The global specialty gas market size was valued at USD 9.64 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. Increasing applicability rates majorly in manufacturing, electronics, and healthcare applications are anticipated to drive the growth. Specialty gas is expected to gain preference in the healthcare sector owing to increasing consumption of high purity and noble gases in various medical application areas i.e. reanimation process, anesthetic, and mechanical ventilation.
Specialty gases are used in the electronics industry to produce components such as integrated circuits (IC) and silicon wafers as well as manufacturing of flat panel display products and compound semiconductors. Due to the increasing demand for supplementary complex semiconductors, the wet processes are displaced by gas-phase engraving and cleaning which induces the use of specialty gases.
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Development in automotive, healthcare, and electronics industries on account of growing demand, particularly in the Asia Pacific region are expected to present themselves as a major prospect for market growth. Welding and cutting, lighting, metal fabrication, and chemical production are some of the domineering industry applications in the Asia Pacific.
Key Player Mentioned:
- Linde plc
- Air Liquide International S.A.
- Messer Group GmbH
- Air Products and Chemicals, Inc.
- Weldstar, Inc.
- Mesa Specialty Gases & Equipment
- Norco Inc.
- Taiyo Nippon Sanso Corporation
Product Segment Analysis:
- Ultra-high Purity
- Noble
- Carbon
- Halogen
- Other Specialty
Application Segment Analysis:
- Manufacturing
- Electronics
- Healthcare
- Institutional
- Other
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
Market growth can be attributed to the increasing demand for specialty gas from healthcare and electronics end-use industries which reckon for the majority share of the total market and improving economic conditions fostering high demand for electronic goods in China and India.
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Kay players in the industry are investing in research and development, while actively contributing to the tactical initiatives for new product development. Capacity growth and new product launches are predominant in the industry. The market trend also signifies notable expansion and acquisition activities by the key companies.
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