Global Specialty Gases Market

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

Report ID: SQMIG35A2848 | Region: Global | Published Date: April, 2024
Pages: 211 | Tables: 117 | Figures: 72

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Specialty Gases Market size was valued at USD 11.63 Billion in 2022 and is poised to grow from USD 12.57 Billion in 2023 to USD 25.23 Billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).

The competitive environment of the Specialty Gases Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The specialty gas market follows a competitive environment with the presence of multinational companies, local players and niche specialty gas suppliers. 'Air Liquide', 'Air Products and Chemicals, Inc.', 'Coregas', 'Iwatani Corporation of America', 'Linde plc', 'MESA Specialty Gases & Equipment', 'Messer Group GmbH', 'Mitsui Chemicals, Inc.', 'Norco Inc.', 'SHOWA DENKO K.K.', 'YUEYANG KAIMEITE ELECTRONIC AND SPECLALTY RARE GASES CO. ', 'ILMO Products Company', 'Messer Group GmbH', 'Taiyo Nippon Sanso Corporation', 'Weldstar'

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 oil demand, and by 2030 the coal, plastics and rubber industries will account for more than a third of oil demand one of the. This gas is used for efficiencies in the petrochemical industry, improving yields and reducing costs.

As we move into the 5G era, it will enable new applications such as augmented reality, edge computing and the Internet of Things. To establish this technology, we need new high-performance semiconductors that can accelerate data transfer while providing better communication between devices. High-performance computing has been in high demand in recent years due to its increasing use across industries for real-time insights and solving complex problems e.g. Like as complex systems would require, HPC is used in cancer research, genome sequencing, and molecular modeling in the health and life sciences industries.

North America is one of the largest producers of oil & gas, chemicals and semiconductors, which has become a major consumer of these gases. It is also home to gas giants such as Air Products and Merck. The tremendous growth in the semiconductor and healthcare sectors of this region is poised to fuel the demand for such gases during the forecast period.

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