The Specialty Gas Market size was valued at USD 12.14 billion in 2022. It is expected to grow to USD 22.30 billion by 2030 and grow at a CAGR of 7.9% over the forecast period of 2023-2030.
One of the key factors driving the growth of the Specialty Gas Market is the increasing demand for specialty gases in the healthcare sector. These gases are extensively used in medical procedures, such as anesthesia, respiratory therapy, and surgical applications. Moreover, they are vital for the calibration of medical equipment, ensuring accurate and reliable measurements.
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Furthermore, the manufacturing sector benefits greatly from specialty gases, as they are utilized in various industrial processes. For example, they are crucial for welding, heat treatment, and metal fabrication, ensuring superior product quality and operational efficiency. In the case of scientific research, specialty gases are indispensable tools for conducting experiments and analysis. They are used in laboratories worldwide for applications such as chromatography, spectroscopy, and environmental testing. The exceptional purity and accuracy of these gases enable researchers to obtain precise and reliable results.
The carbon gas segment dominated the Specialty Gas Market with the highest market share of about 31.6% in 2022. Carbon gases are extensively utilized in various medical equipment, including nuclear magnetic resonance imaging, magnetic resonance imaging, and ophthalmology, among others. The demand for carbon gases remains consistently high across sectors such as electronics, manufacturing, healthcare, and chemicals. The expanding range of applications for carbon gases, particularly in instrument calibration, is driving the surge in demand for these gases.
Drivers
Rising demand for specialty gases in various industries
The growing need for high-purity gases in research and development activities
The advancements in scientific research and technological innovations have led to a greater emphasis on precision and accuracy. As a result, researchers and developers require gases with extremely high levels of purity to ensure reliable and consistent results. These high-purity gases are essential in various industries such as pharmaceuticals, electronics, and aerospace, where even the slightest impurities can have detrimental effects on the final product or experiment. Moreover, the rising awareness regarding environmental concerns has prompted the adoption of cleaner and greener technologies. Specialty gases play a crucial role in this transition by enabling the development of eco-friendly alternatives. For example, in the automotive industry, specialty gases are used in the production of electric vehicle batteries, reducing the reliance on fossil fuels and contributing to a more sustainable future. Furthermore, the increasing focus on healthcare and medical research has further fueled the demand for specialty gases. These gases are utilized in medical imaging, diagnostics, and therapeutic applications, where precision and purity are of utmost importance. The continuous advancements in medical technology and the growing need for accurate diagnosis and treatment options have created a significant market for specialty gases.
Restraint
High cost associated with producing and storing specialty gases
Opportunities
Growing demand for eco-friendly specialty gases
Expanding applications of specialty gases in emerging industries
Expanding applications of specialty gases in emerging industries, such as renewable energy and nanotechnology, present significant opportunities for market growth. As these industries continue to evolve, the demand for specialty gases customized to meet their specific needs is expected to rise.
Challenges
Volatility of raw material prices
Russia and Ukraine are major producers of specialty gases, which are used in a wide range of industries, including electronics, semiconductors, and healthcare. The war has caused disruptions to the supply of specialty gases, leading to higher prices and shortages. In addition, the war has also caused increased uncertainty and volatility in the global economy, which has led to some businesses delaying or canceling investments in new specialty gas production capacity. As a result of these factors, the global specialty gas market is expected to grow at a slower rate in the next few years than it would have without the war. In 2022, global specialty gas prices increased by an average of 25%. The Russia-Ukraine war has had a significant impact on a variety of industries that rely on specialty gases. For example, the semiconductor industry has been particularly hard hit, as Russia and Ukraine are major suppliers of neon, a key gas used in the production of semiconductors. The war has also had a negative impact on the electronics industry, as specialty gases are used in a variety of electronic products, such as smartphones and computers. In addition, the healthcare industry has also been impacted by the war, as specialty gases are used in a variety of products and procedures.
The recession has had a profound impact on the specialty gas market, leading to a decrease in demand and a shift in consumer behavior. Specialty gases are used in a variety of electronic products, such as smartphones and computers. During a recession, consumers are typically less likely to spend money on new electronics, which would lead to a decrease in demand for specialty gases. The recession has presented several challenges for the specialty gas market. The detailed impact is included in the final report.
By Product
Noble Gases
Ultra-high Purity Gases
Carbon Gases
Halogen Gases
Others
By Application
Manufacturing
Healthcare
Electronics
Institutions
Others
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Asia Pacific dominated the Specialty Gas Market with the highest revenue share of about 40.5% in 2022. This region boasts numerous electronic manufacturing hubs located in China, Japan, and India. Moreover, local governments are actively promoting the expansion of various end-use industries, including consumer electronics, oil and gas, manufacturing, and healthcare, through initiatives such as Production-Linked Incentives (PLI), subsidies, and favorable Foreign Direct Investment (FDI) policies. These factors collectively contribute to the remarkable growth and dominance of the specialty gas industry in the Asia Pacific region.
