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[ 178 + Pages Research Report ] Global Specialty gas Market to surpass USD 19.2 Billion by 2030 from USD 10.6 Billion in 2020 at a CAGR of 8.1% in the coming years, i.e., 2021-30.
Product Overview
Specialty gases are industrial gases that have been refined to a purity of 99.99999 percent. High purity gases (Nitrogen, Oxygen,) Noble gases (Helium, Argon, Xenon, and Krypton,) Carbon gases (Carbon Dioxide, Carbon Monoxide, Methane,) and Halogen gases (Halogen Dioxide, Halogen Monoxide, Halogen Dioxide, Halogen Dioxide, Halogen Dioxide, Halogen Dioxide, Halogen Dioxide, Halogen Dioxide, Halogen Dioxide (Fluorine, Chlorine.) These gases are referred to as specialty gases since they are solely used for certain industrial gases. Specialty pure gases are a more prevalent type of these gases, and they're utilized to assist devices like detectors, chromatographs, and spectrometers.
Market Highlights
Global Specialty Gas market is expected to project a notable CAGR of 8.1% in 2030.
Over the projected period, the worldwide market's participants are expected to benefit from increased research and development initiatives. Furthermore, strategic acquisitions and mergers within the sector are likely to provide significant changes for the industry's key players, resulting in increased global market growth.
Global Specialty gas: Segments
Carbon segment to grow with the highest CAGR during 2020-30
Global Specialty Gas market is segmented by type into Ultra-high purity, noble, carbon, halogen, and others. The carbon segment held the largest market share in the year 2020 owing to rising demand from a variety of end-use industries, including manufacturing, electronics, healthcare, and chemicals, as well as expanding application scope for analytical applications and instrument calibration The business is expected to develop due to rising demand for noble gas from the industrial and electronics industries.
Healthcare segment to grow with the highest CAGR during 2020-30
Global Specialty Gas market is divided by application into Manufacturing, Electronics, Healthcare, Institutional, and others. Over the forecast period, the Healthcare segment is projected to expand at the fastest pace. The industry's growth is being driven by rising preference in the healthcare sector due to an improved rate of applicability in medical applications. In 2020, the manufacturing sector accounted for the second-largest share of global demand. The substantial share is due to the big manufacturing industry's need for ultra-high purity and other specialized gases for specific applications.
Market Dynamics
Drivers
Optimized performance and demand for solar cells
Due to the abundance of benefits, it delivers, such as yield enhancement, cost reduction, and performance optimization, the worldwide specialty gas market is predicted to develop significantly throughout the forecast period. Specialized applications of specialty gases in sectors such as electronics, manufacturing, biotechnology, academics, automotive, healthcare, and semiconductors have led to an increase in demand for specialty gases, resulting in the market growth over the projection period. In addition, the global specialty gas market is predicted to develop due to the rising demand for specialty gas in applications such as plasma display panels and solar cells over the forecast period.
Rise in the health sector and rising environmental concern
Furthermore, the global health sector's growth, combined with a major aging demographic structure, is predicted to boost the global market's growth over the forecast period. Additional factors driving the global market's growth include rising environmental consciousness and demand for bio-based products, increased demand from the food and beverage sector, chemical industry, and increased application in the manufacturing of thermal windows, among others.
Restraint
Increased regulation and market penetration
Increasing regulations and constraints on specialty gas production and quality control, as well as the danger of specialized gas replacements, are likely to have a limited impact on the global specialty gas market's growth. Furthermore, market penetration is a hurdle for many businesses in the specialty gas industry, which may have an impact on the worldwide market's growth over the projection period.
Global Specialty Gas Market: Key Players
Linde plc
Air Liquide International S.A.
Messer Group GmbH
Air Products and Chemicals, Inc.
Weldstar, Inc.
Mesa Specialty Gases & Equipment
Norco Inc.
Taiyo Nippon Sanso Corporation
Showa Denko K.K
Other Prominent Players
Global Specialty gas: Regions
Global Specialty Gas market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market for Specialty gas is dominated by North America because of the rising healthcare sector, the North American industry is currently leading the global market for the projection period. Due to rising demand from end-use sectors such as automotive, manufacturing, and healthcare, the Asia Pacific market is predicted to develop at the quickest rate during the forecast period. Over the forecast period, China is expected to dominate the Asia Pacific specialty gas market.
Global Specialty gas is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Specialty gas Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 10.6 billion
Revenue forecast in 2030 USD 19.2 billion
Growth Rate CAGR of 8.1% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, end-user, and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled Linde plc, Air Liquide International S.A., Messer Group GmbH, Air Products and Chemicals, Inc., Weldstar, Inc., Mesa Specialty Gases & Equipment, Norco Inc., Taiyo Nippon Sanso Corporation, Showa Denko K.K and Other Prominent Players