PUBLISHER: Grand View Research | PRODUCT CODE: 1268736
PUBLISHER: Grand View Research | PRODUCT CODE: 1268736
The global specialty gas market size is anticipated to reach USD 21.81 billion by 2030, expanding at a CAGR of 7.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing product adoption in electronics, manufacturing, and healthcare applications is anticipated to drive market growth. A rise in spending by governments across the globe to upgrade healthcare facilities acts as one of the major factors driving the growth of the market for specialty gas. The increased demand for flat panel displays and semiconductor devices boosts market growth. The widespread use of specialty gas as a cleaning gas for thermal chemical vapor deposition for high-tech thin films is driving their demand. The COVID-19 pandemic negatively impacted the global market.
The pandemic disrupted the whole supply chain causing a shortage of raw materials required for the consumer electronics, food & beverage, petrochemical, and manufacturing industries. The lower production in these industries also negatively impacted the demand for specialty gases. Asia Pacific dominated the market and accounted for the largest market share of 38.5% in 2022 and is expected to retain its dominance over the forecast period. The region dominates electronic and semiconductor manufacturing. China is a manufacturing powerhouse that ranks as the world's top producer of automobiles, manufacturing, semiconductors, and other significant end-use industries. The dominant presence of various end-use industries in the region is contributing to the market growth.