Specialty Gases Market to Grow with a CAGR of 5.08% through 2028
Growth in research and development activities is expected to drive the
Global Specialty Gases Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Specialty Gases Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Specialty Gases Market stood at USD 12.15 billion in 2022 and is
anticipated to grow with a CAGR of 5.08% in the forecast period, 2023-2028. The
initiatives taken by government based on specialty gases has led to favorable
market conditions for the Global Specialty Gases Market. Several factors
contribute to the growth of various specialty gases market products. The
U.S. Environmental Protection Agency (EPA) has established a comprehensive
Traceability Protocol for Assay and Certification of gaseous calibration
standards. This protocol serves as a meticulous framework that specialty gas
producers adhere to when analyzing and certifying gases sold to electrical
utilities and state air pollution control agencies. By following this protocol,
the EPA ensures the highest level of quality and accuracy of these gases,
thereby enhancing their reliability for a wide range of critical applications that
rely on precise measurements. In addition to the Traceability Protocol, the
U.S. government has taken significant steps in combating climate change by
introducing the Methane Emissions Reduction Action Plan. This plan specifically
focuses on reducing methane emissions, which are powerful greenhouse gases
contributing to global warming. With a strong emphasis on environmental
sustainability, the plan aims to mitigate the adverse effects of methane
emissions through various strategies and regulations. As a result of this
ambitious action plan, the demand for specialty gases used in monitoring and
controlling methane emissions is expected to rise. These gases play a crucial
role in accurately measuring and managing methane levels, ensuring compliance
with emissions regulations, and facilitating effective environmental
stewardship. The increased demand for specialty gases underscores the
importance of their role in supporting sustainable practices and advancing the
global fight against climate change.
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One of the primary
driving factors behind the surge in research and development (R&D)
activities is the ever-increasing demand for specialty gases across a wide
range of industries. These specialized gases play a vital role in sectors such
as electronics manufacturing, life sciences, semiconductor production, and many
others. With the continuous growth of these industries, there is a
corresponding need for tailored specialty gases that meet their specific
requirements. This demand has sparked a significant increase in investment in
R&D activities, with the aim of developing innovative and highly efficient
specialty gases. By focusing on research and development, companies strive to
create gases that not only meet the current demands but also anticipate and address
future industry needs. The Global Specialty Gases Market is segmented into
product type, application, regional distribution, and company. Based
on its application, the electronic segment held the largest share in the
market. In the electronics industry, a wide range of specialty gases, including
nitrogen trifluoride, tungsten hexafluoride, and hydrogen chloride, play a
crucial role. These gases find applications in the production of various
electronic devices and components, such as semiconductors, display devices, LED
panels, and solar panels. Moreover, with the advent of new-age innovations like
wearables, connected homes, control systems, and connected industrial systems,
the specialty gas market is poised to witness further growth and demand. As these
emerging technologies continue to evolve, the utilization of specialty gases
will continue to expand, driving the advancements and developments in the
electronic industry.
Based on region,
Europe segment is expected to grow during the forecast period. The region is
strategically prioritizing the expansion of its production capacity to meet the
escalating demand from diverse end-use industries. Furthermore, the healthcare
and pharmaceutical sectors are witnessing a surge in investments, which is projected
to significantly amplify the demand for products within the region. It is
noteworthy that in June 2021, the French government unveiled an extensive
public funding plan of USD 8.33 billion specifically earmarked for the
healthcare sector. The objective of this initiative is to propel advancements
in the country's healthcare system, ensuring enhanced quality and accessibility
for its citizens.
Major companies operating in Global Specialty Gases Market are:
- Air Liquide SA
- Airgas, Inc.
- Air Products Inc.
- Linde plc
- Messer group GmbH
- MESA International
Technologies, Inc.
- Norco Inc.
- Showa denko k.k.
- Taiyo Nippon Sanso
Corporation
- Weldstar, Inc.
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“Growing
application of specialty gases in various end user industries are key drivers
of the specialty gases market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of specialty gases with every passing year are anticipated to
register an impressive growth to Global Specialty Gases Market in the forecast
period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Specialty Gases
Market By Product Type (High purity, Nobel, Carbon, Halogen, Others), By
Application (Manufacturing, Electronics, Healthcare, Others), By Region, By Competition Forecast & Opportunities,
2018-2028F”, has evaluated
the future growth potential of Global Specialty Gases Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Specialty Gases Market.
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