Europe held a significant revenue share of the Specialty Gas Market and is expected to grow with a CAGR of about 8.4% during the forecast period. The region is actively focusing on expanding its production capacity to meet the increasing demand from various end-use industries. Furthermore, the healthcare and pharmaceutical sectors are witnessing substantial investments, which are expected to further drive the demand for specialty gases in the region. For example, the French government announced a public funding plan of USD 8.33 billion in June 2021, aimed at advancing the healthcare system within the country. Europe, being the second largest chemical producer globally, boasts advanced healthcare technologies and facilities. However, it lags behind in the semiconductor industry. Nevertheless, certain European countries, including the Netherlands, Germany, France, and the U.K., are witnessing a surge in demand for electronic gases. By enhancing production capacity and capitalizing on investments in the healthcare and pharmaceutical sectors, Europe is poised to maintain its strong position in the Specialty Gas Market. Additionally, the growth potential in the semiconductor industry presents an opportunity for European countries to bridge the gap and further diversify their specialty gas market.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Air Liquide, Norco Inc., Messer Group GmbH, Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corp., Showa Denko K. K., MESA Specialty Gases & Equipment, Linde plc., Coregas, Weldstar, and other key players mentioned in the final report.
In May 2023, Messer, a specialist in industrial gases acquired the joint venture Messer Industries, making them the sole owner. This joint venture includes Messer's companies in North and South America, as well as Western Europe.
In April 2023, Linde announced its plans to expand the capacity of its on-site facility in Tangjeong, South Korea.
In January 2023, Taiyo Nippon Sanso Corporation revealed its establishment of a business site and a logistics site for specialty gases in Kumamoto, Japan. This move is intended to enhance its logistics activities for specialty gases in the Kyushu area.
In Jan 2023, Air Liquide made an exciting announcement. The company signed 52 new long-term on-site contracts for its Industrial Merchant business line in 2022, surpassing the previous year's record of 48 new contracts. This achievement marks continuous progress for Air Liquide over the past five years. The newly signed contracts will primarily serve customers in the growing markets of nitrogen, oxygen, or hydrogen, particularly in industries such as glass, metals, water and waste treatment, and secondary electronics. Additionally, in 2022, the company introduced a new generation of on-site oxygen production units. These units feature breakthrough technology that is 10% more energy efficient than the previous generation.
| Report Attributes | Details |
| Market Size in 2022 | US$ 12.14 Billion |
| Market Size by 2030 | US$ 22.30 Billion |
| CAGR | CAGR of 7.9 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Noble Gases, Ultra-high Purity Gases, Carbon Gases, Halogen Gases, and Others) • By Application (Manufacturing, Healthcare, Electronics, Institutions, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Air Liquide, Norco Inc., Messer Group GmbH, Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corp., Showa Denko K. K., MESA Specialty Gases & Equipment, Linde plc., Coregas, Weldstar |
| Key Drivers | • Rising demand for specialty gases in various industries • The growing need for high-purity gases in research and development activities |
| Market Opportunity | • Growing demand for eco-friendly specialty gases. • Expanding applications of specialty gases in emerging industries |
Ans. The Compound Annual Growth rate for the Specialty Gas Market over the forecast period is 7.9%.
Ans. The projected market size for the Specialty Gas Market is USD 22.30 billion by 2030.
Ans: The complex manufacturing processes and the need for specialized equipment contribute to the overall expenses, making it a challenge for some businesses to afford these gases.
Ans: Air Liquide, Taiyo Nippon Sanso Corp., Messer Group GmbH, Norco Inc., Linde plc., Showa Denko K. K., Air Products and Chemicals, Inc., MESA Specialty Gases & Equipment, Coregas, and Weldstar are the key players in the Specialty Gas Market.
