Specialty Gas Market

Special gasses are expressly created for medicinal procedures, industrial processes, or scientific research. These gases often comprise two or more common atmospheric gases, such as oxygen and nitrogen, mixed specifically. Depending on the use they will be put to, these mixes’ precise composition can change significantly. For instance, a gas made expressly for welding may include minuscule amounts of hydrocarbons, whereas a gas produced for making pharmaceuticals may have larger carbon dioxide concentrations.

Moreover, the specialty gas market is expanding significantly due to its growing usage in several electronics, manufacturing, and healthcare industries. Specialty gases are essential for producing semiconductors and displays as technology develops, and there is an increasing demand for more complex electronic gadgets.

Market Analysis

The global specialty gas market was valued at USD 11.96 billion in 2022 and is expected to grow to USD 24.14 billion at a CAGR of 7.3% during the forecast period 2032.

The Rising Demand for Specialty Gas

Demand from the electronics sector is significantly increasing in the market. There are various causes for this increase in demand. First, the production processes for semiconductors and displays are driven by the need for specialty gases due to the rapid growth of technology and the rising demand for electronic devices like tablets, smartphones, and wearable technology.

Moreover, more complex manufacturing procedures are needed due to the growing trend of miniaturization and the creation of modern electronic gadgets with greater functionality. To meet the required performance and quality criteria, specialty gases are used in various precise applications, including lithography and thin film deposition.

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The Carbon Gases Sector Holds the Largest Revenue Share

Medical devices like nuclear magnetic resonance imaging, magnetic resonance imaging, ophthalmology, and others make substantial use of carbon gases. Additionally, there is a considerable need for carbon gases in sectors like chemicals, electronics, manufacturing, and healthcare.

Moreover, the projected period is also expected to have the highest specialty gas market share in the high-purity gases category. High-purity gases are used for insulation, illumination, and cooling in various industries, including metal processing, electronics, chemicals, and oil & gas. They are crucial to the production of semiconductors as well.

The Healthcare Sector Holds the Largest Revenue Share

Medical air, oxygen, medical helium, and medical nitrous oxide are just a few of the specialist gases used in the healthcare sector. These gases are necessary for numerous medical operations and applications.

Also, the specialty gas market growth is anticipated to be significantly influenced by the healthcare sector’s ongoing expansion and rising government spending on healthcare globally. And advanced medical technologies that call for specialized gases also help fuel market expansion.

Asia Pacific Experiences Significant Growth

Due to its high electronics, automotive, and healthcare consumption, the specialty gas market in Asia Pacific is predicted to expand rapidly. The electronics industry is experiencing the strongest growth rates in consumer electronics, driven by rising disposable incomes and demand for electronic devices.

Furthermore, China’s automotive industry’s growth is anticipated to increase demand for specialty gas. The region’s powerful automotive sector is another driving force behind expanding the specialized gas market in Asia-Pacific.

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Recent Developments in Market

  • Linde will build and run an on-site complex in Beaumont, Texas, in February 2023 to provide clean hydrogen and nitrogen to OCI’s new blue ammonia production, sequestering 1.7 million tons of CO2 yearly.
  • At the Middle East Oil and Gas Show in February 2023, Air Products unveiled the PRISM InertPro Nitrogen Membrane System, a versatile modular platform with cutting-edge technology for effective nitrogen uses in the sector.

The Overview

The specialty gas market has grown significantly over time as industrial processes have become more complicated and precise requirements beyond what is possible with only standard atmospheric air alone. Specialty gases can assure optimal effectiveness and safety in various industries, from aerospace engineering to medical research, by delivering carefully prepared gasses to meet specific needs. 

By Ankita Padiyar

Ankita Padiyar likes to play with words! She has been working in the content industry, with expertise in SEO content, social media content, website content, blogs, and articles for over 5 years. In addition to content writing, Ankita is a content publisher too, with hands-on experience with different CMSs. She works closely with B2B and B2C companies delivering engaging content that converts viewers into customers. She believes in "Dream Big" and thrives to achieve those dreams. When she isn’t writing, you can find her spending quality time with her 2-year toddler. Also, in her free time, she loves to explore new places. Don’t miss connecting with her on LinkedIn for networking!