The specialty gas market is projected to register a CAGR of more than 4% during the forecast period.
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- COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- The growth of the specialty gas market is anticipated to be driven by the increasing demand in manufacturing semiconductor devices and flat panel displays and its usage as a cleaning gas for plasma-enhanced chemical vapor deposition (PECVD) for high-tech thin films.
- Stringent environmental regulations and restrictions on specialty gas production and quality control are expected to hinder the market growth. Applications in the pharmaceutical or biotechnology sector are expected to act as opportunities for the market during the forecast period. The Asia-Pacific region dominates the global market, with the largest consumption from countries such as China, India, and Japan.
Specialty Gas Market Trends
Electronics Sector to Drive the Specialty Gas Market
- In the electronics industry, light-emitting diodes (LEDs) are one of the major applications of specialty gas, which find major consumer demand due to their advantages like lower energy consumption and longer operating life than other traditional lighting sources. Ammonia is used in nitride-based thin films and epitaxial crystals. In the application of LEDs, ultra-high purity of epitaxial crystals is critical.
- Furthermore, semiconductors utilized in the production of personal computers (PCs) and smartphones are constantly increasing, thus propelling the growth of the specialty gas market. The global consumer electronics industry has been growing rapidly worldwide over the years, owing to the consistently increasing demand for cellular phones, portable computing devices, gaming systems, and other personal electronic devices.
- China has the world's largest electronics production base. Electronic products, such as wires, cables, computing devices, and other personal devices, recorded the highest growth in electronics. The country serves the domestic demand for electronics and exports electronic output to other countries, thus providing huge market growth.
- Also, the Indian electronics industry is one of the fastest-growing industries globally. According to "A Call to Action for Broadening and Deepening Electronics Manufacturing," a study by the Ministry of Electronics and IT, India wants to make USD 300 billion from electronics manufacturing by 2026.
- According to India Brand Equity Foundation (IBEF), India exported USD 2,009.07 million worth of electronics in September 2022, up 71.99% year-over-year. Key export items in this industry include mobile phones, consumer electronics (TV and audio), IT hardware (laptops, tablets), industrial electronics, and auto electronics, supporting the market growth.
- All the aforementioned factors are expected to drive the specialty gas market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to be the fastest-growing specialty gas market during the forecast period due to the wide consumption of specialty gases in the electronics, automotive, healthcare industries, etc., which are among the booming sectors in the region.
- Electronic products in the region have the highest growth rates in the consumer electronics segment of the market in terms of demand. With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily, thereby driving the market studied.
- According to the National Bureau of Statistics (NBS) of China, the overall profit of China's electronics manufacturing businesses increased by 38.9% year-on-year in 2021, thus positively impacting the market's growth.
- Furthermore, according to Japan Electronics and Information Technology Industries Association (JEITIA), the overall production value of the Japan electronics sector increased by almost 10% to around USD 100 billion in 2021. The sector includes electronic devices and components, as well as consumer and industrial electronic equipment.
- Additionally, the expansion of the automotive segment in China is anticipated to benefit the demand for specialty gas. According to the International Organization of Motor Vehicle Manufacturers (French: Organisation Internationale des Constructeurs d'Automobiles) (OICA), China is the largest producer of automobiles. The country alone produced 2,60,82,220 units of vehicles in 2021.
- Thus, the rising demand from various industries is expected to drive the market in the region during the forecast period.
Specialty Gas Industry OverviewThe specialty gas market is partially consolidated in nature. Some of the players in the market are Linde plc, Air Liquide, Messer Group GmbH, Showa Denko K.K., and Air Products and Chemicals, Inc.
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Table of Contents1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Wide Applications in the Electronics Industry
4.1.2 Increasing Demand from the Healthcare Sector
4.2.1 Stringent Environmental Regulations and Restrictions on Specialty Gas Production and Quality Control
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
5.1.1 High-purity Gases
5.1.2 Noble Gases
5.1.3 Carbon Gases
5.1.4 Halogen Gases
5.1.5 Other Types
5.2 End-User Industry
5.2.3 Medical and Healthcare
5.2.4 Food and Beverage
5.2.5 Oil and Gas
5.2.6 Other End-User Industries
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Air Liquide
6.4.2 Air Products and Chemicals, Inc.
6.4.4 Iwatani Corporation of America
6.4.5 Linde plc
6.4.6 MESA Specialty Gases & Equipment
6.4.7 Messer Group GmbH
6.4.8 Mitsui Chemicals, Inc.
6.4.9 Norco Inc.
6.4.10 SHOWA DENKO K.K.
6.4.11 YUEYANG KAIMEITE ELECTRONIC AND SPECLALTY RARE GASES CO.
6.4.12 ILMO Products Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use in the Pharmaceutical or Biotechnology Sector
A selection of companies mentioned in this report includes:
- Air Liquide
- Air Products and Chemicals, Inc.
- Iwatani Corporation of America
- Linde plc
- MESA Specialty Gases & Equipment
- Messer Group GmbH
- Mitsui Chemicals, Inc.
- Norco Inc.
- SHOWA DENKO K.K.
- YUEYANG KAIMEITE ELECTRONIC AND SPECLALTY RARE GASES CO.
- ILMO Products Company