Specialty Gases Market Size, Share, Growth Analysis, By Type(Electronic Gas, Gas & Liquid Mixtures), By End-user(Semiconductors, Petroleum & Chemical), By Grade(High Purity, Research Grade), By Application(Electronics and Healthcare) - Industry Forecast 2024-2031

Drivers

Increasing Demand for Petrochemicals

• Advances in processing technologies and increasing demand for petrochemicals are projected to contribute to the growth of the specialty gas market during the period analyzed. Petrochemical products are used in a variety of industries, including textiles, digital devices, detergents, pharmaceuticals, medical devices, packaging, plastics and tires in addition to many modern systems such as for batteries, electric car parts and solar panels. With such extensive use, today’s petrochemical feedstock consumes about 12% of global oil demand, and by 2030 the coal, plastics and rubber industries will account for more than a third of global oil demand one of the. This gas is used for efficiencies in the petrochemical industry, improving yields and reducing costs.

Increasing Demand from Electronics Industry

• One of the most important drivers of the global specialty gases market is the increasing demand from electronics. Gases primarily play an important role in the semiconductor industry, with etching, deposition and doping. The growing demand for electronic devices such as smartphones, tablets, IoT (Internet of Things) leads to a corresponding rise in the demand for primary air consumption in the semiconductor industry Furthermore, emerging technologies such as 5G, artificial intelligence (AI), and automotive electronics of high -purity gases, furthering demand.

Restraints

Quality Requirements and Numerous Challenges Associated with Primary Air Act as Inhibitors

• Depending on the nature of the air, in many cases it is designed for specific products and specific customers. Compared to industrial and medical gasification, it takes more effort and money. Because of its shape, it is not one of those shelf items that can be ordered whenever the customer needs it. Sometimes it takes several weeks to develop the right special air mixture for a required application.

Stricter Environmental Regulations

• A prominent mandate in the global specialty gases market is the impact of stringent environmental regulations. Specialty gases, especially fluorinated gases such as perfluorocarbons (PFCs) and sulfur hexafluoride (SF6), are potent greenhouse gases with the potential to cause significant global warming so to reduce their impact on the environment. Compliance with environmental regulations requires significant investments in emission reduction technologies, new gas production technologies, and sustainable construction practices, which can create jobs costs have increased for primary gas producers and end users.