(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The "Specialty Gases - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Specialty Gases was estimated at US$11.7 Billion in 2023 and is projected to reach US$18.2 Billion by 2030, growing at a CAGR of 6.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Industries ranging from electronics, healthcare, and renewable energy to food and beverage, aerospace, and pharmaceuticals heavily rely on specialty gases for various applications.
The growth in the specialty gases market is driven by several factors, including advancements in end-use applications. One of the primary drivers is the rapid expansion of the semiconductor industry, which demands ultra-high-purity gases for the fabrication of smaller and more powerful microchips. The healthcare industry's growing need for medical gases, spurred by an aging population and the increasing prevalence of chronic diseases, is another significant factor.
Additionally, the renewable energy sector's emphasis on sustainable and efficient energy solutions is boosting the demand for specialty gases in solar panel manufacturing and energy storage systems. The automotive industry's transition to electric vehicles is creating a robust demand for specialty gases in battery production and vehicle components. Furthermore, the rise in biotechnology research and the globalization of the chemical industry are propelling the market forward. As industries prioritize precision, efficiency, and sustainability, the specialty gases market is poised for continued growth and innovation.
What Trends Are Shaping the Specialty Gases Market?
The specialty gases market is being shaped by several notable trends that are driving innovation and adoption. One significant trend is the increasing demand for high-purity gases in semiconductor manufacturing, driven by the rise in electronics and the miniaturization of integrated circuits. The renewable energy sector also presents substantial opportunities, with specialty gases playing a critical role in photovoltaic solar power production and other green technologies.
Advancements in manufacturing technologies are further propelling the market, as industries seek more efficient and environmentally friendly processes. Additionally, the automotive industry's shift towards electric vehicles is generating a surge in demand for specialty gases used in battery production and other components. The globalization of the chemical industry and the expansion of biotechnology applications are also notable trends, highlighting the diverse and growing use of specialty gases.
How Are Regulations and Innovations Impacting the Market?
Stringent environmental regulations and technological innovations are having a profound impact on the specialty gases market. Governments worldwide are enforcing stricter emissions standards, driving the adoption of low-emission specialty gases in various industrial processes. This regulatory push not only helps in reducing environmental impact but also creates a stronger business case for investing in high-purity gases.
Technological advancements in gas delivery systems and purification processes are enhancing the efficiency and reliability of specialty gases, making them more appealing for high-tech industries such as aerospace and defense. Innovations in analytical instrumentation and the adoption of Industry 4.0 practices are further expanding the market, as precision and automation become increasingly important in industrial operations. The rise in specialty gas applications in emerging fields like nanotechnology and 3D printing also exemplifies how innovations are opening new avenues for market growth.
Key Insights:
Market Growth: Understand the significant growth trajectory of the Medical & Healthcare Application segment, which is expected to reach US$5.7 Billion by 2030 with a CAGR of a 8.0%. The Manufacturing Application segment is also set to grow at 5.2% CAGR over the analysis period. Regional Analysis: Gain insights into the U.S. market, which was estimated at $3.1 Billion in 2023, and China, forecasted to grow at an impressive 10.8% CAGR to reach $4.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030. In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Company Profiles: Coverage of major players such as Air Liquide SA, Air Products And Chemicals, Inc., Linde AG, and more. Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $11.7 Billion |
| Forecasted Market Value (USD) by 2030 | $18.2 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
Influencer Market Insights World Market Trajectories Global Economic Update Specialty Gases - Global Key Competitors Percentage Market Share in 2024 (E) Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
Increased Semiconductor Manufacturing Spurs Growth in Demand for Specialty Gases Rise in Electronics Industry Throws the Spotlight on High-Purity Specialty Gases Healthcare Industry Expansion Generates Demand for Medical Specialty Gases Growing Use of Specialty Gases in Renewable Energy Sector Expands Addressable Market Opportunity Stringent Environmental Regulations Strengthen Business Case for Low-Emission Specialty Gases Advancements in Manufacturing Technologies Propel Market Growth Increased Research and Development Activities Accelerate Demand for Specialty Gases Automotive Industry's Shift to Electric Vehicles Benefits Market Prospects Miniaturization of Electronics and ICs Strengthens Business Case for Specialty Gases Globalization of Chemical Industry Throws the Spotlight on Specialty Gases Expansion of Photovoltaic (PV) Solar Power Sector Generates Market Demand Increasing Investments in Aerospace and Defense Sectors Propel Market Growth Adoption of Specialty Gases in Biotechnology Benefits Market Expansion Rising Demand for Specialty Gases in Water Treatment Sector Sustains Growth Growth in Oil and Gas Industry Throws the Spotlight on Specialty Gases for Enhanced Oil Recovery (EOR) Smart Manufacturing and Industry 4.0 Strengthens Business Case for Specialty Gases Growing Applications of Specialty Gases in Environmental Monitoring Drives Market Growth Rise in Specialty Gas Applications in Cryogenics Strengthens Growth Prospects Emerging Applications in Nanotechnology Drive Adoption of Specialty Gases
FOCUS ON SELECT PLAYERS (Total 46 Featured)
Air Liquide SA Air Products And Chemicals, Inc. Linde AG Messer Group GmbH Praxair Technology, Inc
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