Specialty Gas Market Size Worth $14.2 Billion By 2027 | CAGR 5.2%: Grand View Research, Inc.
San Francisco, May 18, 2020 /PRNewswire/ -- The global specialty 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.
Read 107 page research report with ToC on "Specialty Gas Market Size, Share & Trends Analysis Report By Product (Noble, Carbon, Ultra-high Purity, Halogen) By Application (Manufacturing, Electronics, Healthcare), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/specialty-gas-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.