The specialty gases market has shown significant growth, increasing from $11.74 billion in 2023 to $12.77 billion in 2024, at a compound annual growth rate (CAGR) of 8.8%. This growth is attributed to the increasing need for high-purity gases, a growing healthcare industry, demand for gas-phase engraving, needs in the chemical industry, and rising demand in electronics manufacturing. The market is expected to continue its strong growth, reaching $17.99 billion by 2028, with a CAGR of 8.9%. The anticipated growth is driven by rising demand in the pharmaceuticals industry, increasing need for semiconductors and light-emitting diodes (LEDs), heightened focus on safety and quality, rapid industrialization, and economic development, and growing demand in the automotive industry. Major trends for the forecast period include technological advancements, adoption of sustainable manufacturing processes, innovations in purification technologies, advances in blending technologies, and integration of the internet of things (IoT) and smart monitoring.
Global Specialty Gases Market Key Driver
The increasing need for semiconductors is expected to drive the growth of the specialty gases market. Semiconductors are essential for electronic devices, and their demand is rising due to the need for more efficient devices and innovations in connectivity, automation, and data processing. Specialty gases are crucial for semiconductor fabrication, enhancing yield, quality, and efficiency. According to the Semiconductor Industry Association, global semiconductor sales totaled $526.8 billion in 2023 and are projected to increase by 13.1% in the second quarter of 2024. This growing need for semiconductors is driving the specialty gases market, which expanded from $0.78 billion in 2023 to $0.85 billion in 2024 and is expected to reach $1.21 billion by 2028.
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Global Specialty Gases Market Segments
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.
Major Specialty Gases Industry Players
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
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Specialty Gases Market Overview
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 2023 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.
