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The specialty gases market share is expected to increase to USD 5.07 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.83%.
This specialty gases market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers specialty gases market segmentation by type (carbon-based gases, noble gases, halogen-based gases, atmospheric gases, and other specialty gases) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The specialty gases market report also offers information on several market vendors, including Advanced Specialty Gases, Air Products and Chemicals Inc., Central Glass Co. Ltd., Coregas Pty Ltd., Ellenbarrie Industrial Gases Ltd., Iwatani Corp., Kanto Denka Kogyo Co. Ltd., L Air Liquide SA, Linde Plc, Maine Oxy, Matheson TRI Gas Inc., Merck KGaA, Messer SE and Co. KGaA, Mitsubishi Chemical Holdings Corp., Mitsui Chemicals Inc., Norco Inc., SHOWA DENKO K.K., SOL Spa, Weldstar, and Welsco Inc. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The light-emitting diode (LED) manufacturing sector is highly dependent on high-purity gases is notably driving the specialty gases market growth, although factors such as the high cost of production and uncertain return on investments may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the specialty gases industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Specialty Gases Market Driver
One of the key factors driving growth in the specialty gases market is the light-emitting diode (LED) manufacturing sector is highly dependent on high-purity gases. Gases such as ammonia, nitrogen, and hydrogen, which are of the highest purity, are impervious in the manufacture of high-volume LED. The presence of oxygen or moisture, even in parts per billion quantities, will affect the crystalline structure of an LED device. The electroluminescence of the device decreases as the moisture content in ammonia gas goes up. It also deteriorates the current-voltage characteristics of an LED device. These factors bring down the commercial value of the LED product, and therefore, the entire LED manufacturing sector depends on high-purity ammonia and hydrogen, among other gases, to fulfill their dire need for high-purity specialty gases.
Key Specialty Gases Market Trend
The innovations in storage design and packaging is a specialty gases market trend that is expected to have a positive impact in the coming years. Most specialty gases are packaged in cylinders at pressures of up to 300 barometers and are supplied to end-uses in volume variants of 1-50 liters. These cylinders are made of high-strength steel and aluminum to withstand high pressures, avoid leakages, and ensure maximum safety throughout transportation and storage. Distribution of specialty gases through this route is a cost-intensive process as transportation of these heavy cylinders incurs a large amount of energy in terms of fuel and packaging. Innovative gas packaging solutions are launched by companies such as Luxfer Group and Time Technoplast, while gas vendors such as Linde Group have already adopted composite cylinders in their distribution channel. Going forward, we expect a rise in innovation in-cylinder packaging and pressure valves and increased adoption by the major gas vendors.
Key Specialty Gases Market Challenge
The high cost of production and uncertain return on investments will be a major challenge for the specialty gases market during the forecast period. The production of noble gases through atmospheric air separation is an energy-intensive process, where noble gases are yielded in trace amounts, with major products being nitrogen, hydrogen, and oxygen. The major cost attributes in this business are energy, storage, and distribution costs. Of the three modes of distribution, tonnage, merchant, and packaged supplies, tonnage is a lucrative segment for vendors because of assured demand and low variable costs. Vendors are often finding it difficult to maintain an optimum mix of all three distribution modes to ensure maximum customer reach and profitability. In addition to the above issue, fluctuating energy prices and rising manpower expenses are severely challenging the profit margins of the major vendors in the global specialty gases market.
This specialty gases market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global specialty gases market as part of the global industrial gases market under the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the specialty gases market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the specialty gases market encompasses successful business strategies deployed by the key vendors. The specialty gases market is fragmented and the vendors are deploying growth strategies such as constantly focusing on M&A activities to compete in the market.
advancedspecialtygases.com - The company offers specialty gases that include carbon dioxide, hydrogen chloride, xenon, and neon.
advancedspecialtygases.com - Under the specialty gases segment, the company offers pure gases including oxygen, nitrogen, neon, helium, and hydrogen among many others.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The specialty gases market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the specialty gases market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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33% of the market’s growth will originate from North America during the forecast period. The US is the key market for specialty gases in North America. Market growth in this region will be slower than the growth of the market in the South American, APAC, and MEA regions.
The increase in demand from the electronics and healthcare sectors will facilitate the specialty gases market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, owing to the outbreak of COVID-19, the specialty gases market in North America witnessed slow growth. Due to lockdowns, operations in many end-user industries, such as construction and automotive, were halted. This reduced the demand for specialty gases in the region in 2020. However, in 2021, lockdowns were lifted, and end-user industries resumed their operations due to the initiation of vaccination drives. Moreover, the new government in the US has started investing in infrastructural projects.
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The specialty gases market share growth by the carbon-based gases segment will be significant during the forecast period. Gases such as carbon dioxide, carbonyl sulfide, and other carbon derivative gases form part of carbon-based specialty gases. Compressed carbon dioxide and liquid carbon dioxide can be produced in different combinations of purities and concentrations. High-purity carbon dioxide is primarily used in beverage carbonation applications. It is used to create carbonated beverages that have the fizz. Other applications of carbon-based specialty gases include food packaging, wastewater neutralization, and end-users such as food and beverage and metalworking industries.
This report provides an accurate prediction of the contribution of all the segments to the growth of the specialty gases market size and actionable market insights on post COVID-19 impact on each segment.
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Specialty Gases Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.83% |
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Market growth 2022-2026 |
$ 5.07 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.07 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key consumer countries |
US, United Arab Emirates, China, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Advanced Specialty Gases, Air Products and Chemicals Inc., Central Glass Co. Ltd., Coregas Pty Ltd., Ellenbarrie Industrial Gases Ltd., Iwatani Corp., Kanto Denka Kogyo Co. Ltd., L Air Liquide SA, Linde Plc, Maine Oxy, Matheson TRI Gas Inc., Merck KGaA, Messer SE and Co. KGaA, Mitsubishi Chemical Holdings Corp., Mitsui Chemicals Inc., Norco Inc., SHOWA DENKO K.K., SOL Spa, Weldstar, and Welsco Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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