The global specialty gas market size was US$ 11.1 billion in 2021. The global specialty gas market is forecast to grow to US$ 22.2 billion by 2030, registering a compound annual growth rate (CAGR) of 8.5% during the forecast period from 2022 to 2030.
Factors Influencing the Market Growth
Regional Analysis
Due to the growing healthcare sector, North America will hold dominance in the global specialty gas market. In addition, the Asia Pacific market is forecast to grow significantly during the forecast period, owing to rising demand from end-use sectors such as automotive, industrial, and healthcare. In addition, China is forecast to have a maximum contribution to the growth of the Asia-Pacific specialty gas market due to the increasing population and rising healthcare expenditure in the region.
COVID-19 Impact Analysis
COVID-19 had a negative impact on the global specialty gas market. Most manufacturing plants were temporarily shut down due to lockdowns in many nations. Thus, it resulted in lowering demand for specialty gas. Furthermore, due to an increase in coronavirus cases, building work was halted, resulting in lower usage of welding gases such as hydrogen and argon. On the contrary, the pandemic has created new opportunities in the healthcare sector as demand for high-purity gases such as oxygen, nitrogen. The demand for specialty gas increased drastically in the healthcare sector. As a result, the market witnessed significant growth in that segment. In addition, the demand for efficient healthcare infrastructure has been increased after the pandemic. Thus, it will benefit the global specialty gas market.
Competitors in the Market
Market Segmentation
The global specialty gas market segmentation focuses on Type, End-Use Industry, and Region.
By Type
By End-user Industry
By Region