San Francisco, May 18, 2020 /PRNewswire/ -- The globalspecialty gas market size is expected to reach USD 14.2 billion by 2027, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to be positively influenced by growing demand from the manufacturing, electronics, and healthcare sector.
Key suggestions from the report:
Carbon gases was the largest product segment capturing around 27% of the market share in 2019 due to growing demand from various end-use industries such as chemical, oil, and food and beverages
The healthcare segment occupied the largest share in 2019 on account of its extensive use in devices such as NMRI, MRI, and ophthalmology
Asia Pacific is anticipated to be the largest regional segment in 2027 accounting for USD 6.4 billion owing to presence of numerous end-use industries such as healthcare, electronics, manufacturing, and pharmaceutical
Key players include Linde plc; Air Liquide International S.A.; Messer Group GmbH; Air Products and Chemicals, Inc.; Weldstar, Inc.; Mesa Specialty Gases & Equipment; Norco Inc.; Taiyo Nippon Sanso Corporation; and Showa Denko K.K.
Research & development activities, new product launches, and technological collaborations are some of the strategic initiatives taken up by leading companies in the market.
Specialty gases possess the potential to be extensively used in numerous end-use industries such as electronics and institutional research sector. Various types of specialty gases are manufactured from raw materials such as natural, atmospheric, and air derived gases. However, the manufacturing process requires continuous monitoring and special-purpose machinery, which makes it cost-intensive.
Utilization of improved medical technologies and increasing government expenditure on the healthcare industry is accelerating the applicability rate of specialty gases in various medical devices such as magnetic resonance imaging (MRI), nuclear magnetic resource imaging (NMRI), and ophthalmology.
Growing end-user industries, increasing demand for photovoltaic products, and plasma panel displays is touted to aid the market growth further. Manufacturing and healthcare companies are continuously investing in research and development operations to introduce advanced solutions for increasing scope of application and equipment efficiency.
Grand View Research has segmented the global specialty gas market on the basis of product, application, and region:
Specialty Gas Product Outlook (Revenue, USD Million, 2016 - 2027)
Specialty Gas Application Outlook (Revenue, USD Million, 2016 - 2027)
Specialty Gas Regional Outlook (Revenue, USD Million, 2016 - 2027)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.