(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The "Specialty Gases market Report 2024" has been added to ResearchAndMarkets.com's offering.
The specialty gases market size has grown strongly in recent years, from $11.74 billion in 2023 to $12.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth during the historic period can be attributed to several factors, the increasing demand for high-purity gases, the expanding healthcare industry, the rising need for gas-phase engraving, the growing requirements in the chemical industry, and the escalating 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 anticipated growth in the forecast period can be attributed to several factors, increasing demand in the pharmaceuticals industry, a growing need for semiconductors and light-emitting diodes (LEDs), a heightened focus on safety and quality, rapid industrialization and economic development, and rising demand in the automotive industry. Key trends during this period include technological advancements, the adoption of sustainable manufacturing processes, innovations in purification technologies, advances in blending technologies, and the integration of the Internet of Things (IoT) and smart monitoring.
The increasing demand for semiconductors is expected to drive the growth of the specialty gases market. Semiconductors, which have electrical conductivity between that of conductors (like copper or aluminum) and insulators (such as rubber or glass), are increasingly needed due to the rising demand for more powerful and efficient electronic devices. These devices support advancements in connectivity, automation, and data processing. Specialty gases play a crucial role in semiconductor fabrication by enhancing yield, quality, and efficiency, meeting the industry's stringent requirements for precision, purity, and reliability. For example, according to the Semiconductor Industry Association, global semiconductor industry sales reached $526.8 billion in December 2023 and are projected to grow by 13.1% in the second quarter of 2024. Thus, the growing need for semiconductors is fueling the expansion of the specialty gases market.
Leading companies in the specialty gases market are developing advanced production modules to improve efficiency, ensure accurate gas mixture formulations, and meet the stringent quality and purity standards demanded by various industries. These new modules offer comprehensive visibility into production progress and real-time insights for proactive management, enhancing efficiency and safety. For instance, in May 2024, Computers Unlimited, a US-based software company, introduced an advanced specialty gas production module for its TIMS software platform. This new module is designed to revolutionize the production and management of custom specialty gases in the industrial gas sector.
In September 2023, Air Water America Inc., a US-based provider of industrial gases and related services, acquired American Gas Products LLC for an undisclosed amount. This acquisition aims to expand Air Water America's helium operations and supply capabilities. American Gas Products LLC, a US-based company, manufactures and supplies specialty gases.
Major companies operating in the specialty gases market are Mitsui Chemicals Inc., Linde, Air Liquide, DuPont de Nemours, Air Products and Chemicals Inc., Showa Denko K.K., Airgas, Messer Group GmbH, Norco Inc., Kanto Denka Kogyo Co. Ltd., Praxair, Purity Cylinder Gases Inc., Welsco Inc., ILMO Products Company, Weldstar, American Gas Products, Coregas, MESA International Technologies Inc., Nova Gas Technologies Inc., Concorde Specialty Gases Inc., Electronic Fluorocarbons LLC, Advanced Specialty Gases and Iwatani Corporation.
This report focuses on specialty gases market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
By Type: High-Purity Gases; Noble Gases; Carbon Gases; Halogen Gases; Other Types By Element: Argon; Nitrogen; Helium; Carbon Monoxide; Methane; Oxygen; Hydrogen; Other Elements By Packaging Type: Packaged; Bulk And On-site By Sales Type: Captive; Merchant By End-User Industry: Automotive; Electronics; Medical And Healthcare; Food And Beverage; Oil And Gas; Other End-User Industries
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $12.77 Billion |
| Forecasted Market Value (USD) by 2028 | $17.99 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Specialty Gases Market Characteristics
3. Specialty Gases Market Trends and Strategies
4. Specialty Gases Market - Macro Economic Scenario
5. Global Specialty Gases Market Size and Growth
5.1. Global Specialty Gases Market Drivers and Restraints
5.2. Global Specialty Gases Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Specialty Gases Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Specialty Gases Market Segmentation
6.1. Global Specialty Gases Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
High-Purity Gases Noble Gases Carbon Gases Halogen Gases Other Types
6.2. Global Specialty Gases Market, Segmentation by Element, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Argon Nitrogen Helium Carbon Monoxide Methane Oxygen Hydrogen Other Elements
6.3. Global Specialty Gases Market, Segmentation by Packaging Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Packaged Bulk and on-Site
6.4. Global Specialty Gases Market, Segmentation by Sales Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.5. Global Specialty Gases Market, Segmentation by End-User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Automotive Electronics Medical and Healthcare Food and Beverage Oil and Gas Other End-User Industries
7. Specialty Gases Market Regional and Country Analysis
7.1. Global Specialty Gases Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Specialty Gases Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8-29. Country Specific Specialty Gases Market
30. Specialty Gases Market Competitive Landscape and Company Profiles
30.1. Specialty Gases Market Competitive Landscape
30.2. Specialty Gases Market Company Profiles
Mitsui Chemicals Linde Air Liquide DuPont De Nemours Air Products and Chemicals
31. Specialty Gases Market Other Major and Innovative Companies
Showa Denko Airgas Messer Group Norco Kanto Denka Kogyo Co. Praxair Purity Cylinder Gases Inc. Welsco ILMO Products Company Weldstar American Gas Products Coregas MESA International Technologies Nova Gas Technologies Concorde Specialty Gases
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
35.1 Specialty Gases Market in 2028 - Countries Offering Most New Opportunities
35.2 Specialty Gases Market in 2028 - Segments Offering Most New Opportunities
35.3 Specialty Gases Market in 2028 - Growth Strategies
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