The market for Specialty Gas is expected to grow at a CAGR of over 4% during the forecast period. Factors driving the market growth include high demand of specialty gases from electronics industry for manufacturing of semiconductors, LED lights and Flat panel displays. Growing expenditure in healthcare sector of several countries is another factor fueling the market growth during the forecast period. Plunge in automotive sector has somewhat affected growth of the market.
- Major consuming sector for specialty gas is the electronics industry as these gases find wide range of applications from semiconductors to photovoltaic cells and from LED to flat panel displays.
- Because of their ultra-high purity (99.995% and above) these gases are extensively used in the healthcare sector which has seen huge government spending during recent time due to growing population.
- Application in pharmaceutical/biotechnology acts as an opportunity for the specialty gas market during forecast period.
- Asia-Pacific is forecasted to be the fastest growing market owing to booming electronics industry in the region where specialty gases find broad applications.
Key Market Trends
Electronics Sector to Drive Specialty Gas Market
- In 2020,consumer electronics industry is estimated to accrue total revenue of USD 426.2 billion and it is predicted to grow at a CAGR of around 7% and reach the market revenue of USD 565.3 billion by 2024.
- In electronics industry, one of the major applications of specialty gas is in LEDs which is in major demand from consumers end due to their advantages like less energy consumption, longer operating life etc. over traditional lighting sources.
- Most common nitrogen precursor ammonia is used for the growth of nitride-based thin films and epitaxial crystals. In the application of LED, ultra-high purity of epitaxial crystals is critical.
- Furthermore, use of semiconductors in making processors for personal computer (PC) and smartphones market is constantly growing and thus, propelling the specialty gas market growth.
- All the aforementioned factors are expected to drive the global specialty gas market during the forecast period.
Asia-Pacific to be Fastest Growing Specialty Gas Market
- Asia-Pacific is forecasted to be the fastest growing specialty gas market during the forecast period because of wide consumption of specialty gases in electronics and healthcare industry which are booming sectors in the region.
- Consumers electronics sector in the Asia-Pacific region is projected to accumulate USD 227.2 billion in 2020 and it is forecasted to reach market size of USD 262.7 billion by 2024.
- China ranks first in the global consumer electronics industry with a total revenue of electronics segment amounting to USD 173.8 billion and it is anticipated to reach market value of USD 190.23 billion by 2024.
- Furthermore, rise in per capita income of the region has resulted in increased spending in electronics industry and hence increasing consumption of specialty gas in the region.
- Countries like China and India have population more than 2.5 billion due to which government of these countries have increased the spending on healthcare sector in their budget.
- Moreover, China’s healthcare industry value is projected to be USD 1.15 trillion by 2020.
- Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.
- The specialty gas market is partially consolidated. Some of the players operating in the specialty gas business include Linde, Air Liquide, Air Products & Chemical Inc., Messer Group GmbH and SHOWA DENKO K.K.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Vast Applications in Electronics Industry
4.1.2 Increasing Demand from Healthcare
4.2.1 Slowdown in Global Automotive Production
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 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
5.1.1 High Purity Gases
5.1.2 Noble Gases
5.1.3 Carbon Gases
5.1.4 Halogen Gases
5.2 End-user Industry
5.2.3 Medical & Healthcare
5.2.4 Food & Beverage
5.2.5 Oil & Gas
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
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 & Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East & 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 Gasco Precision Calibration Mixtures
6.4.6 MESA Specialty Gas
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 Southern Industrial Gas Sdn Bhd
6.4.12 TAIYO NIPPON SANSO CORPORATION
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use in Pharmaceutical/Biotech
7.2 Other Opportunities
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.