Ans: Yes, you can ask for the customization as per your business requirement.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Specialty Gas Market Segmentation, By Product
8.1 Noble Gases
8.2 Ultra-high Purity Gases
8.3 Carbon Gases
8.4 Halogen Gases
8.5 Others
9. Specialty Gas Market Segmentation, By Application
9.1 Manufacturing
9.2 Healthcare
9.3 Electronics
9.4 Institutions
9.5 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Specialty Gas Market by Country
10.2.2 North America Specialty Gas Market by Product
10.2.3 North America Specialty Gas Market by Application
10.2.4 USA
10.2.4.1 USA Specialty Gas Market by Product
10.2.4.2 USA Specialty Gas Market by Application
10.2.5 Canada
10.2.5.1 Canada Specialty Gas Market by Product
10.2.5.2 Canada Specialty Gas Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Specialty Gas Market by Product
10.2.6.2 Mexico Specialty Gas Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Specialty Gas Market by Country
10.3.1.2 Eastern Europe Specialty Gas Market by Product
10.3.1.3 Eastern Europe Specialty Gas Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Specialty Gas Market by Product
10.3.1.4.2 Poland Specialty Gas Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Specialty Gas Market by Product
10.3.1.5.2 Romania Specialty Gas Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Specialty Gas Market by Product
10.3.1.6.2 Hungary Specialty Gas Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Specialty Gas Market by Product
10.3.1.7.2 Turkey Specialty Gas Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Specialty Gas Market by Product
10.3.1.8.2 Rest of Eastern Europe Specialty Gas Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Specialty Gas Market by Country
10.3.2.2 Western Europe Specialty Gas Market by Product
10.3.2.3 Western Europe Specialty Gas Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Specialty Gas Market by Product
10.3.2.4.2 Germany Specialty Gas Market by Application
10.3.2.5 France
10.3.2.5.1 France Specialty Gas Market by Product
10.3.2.5.2 France Specialty Gas Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Specialty Gas Market by Product
10.3.2.6.2 UK Specialty Gas Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Specialty Gas Market by Product
10.3.2.7.2 Italy Specialty Gas Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Specialty Gas Market by Product
10.3.2.8.2 Spain Specialty Gas Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Specialty Gas Market by Product
10.3.2.9.2 Netherlands Specialty Gas Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Specialty Gas Market by Product
10.3.2.10.2 Switzerland Specialty Gas Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Specialty Gas Market by Product
10.3.2.11.2 Austria Specialty Gas Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Specialty Gas Market by Product
10.3.2.12.2 Rest of Western Europe Specialty Gas Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Specialty Gas Market by Country
10.4.2 Asia Pacific Specialty Gas Market by Product
10.4.3 Asia Pacific Specialty Gas Market by Application
10.4.4 China
10.4.4.1 China Specialty Gas Market by Product
10.4.4.2 China Specialty Gas Market by Application
10.4.5 India
10.4.5.1 India Specialty Gas Market by Product
10.4.5.2 India Specialty Gas Market by Application
10.4.6 Japan
10.4.6.1 Japan Specialty Gas Market by Product
10.4.6.2 Japan Specialty Gas Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Specialty Gas Market by Product
10.4.7.2 South Korea Specialty Gas Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Specialty Gas Market by Product
10.4.8.2 Vietnam Specialty Gas Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Specialty Gas Market by Product
10.4.9.2 Singapore Specialty Gas Market by Application
10.4.10 Australia
10.4.10.1 Australia Specialty Gas Market by Product
10.4.10.2 Australia Specialty Gas Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Specialty Gas Market by Product
10.4.11.2 Rest of Asia-Pacific Specialty Gas Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Specialty Gas Market by Country
10.5.1.2 Middle East Specialty Gas Market by Product
10.5.1.3 Middle East Specialty Gas Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Specialty Gas Market by Product
10.5.1.4.2 UAE Specialty Gas Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Specialty Gas Market by Product
10.5.1.5.2 Egypt Specialty Gas Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Specialty Gas Market by Product
10.5.1.6.2 Saudi Arabia Specialty Gas Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Specialty Gas Market by Product
10.5.1.7.2 Qatar Specialty Gas Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Specialty Gas Market by Product
10.5.1.8.2 Rest of Middle East Specialty Gas Market by Application
10.5.2 Africa
10.5.2.1 Africa Specialty Gas Market by Country
10.5.2.2 Africa Specialty Gas Market by Product
10.5.2.3 Africa Specialty Gas Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Specialty Gas Market by Product
10.5.2.4.2 Nigeria Specialty Gas Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Specialty Gas Market by Product
10.5.2.5.2 South Africa Specialty Gas Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Specialty Gas Market by Product
10.5.2.6.2 Rest of Africa Specialty Gas Market by Application
10.6 Latin America
10.6.1 Latin America Specialty Gas Market by Country
10.6.2 Latin America Specialty Gas Market by Product
10.6.3 Latin America Specialty Gas Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Specialty Gas Market by Product
10.6.4.2 Brazil Specialty Gas Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Specialty Gas Market by Product
10.6.5.2 Argentina Specialty Gas Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Specialty Gas Market by Product
10.6.6.2 Colombia Specialty Gas Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Specialty Gas Market by Product
10.6.7.2 Rest of Latin America Specialty Gas Market by Application
11. Company Profile
11.1 Air Liquide
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Norco Inc.
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/ Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Messer Group GmbH
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/ Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Air Products and Chemicals, Inc.
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/ Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Taiyo Nippon Sanso Corp.
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/ Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Showa Denko K. K.
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/ Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 MESA Specialty Gases & Equipment
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/ Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Linde plc
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/ Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Coregas
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Weldstar
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/ Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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