DUBLIN, October 19, 2021--(BUSINESS WIRE)--The "Global Specialty Gas Market Size, Share & Trends Analysis Report by Product (Noble, Carbon, Ultra-high Purity, Halogen), by Application (Manufacturing, Electronics, Healthcare), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global specialty gas market size is expected to reach USD 18.22 billion by 2028 and is projected to register a CAGR of 8.8% from 2021 to 2028.
Increased preference for specialty gases in the healthcare sector owing to an increased rate of applicability in medical applications is a driving factor for the strong market growth.
Increased rate of applicability in key applications such as manufacturing (welding and cutting, lighting, laser, chemicals), healthcare (medical devices, pharmaceutical drugs manufacturing, anesthetic), electronics (flat panel displays, semiconductor devices), and analytical and calibration instruments are expected to drive market growth.
The manufacturing and electronics industries are flourishing at an increased rate in emerging economies of Asia Pacific. Government initiatives to strengthen analytical testing capabilities, growing expenditure on drugs and medical devices by public health organizations, technological advancement, and government investments in the healthcare and electronics industries are increasing the demand for specialty gas.
Prevailing energy and environment-friendly practices coupled with growing societal awareness towards green products and solutions are anticipated to develop more stringent environmental and emission norms over the forecasted period. Furthermore, key players such as Air Liquide, Praxair, Inc., Linde AG, etc. are developing clean technologies and introducing innovative solutions that will lower emissions and pollutants.
Specialty Gas Market Report Highlights
Carbon gases was the largest segment by product capturing over 26% of the market share in 2020. Carbon gases are obtained from various natural sources and used by end-use industries such as chemicals, oil, food and beverages, etc. Majorly carbon dioxide and carbon monoxide have an increasing demand in the market owing to the high applicability rate in many industrial applications
The healthcare segment is anticipated to reach USD 4.66 billion in 2027. Specialty gases are used on large scale in devices such as nuclear magnetic resource imaging, magnetic resonance imaging, and ophthalmology, etc.
Asia Pacific region captured the largest regional segment in 2020 accounting for USD 4.20 billion owing to steady capacity expansions by surgical instruments, defense equipment, electronics, cotton, textiles industries, and a growing number of new applications of specialty gases is expected to drive market growth
The market is competitive with key participants involved in R&D and constant innovation done by the vendors has become one of the most important factors for companies to perform in this industry. Key manufactures include Air Liquide S.A., Air Products and Chemicals, Inc., Iwatani Corporation, Linde plc, and Messer Group GmbH.
Air Products and Chemicals, Inc.
Taiyo Nippon Sanso Corporation
Air Liquide International S.A.
Messer Group GmbH
Matheson Tri-Gas, Inc.
MESA Specialty Gas
Showa Denko K.K
Cryogen Instruments India Pvt. Ltd.
MITSUI CHEMICALS, INC
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