Global Specialty Gases Market to Reach US$ 16.2 Billion by 2028, Stimulated by the Implementation of Stringent Government Policies due to Environmental Awareness

According to the latest report by IMARC Group, titled “Specialty Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global specialty gases market size reached US$ 10.5 Billion in 2022. Specialty gases are meticulously formulated chemical compounds designed for distinct industrial applications. These gases are developed to offer precise and controlled properties, enabling them to be utilized in a wide range of industries. The composition of specialty gases is carefully engineered to ensure exceptional purity, accuracy, and consistency in their performance. These gases are applied in electronics, healthcare, manufacturing, and research industries, where precision and reliability are paramount. Their unique attributes and tailored compositions make them essential components in various industrial processes and analytical techniques, contributing significantly to optimizing operations across diverse sectors.

Global Specialty Gases Market Trends:

The increasing utilization of specialty gases in the electronics sector to ensure optimal performance and quality of electronic devices is one of the key factors propelling the market growth. In line with this, the rising demand for high-purity gases for semiconductor fabrication and assembly are contributing to the market growth. Moreover, the growing reliance on specialty gases for medical gas mixtures and therapeutic applications, underscoring their critical contribution to patient care and medical procedures, is providing a considerable boost to the market growth. Additionally, the increasing product demand in renewable energy technologies for photovoltaic cell manufacturing and other clean energy applications, aligning with the rising shift towards sustainable energy sources, is propelling the market growth. In addition to this, the incorporation of specialty gases in the aerospace and automotive sectors for precise calibration of sensors and testing equipment, enhancing overall operational efficiency and safety, is creating a positive outlook for the market growth. Besides this, the growing awareness of environmental sustainability, leading to the development of eco-friendly alternatives, such as low global warming potential (GWP) and green specialty gases, are positively impacting the market growth. Furthermore, the ongoing advancements in analytical and laboratory technologies necessitating the use of highly pure gases for accurate results and the increasing demand for specialty gases in research and development (R&D), pharmaceuticals, and chemical analysis applications are providing remunerative opportunities for the market growth. Looking forward, the market value is projected to reach US$ 16.2 Billion by 2028, expanding at a CAGR of 7.68% during 2023-2028.

Market Summary:

• Based on the type, the market has been segmented into high-purity gases, noble gases, carbon gases, halogen gases, and others. According to the report, carbon gases represent the largest segment.
• On the basis of the element, the market has been divided into argon, nitrogen, helium, carbon monoxide, methane, oxygen, hydrogen, and others. Amongst these, carbon monoxide accounts for the largest market share.
• Based on the application, the market has been classified into manufacturing, electronics, healthcare, academics, and others. According to the report, healthcare represents the largest segment.
• On the basis of the packaging type, the market has been categorized as packaged and bulk and on-site. Among these, bulk and on-site exhibit a clear dominance in the market.
• On the basis of the sales type, the market has been bifurcated as captive and merchant captive. According to the report, captive accounts for the largest market share.
• Region-wise, the market has been segmented 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 the Middle East and Africa. According to the report, Asia Pacific accounts for the largest market share.
• The competitive landscape of the market has also been examined, with some of the key players being 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.

Report Coverage:

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