Global Specialty Gas Market Report, Industry Analysis and Forecast to 2029

The global Specialty Gas market was valued at USD 9.9 billion in 2021 and is projected to reach USD 15.7 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period 2022-2029.

Specialty gases may be pure or a mixture of gases containing components extending from the percent range down to part per billion. There are different types of specialty gases such as carbon gas, ultra-high purity gas, Nobel gases, and others. Additionally, there are several applications of these gases which include healthcare, manufacturing, electronics, institutional, and others. This report emphasizes the type and application of Specialty Gas in different regions and countries over the forecast period.

Source: Marketlook Consulting

Global Specialty Gas Market Overview

The global Specialty Gas demand is driven by increasing demand from the healthcare sector and wide applications in the electronics industry. For instance, high purity and noble gases are used in the reanimation process, anesthetic and ventilation. Also, in electronic devices such as transformers, circuit breakers, control systems, etc. Due to the pandemic opportunities for high-purity gases such as oxygen, nitrogen and other gases in the healthcare sector increased.

Specialty Gas Market Dynamics

The growth of the Specialty Gas market is dependent majorly on the healthcare and electronic industry. These industries use specialty gases for various uses and the expansion of these sectors increases the demand for specialty gases.

The growth is also dependent on the automotive sector which is recovering after the pandemic with the rise in sales in 2021 as compared to 2020. The sector is trying to revive in 2021 and has also shown progress in 2022 but is expected to fully recover by the upcoming years. There were 72,349,154 units of vehicles were sold in 2021 which was although lower than the sales in 2019 with 79,592,152 units. Although, the growth since 2021 is expected to continue in 2022.

Source: OICA

However, increasing regulations and constraints on specialty gas production and quality control might have a negative impact on the growth of the specialty gas market. Also, it is risky to transport cylinders of gases safely from one place to another without any damage.

Specialty Gas Market Report Outlook

The Specialty Gas market report focuses on different aspects regarding the type of specialty gases used for different sectors. The research analyses the different types, and Applications of the product to obtain a better understanding of the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 7 years.

Specialty Gas Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of products; technologies used in manufacturing the products; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market; and understand the growth strategies being undertaken by these major players to analyze the future market trends.

Major companies such as Iwatani Corporation of America and Chevron U.S.A. Inc. announced an agreement in March 2022 to co-develop and construct 30 hydrogen fuelling sites in California by 2026.

Additionally, Praxair Distribution Inc., a subsidiary of Praxair Inc., announced that it entered into an agreement to acquire Mittler Supply Inc., a leading independent distributor of industrial, medical, specialty gases, which in turn would facilitate the enhanced exposure of Praxair Distribution in specialty gas market.

Other major players holding prominent shares in the Specialty Gas market include Air products inc., Air Liquide, Mitsui chemicals inc. and others. There are several regional and local players in this market across the globe which are contributing to the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

Specialty Gas Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects which would include regions- North America, Asia Pacific, Europe, Latin America, Middle East, and Africa. These regions will be analyzed per country based on market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

Additionally, Asia-Pacific is the dominating region and also the fastest-growing region owing to the wide consumption of specialty gases in electronics and healthcare industries. China is the leading country in the region in electronics production sector due to its low-cost products. China’s healthcare sector is one of the largest in the world. According to the IBEF, India’s medical sector is expected to reach USD 372 billion by the end of 2022. Scrutinizing these factors for the countries is expected to enhance the value chain of the Specialty Gas market and aid us with better insights about the same.

Specialty Gas Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Research Methodology

The study period of the market is considered to be 10 years (2019-2029) which will be analyzed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured based on current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present, and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for a better understanding of the market studied
• The market is analyzed with an in-depth study of the company’s view on the market considering the present economic, political, social, geographical, and legal factors.
• To gain a clear insight for a better future perspective of the market studied in 360-degree synopsis.
• Understand the competition in the market is a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through a diverse consumer base.