PUBLISHER: The Business Research Company | PRODUCT CODE: 1572620
PUBLISHER: The Business Research Company | PRODUCT CODE: 1572620
Specialty gases, also referred to as high-purity gases, are gases refined to achieve extremely high purity levels and specific compositions. These gases are utilized across various industries and applications due to their precise and consistent properties.
The primary categories of specialty gases include high-purity gases, noble gases, carbon gases, halogen gases, and others. High-purity gases, a subset of specialty gases, typically have purity levels ranging from 99.2% to 99.5% or higher. These gases encompass elements such as argon, nitrogen, helium, carbon monoxide, methane, oxygen, hydrogen, among others. They come in different packaging types including packaged, bulk, and on-site options, and are sold through various methods such as captive and merchant sales. Various end-user industries, including automotive, electronics, medical and healthcare, food and beverage, oil and gas, and more, utilize these gases.
The specialty gases market research report is one of a series of new reports from The Business Research Company that provides specialty gases market statistics, including specialty gases industry global market size, regional shares, competitors with a specialty gases market share, detailed specialty gases market segments, market trends, and opportunities, and any further data you may need to thrive in the specialty gases industry. This specialty gases market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The specialty gases market size has grown strongly in recent years. It will grow from $11.74 billion in 2023 to $12.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth during the historic period can be attributed to several factors, the increasing demand for high-purity gases, the expanding healthcare industry, the rising need for gas-phase engraving, the growing requirements in the chemical industry, and the escalating demand in electronics manufacturing.
The specialty gases market size is expected to see strong growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to several factors, increasing demand in the pharmaceuticals industry, a growing need for semiconductors and light-emitting diodes (LEDs), a heightened focus on safety and quality, rapid industrialization and economic development, and rising demand in the automotive industry. Key trends during this period include technological advancements, the adoption of sustainable manufacturing processes, innovations in purification technologies, advances in blending technologies, and the integration of the Internet of Things (IoT) and smart monitoring.
The increasing demand for semiconductors is expected to drive the growth of the specialty gases market. Semiconductors, which have electrical conductivity between that of conductors (like copper or aluminum) and insulators (such as rubber or glass), are increasingly needed due to the rising demand for more powerful and efficient electronic devices. These devices support advancements in connectivity, automation, and data processing. Specialty gases play a crucial role in semiconductor fabrication by enhancing yield, quality, and efficiency, meeting the industry's stringent requirements for precision, purity, and reliability. For example, according to the Semiconductor Industry Association, global semiconductor industry sales reached $526.8 billion in December 2023 and are projected to grow by 13.1% in the second quarter of 2024. Thus, the growing need for semiconductors is fueling the expansion of the specialty gases market.
Leading companies in the specialty gases market are developing advanced production modules to improve efficiency, ensure accurate gas mixture formulations, and meet the stringent quality and purity standards demanded by various industries. These new modules offer comprehensive visibility into production progress and real-time insights for proactive management, enhancing efficiency and safety. For instance, in May 2024, Computers Unlimited, a US-based software company, introduced an advanced specialty gas production module for its TIMS software platform. This new module is designed to revolutionize the production and management of custom specialty gases in the industrial gas sector.
In September 2023, Air Water America Inc., a US-based provider of industrial gases and related services, acquired American Gas Products LLC for an undisclosed amount. This acquisition aims to expand Air Water America's helium operations and supply capabilities. American Gas Products LLC, a US-based company, manufactures and supplies specialty gases.
Major companies operating in the specialty gases market are Mitsui Chemicals Inc., Linde plc, Air Liquide S.A., DuPont de Nemours Inc., Air Products and Chemicals Inc., Showa Denko K.K., Airgas, Messer Group GmbH, Norco Inc., Kanto Denka Kogyo Co. Ltd., Praxair, Purity Cylinder Gases Inc., Welsco Inc., ILMO Products Company, Weldstar, American Gas Products, Coregas, MESA International Technologies Inc., Nova Gas Technologies Inc., Concorde Specialty Gases Inc., Electronic Fluorocarbons LLC, Advanced Specialty Gases Inc., Iwatani Corporation
Asia-Pacific was the largest region in the specialty gases market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty gases market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the specialty gases market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The specialty gases market consists of sales of calibration gases, reactive gases, and specialized mixtures. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Specialty Gases Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on specialty gases market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for specialty gases ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The specialty gases market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.