Specialty Gas Market to Surge to $17.7 Billion by 2031, North America Retains Top Market Share

According to latest report published by Allied Market Research, the global specialty gas market size was valued at $10.9 billion in 2021, and is projected to reach $17.7 billion by 2031, growing at a CAGR of 5% from 2022 to 2031. The report has offered an all-inclusive analysis of the global market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.

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Specialty Gas Market size is set to showcase notable expansion from 2021 to 2031. Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global specialty gas market, and is likely to dominate the market during the forecast period. The rise in the automotive and healthcare sectors is influencing the growth of the specialty gas market. Also, the demand for semiconductors has gained immense popularity leading to the growth of the market.

However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.1% from 2022 to 2031. The market growth rate is being driven by an increase in demand for specialty gases from the healthcare and electronics industries. The development of various end-user verticals, particularly in emerging countries, and increasing R&D capabilities will all have a direct and positive impact on the market's growth rate.

Factors such as the high growth of the end-user industry, the increase in demand for photovoltaic products & plasma display panels, increase in environmental awareness, rising demand from the healthcare industry, and surge in demand for bio-based products drive the growth of the global specialty gas market. However, increasing regulations and restrictions on the production as well as quality control of specialty gas along with the presence of substitutes of specialty gas is predicted to hamper the market growth. Moreover, the production of new environmentally friendly technologies and products along with emerging markets is likely to offer lucrative growth opportunities for the specialty gas market.

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Based on product type, the carbon segment held the highest market share in 2021, accounting for nearly one-third of the global specialty gas market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its wide usage in end-use industries such as chemicals, oil, food and beverages and others. In healthcare, carbon gases are used on a large scale in devices such as nuclear magnetic resource imaging, magnetic resonance imaging, ophthalmology, and others. However, the nobel segment is projected to manifest the highest CAGR of 5.2% from 2022 to 2031. Nobel gases have grown in popularity in various industries such as manufacturing, electronics, and healthcare, globally due to their inertness at high temperatures and use in metal melting applications.

Based on application, the electronics segment is expected to portray the largest CAGR of 5.1% from 2022 to 2031. Specialty gases are used in the electronics industry to produce components such as integrated circuits (IC) and silicon wafers as well as flat panel display products and compound semiconductors. Specialty gases are also used in different types of electronic devices such as LED bulbs, various types of displays, and other electrical devices. The report also discusses other segments such as manufacturing, healthcare, institutional, and others.

Segmentation Overview

By Product Type
High purity
Nobel
Carbon
Halogen
Others

By Application
Manufacturing
Electronics
Healthcare
Institutional
Others

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Leading Market Players:

1. Airgas, Inc.,
2. Linde plc,
3. Messer group GmbH,
4. Norco Inc.,
5. Weldstar, Inc.,
6. Air Liquide S.A.,
7.Air Products Inc.,
8.MESA International Technologies, Inc.,
9. Showa Denko K.K,
10. Taiyo Nippon Sanso Corporation

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the specialty gas market analysis from 2021 to 2031 to identify the prevailing specialty gas market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the specialty gas market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global specialty gas market trends, key players, market segments, application areas, and market growth strategies.

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