The Specialty Gases Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Specialty Gases Global Market Report 2024, The specialty gases market size has grown strongly in recent years. It will grow from $11.74 billion in 2023 to $12.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to the growing need for high-purity gases, the growing healthcare industry, the growing need for gas-phase engraving, the growing need in the chemical industry, and the rising demand in electronics manufacturing.
The specialty gases market size is expected to see strong growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to rising demand in the pharmaceuticals industry, the increasing need for semiconductors and light-emitting diodes (LEDs), increasing focus on safety and quality, rapid industrialization and economic development, and rising demand in the automotive industry. Major trends in the forecast period include technological advancements, adoption of sustainable manufacturing processes, innovations in purification technologies, advances in blending technologies, and integration of the internet of things (IoT) and smart monitoring.
The increasing need for semiconductors is expected to propel the growth of the specialty gases market going forward. Semiconductors are materials that have electrical conductivity between that of a conductor (such as copper or aluminum) and an insulator (rubber or glass). The increasing need for semiconductors is due to the growing demand for more powerful and efficient electronic devices and to support innovations in connectivity, automation, and data processing. Specialty gases significantly enhance yield, quality, and efficiency in semiconductor fabrication, supporting the industry’s stringent precision, purity, and reliability requirements. For instance, in December 2023, according to the Semiconductor Industry Association, a US-based organization, global semiconductor industry sales totaled $526.8 billion in 2023 are projected to increase by 13.1% in the second quarter of 2024. Therefore, the increasing need for semiconductors is driving the growth of the specialty gases market.
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The specialty gases market covered in this report is segmented –
1) By Type: High-Purity Gases, Noble Gases, Carbon Gases, Halogen Gases, Other Types
2) By Element: Argon, Nitrogen, Helium, Carbon Monoxide, Methane, Oxygen, Hydrogen, Other Elements
3) By Packaging Type: Packaged, Bulk And On-site
4) By Sales Type: Captive, Merchant
5) By End-User Industry: Automotive, Electronics, Medical And Healthcare, Food And Beverage, Oil And Gas, Other End-User Industries
Major companies operating in the specialty gases market are developing advanced specialty gas production modules to enhance efficiency, ensure precise gas mixture formulations, and meet increasingly stringent quality and purity standards required by diverse industries. The new modules provide comprehensive visibility into production progress and real-time insights to enable proactive management for enhanced efficiency and safety. For instance, in May 2024, Computers Unlimited, a US-based software company, launched an advanced specialty gas production module for its TIMS software platform. The new module is designed to revolutionize the production and management of made-to-order specialty gases. The new module is a valuable tool for managing the production of custom gas mixtures in the industrial gas industry.
The specialty gases market report table of contents includes:
1. Executive Summary
2. Specialty Gases Market Characteristics
3. Specialty Gases Market Trends And Strategies
4. Specialty Gases Market – Macro Economic Scenario
5. Global Specialty Gases Market Size and Growth
….
32. Global Specialty Gases Market Competitive Benchmarking
33. Global Specialty Gases Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Specialty Gases Market
35. Specialty Gases Market Future Outlook and Potential Analysis
36. Appendix
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