom-blended mixtures by the food and beverage, healthcare, manufacturing, and chemical industry is anticipated to spur the market demand.

Application Insights

Healthcare application is anticipated to be the largest segment in the specialty gas market, accounting for over 27% in 2020. Increased preference in the healthcare sector owing to an increased rate of applicability in medical applications is driving the industry growth.

The manufacturing segment accounted for the second-highest market share of the global demand in 2020. The large proportion can be accredited to the large manufacturing industry and requirement of ultra-high purity and other specialty gas for specific applications.

Increasing demand due to new technologies and existing uses of display technologies such as OLED, 4K, curved and flexible displays is positively driving the display market. Large-scale production of displays owing to high demand is fostering the use of specialty gases.

Regional Insights

Asia Pacific was the largest regional market for specialty gas with a revenue share of over 26% as of 2020, owing to the presence of numerous end-use industries such as healthcare, electronics, manufacturing, pharmaceutical, etc. Massive investments commenced in developing custom blending techniques and adoption of new technology for the production process, equipment, and packaging in the Asia Pacific is anticipated to surge preference for specialty gas products.

China is the largest market for specialty gas in the Asia Pacific region owing to the increasing demand for bulk and electronic specialty gases in this region. High purity gas production is done on large scale in this region due to increased preference toward the healthcare sector and application in the food and beverage, electronics, and pharmaceutical sector.

Increasing demand for specialty gases in Europe is positively influencing industry growth owing to the high rate of facility establishment, technological advancement in packaging, high disposable income, and increased standard of living. Supportive government investments for specialty gas production are projected to foster market growth.

Key Companies & Market Share Insights

Kay players in the industry are investing in research and development, while actively contributing to the tactical initiatives for new product development. Capacity growth and new product launches are predominant in the industry. The market trend also signifies notable expansion and acquisition activities by the key companies.

In 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. 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.

Specialty Gas Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global specialty gas market report based on product, application, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Ultra-high Purity

  • Noble

  • Carbon

  • Halogen

  • Other Specialty

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Manufacturing

  • Electronics

  • Healthcare

  • Institutional

  • Other

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE