What Is The Definition Of The Global Specialty Gases Market?
Specialty gases, also known as high-purity gases, are gases that are processed to have extremely high levels of purity and specific compositions. These gases are used in various industries and applications due to their precise and consistent properties
Specialty Gases Global Market Report 2024 provides data on the global specialty gases market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The specialty gases market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Specialty Gases Market Size And Annual Growth Rates?
The specialty gases market has shown strong growth recently. It will expand from $11.74 billion in 2023 to $12.77 billion in 2024, at a CAGR of 8.8%. This growth is due to the increasing demand for high-purity gases, the growing healthcare sector, the need for gas-phase engraving, and the rising demand in the electronics manufacturing industry. In the coming years, the market is projected to reach $17.99 billion by 2028, with a CAGR of 8.9%. This expansion is attributed to higher demand in the pharmaceuticals industry, the need for semiconductors and light-emitting diodes (LEDs), an increased focus on safety and quality, rapid industrialization, and rising automotive sector demand. Key trends include technological innovations, the adoption of sustainable manufacturing processes, advancements in purification and blending technologies, and the integration of the Internet of Things (IoT) for smart monitoring.
Which Key Drivers Are Propelling The Specialty Gases Market's Growth?
The escalating demand for semiconductors is expected to fuel the growth of the specialty gases market. Semiconductors, materials with conductivity levels between conductors and insulators, are essential for advanced electronic devices and innovations in connectivity, automation, and data processing. Specialty gases play a vital role in enhancing the efficiency, quality, and precision of semiconductor manufacturing processes. For instance, in December 2023, the Semiconductor Industry Association revealed that global semiconductor sales in 2023 amounted to $526.8 billion and are predicted to grow by 13.1% in the second quarter of 2024. This rising demand for semiconductors is thus driving the specialty gases market forward.
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What Are The Key Segments Within The Global Specialty Gases Market?
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
How Are New Trends Impacting The Size Of The Specialty Gases Market?
In the specialty gases sector, companies are introducing advanced production modules to boost efficiency, ensure accurate gas mixture formulations, and adhere to strict quality and purity standards across industries. These modules provide real-time insights and comprehensive monitoring, allowing for proactive management and improved safety. For instance, in May 2024, US-based Computers Unlimited launched a new specialty gas production module within its TIMS software platform. This innovation is set to transform the production and management of customized specialty gases, offering a valuable tool for efficiently handling bespoke gas mixtures in the industrial gas market.
Which Region Drives The Highest Growth In The Specialty Gases Market?
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.
