LOS ANGELES, April 13, 2021 (GLOBE NEWSWIRE) -- The Global Specialty Gas Market is expected to grow at a CAGR of around 8.9% from 2020 to 2027 and reach the market value of over US$ 14.2 Bn by 2027.
Asia Pacific is expected to dominate the global specialty gas market in the coming years, with the highest CAGR. One of the key factors driving the growth of the global specialty gas market is the widespread use of specialty gases in the electronics and healthcare industries. China is one of the key countries driving the growth of the specialty gas market. Because China has the world's largest electronic production base, it poses a significant challenge to the existing upstream producers that include Singapore, South Korea, and Taiwan. With an increase in the disposable incomes of the middle-class population, demand for electronic products is expected to rise steadily in the coming years, ultimately driving the market. Because of the low cost and increasing demand for electronics products, China's electronics manufacturing industry is constantly expanding.
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The demand for electronic products is expected to rise in the near future as the middle-class population's disposable income rises. North America currently dominates the specialty gas market, accounting for the largest market share. Because of the region's large installed plant capacities for specialty gas production, it has gained significant market share in the global market.
Market Dynamics
The increasing demand for specialty gas from healthcare and electronics as end-user industries for recording a majority share and improving economic conditions contributing high demand for electronic goods, particularly in China and India, can be attributed to the market growth of global specialty gas. The global market is expected to expand significantly in the coming years, owing to the expanding healthcare sector and increased demand for photovoltaic cells and plasma display panels. Structural and regulatory constraints may act as a barrier to the future growth of the specialty gas industry, but innovation and technological advancements in the manufacture of specialty gases are expected to mitigate the effect of the constraints.
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Segmental Outlook
The global specialty gas market is segmented based on product and application. The product is segmented as ultra-high purity, noble, carbon, halogen, and other specialty. By application, the market is segmented as manufacturing, electronics, healthcare, institutional, and among others.
Key Market Trend
Electronics sector to drive the specialty gas market
One of the major applications of specialty gas in the electronics industry is in LEDs, which are in high demand from consumers due to their advantages such as lower energy consumption and longer operating life when compared to other traditional lighting sources. In nitride-based thin films and epitaxial crystals, ammonia is used. The ultra-high purity of epitaxial crystals is critical in the application of LEDs. Furthermore, the use of semiconductors in the production of processors for personal computers (PCs) and smartphones is steadily increasing, propelling the specialty gas market forward.
Competitive Landscape
The prominent players involved in the global specialty gas market are Praxair, Inc., Air Products and Chemicals, Inc., and The Messer Group GmbH. Other players involved in the specialty gas market are Linde plc, Air Liquide, Weldstar, MESA Specialty Gases & Equipment., Norco Inc., Taiyo Nippon Sanso Corporation, Showa Denko K. K., and among others.
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Some of the key observations regarding the specialty gas industry include:
- In March 2018, Praxair, Inc., announced a strategic collaboration that combines the core competencies of each company into a comprehensive offering for heat-treatment customers. The collaboration will bring more end-to-end technologies for a broad spectrum of batch and continuous heat-transferring processes involving carburizing, carbonitriding, neutral hardening, annealing, gas quenching, and heat-treatment.
- In March 2019, The Messer Group GmbH announced the acquisition of Linde AG’s gases business in North America and certain Linde and Praxair business activities in South America. The acquisition will provide a unique opportunity to return to the North and South American markets. This will turn Messer into a global player in this sector and consolidate its position as the world’s largest family-run industrial gases specialist.
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