The specialty gases market is experiencing significant growth, increasing from $11.74 billion in 2023 to $12.77 billion in 2024, with a CAGR of 8.8%. This growth is largely due to rising demand for high-purity gases across various sectors, including healthcare, chemicals, and electronics manufacturing. The market is expected to reach $17.99 billion by 2028, maintaining a CAGR of 8.9%. Key factors driving this growth are the increasing pharmaceutical industry demands, semiconductor needs, and safety quality focus. Major trends include advancements in purification technologies, sustainable manufacturing practices, and the integration of smart monitoring systems.
The growing need for semiconductors is expected to significantly drive the specialty gases market. Semiconductors are vital components in electronic devices, and their demand is increasing due to the push for more efficient devices and advancements in connectivity, automation, and data processing. Specialty gases play a crucial role in semiconductor fabrication, enhancing yield, quality, and efficiency. The Semiconductor Industry Association reported that global semiconductor sales reached $526.8 billion in 2023 and are projected to rise by 13.1% in the second quarter of 2024. This escalating demand for semiconductors is driving the specialty gases market, which is expected to grow from $0.78 billion in 2023 to $0.85 billion in 2024, reaching $1.21 billion by 2028.
Specialty Gases Market ReportMitsui 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
Companies in the specialty gases market are advancing with specialty gas production modules to enhance efficiency and quality. These modules provide visibility into production and real-time insights for better management. In May 2024, Computers Unlimited, a US-based software company, launched an advanced specialty gas production module for its TIMS software platform. This module is designed to optimize the production of custom gas mixtures, meeting stringent quality and purity standards across diverse industries.
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The specialty gases market covered in this report is segmented –
1) By Type: High-Purity Gases, Noble Gases, Carbon Gases, Halogen Gases, Other Types
2) By Element: Argon, Nitrogen, Helium, Carbon Monoxide, Methane, Oxygen, Hydrogen, Other Elements
3) By Packaging Type: Packaged, Bulk And On-site
4) By Sales Type: Captive, Merchant
5) By End-User Industry: Automotive, Electronics, Medical And Healthcare, Food And Beverage, Oil And Gas, Other End-User Industries
By Geography:The regions covered in the specialty gases market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.