Specialty Gas Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Specialty Gas Market
The Specialty Gas Market Size was valued at USD 12.57 billion in 2023, and the Market is now projected to grow from USD 13.71 billion in 2024 to USD 26.58 billion by 2032, exhibiting a CAGR of 8.6% during the forecast period of 2024-2032.
Many companies and factories had to shut down operations which affected their assembly line and their sources of supplies. Physical immobility and other limitations imposed on the transportation and movement of materials affected the distribution channel of specialty gases and led to shortage and delay, impeding the rise of Specialty Gas Market Growth.
The demand for Specialty Gas has risen due to the use of specialty gas as an ideal ingredient in the petrochemical industry, resulting in the expansion of Specialty Gas Market share globally. The production of petrochemicals involves specialty gases, which need to be in high purity and having a compatible level of control for their reactions. Some of the uses of gases include: Hydrogen is used in the hydrocracking processes; Nitrogen gas is employed in reforming of hydrocarbons; carbon monoxide is utilized in synthetic gas production. Specialty gases are in most cases used in the refining process to rejuvenate and regenerate catalysts. For example, hydrogen has been applied in both hydrocracking and hydrotreating to produce better fuels.
Additionally, There is already the reinforcement for 5G technology which itself is placed on the need for semiconductor devices which uses high purity specialty gases such as nitrogen, argon and hydrogen in the manufacturing process. These gases are utilized in applications such as CVD – chemical vapor deposition, etching, and lithography. The actual production of microelectronics intended for 5G base stations and 5G user equipment involves the use of specialty gases to achieve the desired functionality.
Comprehensive Analysis of Specialty Gas Market
The Specialty Gas Market is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the Chemicals & Advanced Materials Industry. These Segmentations are methodically segregated by Type and by End-Use Industry. The Type includes Electronic Gases, Gas & Liquid Mixtures, Pure Gases, and others. However, the End-Use Industry includes Semiconductors, Petroleum & Chemical, Healthcare, and others.
The Asia Pacific region leads the Specialty Gas Market by benefitting a market size of USD 8.37 billion in 2023 due to the presence of fast-growing countries, such as China, India, and Singapore. These Countries are attracting huge investments in Industrial Sectors, such as Semiconductors, Chemical, and Healthcare, creating many opportunities for market players.
The top players in the market play a crucial role in the Chemicals & Advanced Materials Industry assuring industrial prospectus growth and setting market standards. These players include Air Liquide (France), Air Products (US), Linde (UK), Merck (US), Messer (Germany), MESA Specialty Gases (US), Nippon Sanso Holdings Corporation (Japan), Samatorgas (Indonesia), Showa Denko (Japan), Yingde Gases (China). These market players provide a level playing competitive landscape.
In June 2023, Currently, Wanhua intends to offer Linde three ASU equipment, of which two are still being built and will commence operation in 2024 and 2025. This will help Linde penetrate the China market and as a result, it will be able to create a good market for its products.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 8.6% during 2024-2032
Segmentation
By Type
Electronic Gases
Gas & Liquid Mixtures
Pure Gases
Others
By End-Use Industry
Semiconductors
Petroleum & Chemical
Healthcare
Others
By Geography
North America (By Type, By End-Use Industry, By Country)
- U.S. (By End-Use Industry)
- Canada (By End-Use Industry)
Europe (By Type, By End-Use Industry, By Country)
- Germany (By End-Use Industry)
- Netherlands (By End-Use Industry)
- France (By End-Use Industry)
- U.K. (By End-Use Industry)
- Rest of Europe (By End-Use Industry)
Asia Pacific (By Type, By End-Use Industry, By Country)
- China (By End-Use Industry)
- Japan (By End-Use Industry)
- South Korea (By End-Use Industry)
- Taiwan (By End-Use Industry)
- Rest of Asia Pacific (By End-Use Industry)
Latin America (By Type, By End-Use Industry, By Country)
- Brazil (By End-Use Industry)
- Mexico (By End-Use Industry)
- Rest of Latin America (By End-Use Industry)
Middle East & Africa (By Type, By End-Use Industry, By Country)
- GCC (By End-Use Industry)
- Africa (By End-Use Industry)
Rest of Middle East & Africa (By End-Use Industry)
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