What Has Been The Evolution of the Specialty Gases Market in Recent Years?
The specialty gases market has seen considerable growth due to a variety of factors.
• The specialty gases market has seen strong growth recently. It will increase from $12.77 billion in 2024 to $13.94 billion in 2025, growing at a CAGR of 9.1%.
Growth is driven by the increasing demand for high-purity gases, the growth of the healthcare sector, the need for gas-phase engraving, rising chemical industry demand, and the growing electronics manufacturing sector.
What Is the Forecasted Market Size and Growth Rate for The Specialty Gases Market Size In The Coming Years?
The specialty gases market is expected to maintain its strong growth trajectory in upcoming years.
• The specialty gases market is expected to see strong growth, reaching $19.57 billion by 2029 at a CAGR of 8.9%.
This growth is fueled by demand in pharmaceuticals, semiconductors, and LEDs, along with a focus on safety, rapid industrialization, and rising automotive industry needs. Trends include technological advancements, sustainable manufacturing processes, innovations in purification/blending technologies, and IoT and smart monitoring integration.
What Factors Are Driving Growth In The Specialty Gases Market?
The rising demand for semiconductors is anticipated to fuel the expansion of the specialty gases market. Semiconductors, which exhibit electrical conductivity somewhere between conductors like aluminum or copper and insulators like rubber or glass, are seeing increased demand due to the need for more potent, efficient electronic devices and to facilitate advancements in automation, data processing, and connectivity. Semiconductor fabrication greatly benefits from specialty gases, as these enhance efficiency, yield, and quality, meeting the industry's rigorous standards for precision, purity, and reliability. The Semiconductor Industry Association, a US-based organization, noted in December 2023 that global semiconductor industry sales reached $526.8 billion and are predicted to surge by 13.1% in the second quarter of 2024. Consequently, the burgeoning demand for semiconductors is stimulating the growth of the specialty gases market.
What Are The Main Segments Of 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
Subsegments:
1) By High-Purity Gases: High-Purity Nitrogen, High-Purity Oxygen, High-Purity Hydrogen, High-Purity Helium, High-Purity Argon, Other High-Purity Gases
2) By Noble Gases: Helium, Neon, Argon, Krypton, Xenon
3) By Carbon Gases: Carbon Dioxide (CO2), Carbon Monoxide (CO), Methane (CH4), Other Carbon Gases
4) By Halogen Gases: Fluorine (F2), Chlorine (Cl2), Bromine (Br2), Other Halogen Gases
5) By Other Types: Acetylene (C2H2), Ammonia (NH3), Nitrous Oxide (N2O), Hydrogen Chloride (HCl), Other Specialty Gases
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How Are Emerging Trends Reshaping The Dynamics Of The Specialty Gases Market?
Leading businesses in the specialty gases market are innovating with sophisticated modules for the production of specialty gases, aimed at boosting efficiency, supporting accurate gas blend development, and satisfying the increasingly strict quality and purity criteria mandated by various sectors. These novel modules offer extensive transparency into production stages and instantaneous information, enabling preemptive management for improved efficiency and safety. For example, Computers Unlimited, a software firm from the US, introduced a sophisticated module for specialty gas production for its TIMS software platform in May 2024. This novel module is set to transform the production and handling of on-demand specialty gases. It significantly assists in managing the creation of tailored gas mixtures in the industrial gas sector.
Who Are the Key Players In The Specialty Gases Market?
Major companies operating in the specialty gases market are:
• 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
What Is The Most Dominant Region 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.
