Specialty Gas Market Size To Reach $21.81 Billion By 2030

Specialty Gas Market Growth & Trends

The global specialty gas market size is anticipated to reach USD 21.81 billion by 2030, expanding at a CAGR of 7.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing product adoption in electronics, manufacturing, and healthcare applications is anticipated to drive market growth. A rise in spending by governments across the globe to upgrade healthcare facilities acts as one of the major factors driving the growth of the market for specialty gas. The increased demand for flat panel displays and semiconductor devices boosts market growth. The widespread use of specialty gas as a cleaning gas for thermal chemical vapor deposition for high-tech thin films is driving their demand. The COVID-19 pandemic negatively impacted the global market.

The pandemic disrupted the whole supply chain causing a shortage of raw materials required for the consumer electronics, food & beverage, petrochemical, and manufacturing industries. The lower production in these industries also negatively impacted the demand for specialty gases. Asia Pacific dominated the market and accounted for the largest market share of 38.5% in 2022 and is expected to retain its dominance over the forecast period. The region dominates electronic and semiconductor manufacturing. China is a manufacturing powerhouse that ranks as the world’s top producer of automobiles, manufacturing, semiconductors, and other significant end-use industries. The dominant presence of various end-use industries in the region is contributing to the market growth.

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Specialty Gas Market Report Highlights

• Based on product, the carbon gases segment accounted for the largest revenue share of 30.2% in 2022 and is expected to retain its dominance over the forecast period. Carbon dioxide and carbon monoxide, in particular, are in high demand in the market because of their common use in a variety of industrial applications

• For example, carbon dioxide in solid and liquid form is used for refrigeration and cooling. Furthermore, it is useful as an inert gas in chemical processes, carbon powder storage, and fire extinguishers. In the metals business, carbon dioxide is used to strengthen the hardness of casting molds

• Based on application, the electronics segment is expected to grow at a CAGR of 8.3% over the forecast period. The growth of this segment can be attributed to the increasing demand for specialty gases in the production of a variety of electronic devices and components, including semiconductors, display devices, LED panels, and solar panels

• In November 2022, Air Liquide S.A. announced its plan to innovate and produce renewable and low-carbon hydrogen at the Grandpuits zero crude with TotalEnergies. The company invested approximately USD 140 million to develop a new low-carbon hydrogen unit with a capacity of manufacturing more than 20,000 tons per year

Specialty Gas Market Segmentation

Grand View Research has segmented the global specialty gas market based on product, application, and regions:

Specialty Gas Product Outlook (Revenue, USD Million, 2018 - 2030)

• Ultra-high Purity Gases

• Noble Gases

• Carbon Gases

• Halogen Gases

• Others

Specialty Gas Application Outlook (Revenue, USD Million, 2018 - 2030)

• Manufacturing

• Electronics

• Healthcare

• Institutions

• Others

Specialty Gas Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europ

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players of Specialty Gas Market

• Air Products and Chemicals, Inc.

• Air Liquide

• Messer Group GmbH

• Linde plc

• Taiyo Nippon Sanso Corporation

• MESA Specialty Gases & Equipment

• Weldstar

• Norco Inc.

• Coregas

• Showa Denko K. K.