According to the latest report by IMARC Group, titled "Specialty Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global specialty gases market reached a value of US$
9.9 Billion in 2021. Specialty gases include numerous industrial gases that are highly rare or purified. They are generally utilized for various industrial purposes across multiple verticals, including oil and gas, food, power, mining, medicine, chemical, aerospace, steelmaking, pharmaceutical, biotechnology and nuclear power sectors. They widely comprise elements, molecular compounds or mixtures that are prepared under ambient pressures and temperatures. Some of the most popularly utilized specialty gases include argon, helium, xenon, krypton, carbon dioxide, carbon monoxide, methane, chlorine, fluorine, oxygen and nitrogen that are available in portable cylinders and containers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Specialty Gases Market Trends:
The global market is primarily driven by the increasing demand for specialty gases in metal manufacturing. The rising adoption rates of gas metal arc welding processes in the sector have contributed to the increasing requirement for argon, oxygen and nitrogen. This is further supported by rapid industrialization on the global level. Moreover, these gases are commonly utilized in the chemicals sector for several refining and processing functions. Additionally, the escalating demand for these gases from the healthcare sector is also acting as a major growth-inducing factor. Oxygen and helium cylinders are extensively used as modern anesthetic gases and respiratory stimulants to provide artificial ventilation to critical patients on life support. Also, liquid helium is widely utilized in magnetic resonance imaging (MRI) equipment to cool down the superconductive magnet coil scanners. The market is further driven by the increasing adoption of solar power systems across the globe since silicon photovoltaic (PV) cells are processed by utilizing nitrogen, argon, silane, trichlorosilane, phosphoryl chloride and ammonia. Some of the other factors contributing to the market growth include the introduction of stringent environmental norms that promote the uptake of specialty gases and their growing applications for enhancing the agricultural yield. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of
7.51% during 2022-2027.
- On the basis of the type, the market has been divided into high purity gases, noble gases, carbon gases, halogen gases, and others.
- Based on the element, the market has been classified into argon, nitrogen, helium, carbon monoxide, methane, oxygen, hydrogen, and others.
- On the basis of the application, the market has been categorized into manufacturing, electronics, healthcare, academics and others.
- Based on the packaging type, the market has been bifurcated into packaged, and bulk and on-site.
- On the basis of the sales type, the market has been segmented into captive and merchant.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Advanced Gas Technologies Inc., Advanced Specialty Gases Inc., Air Products and Chemicals Inc., Airgas, DuPont de Nemours Inc., Honeywell International Inc., Kanto Denka Kogyo Co. Ltd., Messer Group, Mitsui Chemicals, Norco, Nova Gas Technologies Inc., Praxair, Showa Denko K.K., Taiyo Nippon Sanso Corporation, The Linde Group, and Welsco Inc.
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