The global specialty gas market size was US$ 10.8 billion in 2021. The global specialty gas market is forecast to grow to US$ 19.2 billion by 2030, registering a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The increasing demand for solar cells is forecast to fuel market growth. In addition, specialty gas offers abundant benefits, such as yield enhancement, cost reduction, and performance optimization. Specialty gases find their applications in various industries, such as electronics, manufacturing, biotechnology, academics, automotive, healthcare, and semi-conductors. Thus, all of these factors will contribute to the growth of the global specialty gas market during the forecast period.
The applications of specialty gas in the plasma display panels and solar cells are forecast to benefit the market over the forecast period. In addition, rising awareness about the environment’s safety and increasing government emphasis are all forecast to boost the market growth in the coming years.
The growing healthcare segment is forecast to benefit the global specialty gas market. On the contrary, increasing regulations and constraints on specialty gas production may hamper the growth of the overall market during the forecast period.
Regional Analysis
Asia-Pacific specialty gas market is forecast to lead by holding the highest market share. The growth of the region will be due to the presence of prominent end-use industries. In addition, the governments in the region are working on expanding the healthcare, electronics, manufacturing, and pharmaceutical industries. Moreover, massive investments from government and private bodies to enhance the production process, equipment, and packaging industries will surge the demand for specialty gas products.
China accounts for the largest share in the global specialty gas, owing to the increasing demand for electronic specialty gases in the region. In addition, growing healthcare, food and beverage, electronics, and pharmaceutical sector will boost the growth of the specialty gas market during the study period.
Europe is forecast to witness positive growth in the specialty gas market, owing to the growing technological advancement, rising disposable income, and growing living standards of the population. In addition, favorable government investments will boost the market growth during the forecast period from 2022 to 2030.
COVID-19 Impact Analysis
During the COVID-19 pandemic, the specialty gas market observed several obstacles globally. Various industries witnessed limited growth due to the pandemic, and the specialty gas market was one of them. The demand for automotive, electronics, and biotechnology decreased significantly. As a result, it impacted the growth of the specialty gas market. However, the market witnessed several growth opportunities in the healthcare segment as it was one of the growing end-use industry segments during the pandemic.
Competitors in the Market
Market Segmentation
The global specialty gas market segmentation focuses on Type, Application, and Region.
By Type
By Application
By Region
