Specialty Gases Market is Expected to Grow at a CAGR of 5.88% by 2030| ChemAnalyst

According to ChemAnalyst report, “Specialty Gases Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Specialty Gases market witnessed a strong demand in the past five years and is projected to achieve a CAGR of 5.88% through 2030 due to increasing demand that is expected to grow from 1.85 million tons in 2020 to 3.31 million tons by 2030 owing to increasing consumption of specialty gases like Carbon, Hydrogen ,among others in end user industries such as electronics and healthcare.

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Specialty gases are highly pure gases, may consist of a single gas or be a mixture of many gases blended in a cylinder. They can be utilized as analytical lab gases as well as intermediates in production processes. These gases are used for specific purpose only that’s why are termed as specialty gases. Specialty Gases are primarily categorized into pure gases and gas mixture. Specialty gases market is driven by their wide range applications such as Electronics industry, for applications such as LEDs, laser technology, photovoltaic products and in the fabrication of semiconductors. In medical & healthcare sector, it is used for Magnetic Resonance Imaging (MRI), reanimation procedures, ventilation purpose and others. It is also utilized in analytical and calibration applications for ensuring quality and processes ranging from monitoring the quality of foodstuffs to testing engines in automobiles, chemical processes, metallurgy or environmental monitoring along with other industrial applications such as use in welding, cutting, lighting for hardening, and marking, metal processing, and diving gear.

In the first half of 2020, the unprecedented outbreak of COVID-19 disrupted the world economy as several industries were affected drastically, due to the imposition of lockdown across the global economies. Lockdown resulted into the decline in the demand for Specialty Gases too from various end use industries as various manufacturing units were shut down or working with very low efficacy as well as disturbance in supply and value chain. However, surge in the demand for oxygen from healthcare domain due to the spread of the novel corona virus led to increased demand of specialty gases. Additionally, since the resumption of industrial activities after the relaxation in lockdown restrictions by the end of 2020, the recovery in the demand for Specialty Gases is witnessed and the trend is likely to continue through 2030 due to broad spectrum application of these gases.

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Region wise, Asia-Pacific holds the largest share by demand in the market for Specialty Gases globally and is perceived to witness its dominance in market during the forecast period owing to the rapidly growing healthcare and electronics sectors where specialty gases are used prominently, thereby pushing the growth of global specialty gases market in the coming years. Specially China is the hub for the production of electronics and electrical devices and emerging economies like India, South Korea and Japan are expected to drive the market for Specialty gases. North America also accounted for the significant share of Specialty Gases market due to the installation of huge plant capacities and presence of end use industries in abundance.

Companies present in the market are using inorganic growth strategies like mergers & acquisition among others to increase their share in the market. In 2018, Hydrogen Mobility Australia (HMA) ,a subsidiary of Coregas Ltd., supplies pure hydrogen to automobile industry, merged with Toyota and Hyundai for supplying hydrogen to companies which are aiming to launch fuel cell electric vehicles. Additionally, in 2020, Iwatani Corporation of America, had acquired Advanced Specialty Gases, based in Reno, Nevada. All these mergers and acquisitions are anticipated to expand the market for Specialty Gases in the forecast period.

According to ChemAnalyst report, “Specialty Gases Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Some of the major players operating in Global Specialty Gases market include Air Liquid SA, Linde Group, Praxair Inc, Air products and Chemicals Inc, Taiyo Nippon Sanso Corporation, Messer Group Gmbh, Iwatawi Corporation, Air Water Inc, Showa Denko K.K. Coregas Pty Ltd. and others.

“Being directly linked to the Healthcare and Electronics sector along with the relentless demand from metal and mining industry, global Specialty Gases market has shown a robust growth alongside urbanization, rise in per capita income and changing customers preferences. Pure gases dominate the market for Specialty gases because of their utilization as carrier or blanketing gases etc. Moreover, surging demand from electronics industry and manufacturing plants for noble gas would likely to boost the market growth for Specialty Gases. With the increasing popularity of Specialty Gases as one of the most desirable commodities, new competitors emerging across the Asian Specialty Gases market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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