US Specialty Gas Market Size was valued at USD 1.8 Billion in 2022. The specialty gas industry is projected to grow from USD 1.9 Billion in 2023 to USD 3.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2023 - 2032). Some of the key market drivers boosting the market are the increasing demand for specialty gases across several industries, technological developments, and the implementation of strict government regulations as a result of people's increased environmental consciousness.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Specialty gas is emerging as the go-to option for meeting requirements as businesses strive for more efficient operations and refined goods. For instance, to improve the purity of their goods, the oil and gas sector and petroleum refineries are putting more sophisticated technology into practice. The primary reason for this is that the industry as a whole aims to increase productivity and efficiency in every manner. Achieving and upholding this performance target requires specialty gas. The US is the world's largest oil producer and a center of the hydrocarbon processing sector. The US produced almost 20% of the world's oil in 2022, which led to a notable increase in demand for this kind of gas. In addition, speciality gas is used in the food and beverage sector to improve the quality and safety of food products. These gases are used in many phases of research, clinical trials, and production by biotech and pharmaceutical businesses. The long-term storage of biological and clinical samples will increase demand for these gases, which will support the expansion of the specialty gas industry in the US.
The quality and purity of specialty gases have increased due to the development of sophisticated manufacturing and purification processes. This has made it possible to precisely control the composition of the gases, guaranteeing consistency and dependability across a range of applications. Furthermore, a number of developments in analytical instruments have raised the need for specialty gases in industries like chemical analysis, pharmaceutical research, and environmental monitoring. For instance, high-purity specialized gases are needed for mass spectrometry and gas chromatography procedures to produce precise and consistent findings. In addition, by guaranteeing the effective and secure transportation of gases to end users, ongoing innovation and advancement in gas handling, storage, and distribution systems has also aided in the expansion of the specialty gases market. Thus, driving the specialty gas market revenue.
The US Specialty Gas market segmentation, based on type includes High Purity Gases, Noble Gases, Carbon Gases, Halogen Gases, and Others. The carbon gases segment dominated the market mostly. Medical equipment, including that utilized in ophthalmology, magnetic resonance imaging, nuclear magnetic resonance imaging, and other fields, frequently uses carbon gases. Industries including chemicals, electronics, manufacturing, and healthcare have a strong demand for carbon gases. The need for carbon gases is rising due to their expanding range of applications in instrument calibration.
Figure 1: US Specialty Gas Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The US Specialty Gas market segmentation, based on ingredients, includes Argon, Bromine, Nitrogen, Helium, Carbon Monoxide, Xenon, Methane, Krypton Oxygen, Neon, Hydrogen, and Others. The carbon monoxide category generated the most income. In terms of market share, carbon monoxide (CO) is the most common and well-known gas. Owing to its special qualities and uses, this colorless, odorless gas—produced when fuels containing carbon burn incompletely—is extensively employed in a variety of sectors. The market is expanding in part because of the growing demand for carbon monoxide in the chemical sector, where it is used as an intermediate and raw material in the synthesis of various chemicals, including formaldehyde, methanol, and acetic acid.
The US Specialty Gas market segmentation, based on application, includes Manufacturing, Electronics, Healthcare, Academics, Analytical & Calibration, Refrigeration, and Others. The healthcare category generated the most income. Various specialty gases, including oxygen, medical air, medical nitrous oxide, and medical helium, are used in the healthcare industry. The primary drivers of the market are anticipated to be the rising use of advanced medical technology and the increased spending on healthcare by governments worldwide.
The US is a major global user of industrial gas, and during the past five years, there has been a notable surge in the country's need for specialty gases. These include high purity gases, carbon gases, and noble gases. They are used in a variety of industries, including the food and beverage, electronics, hydrocarbon processing, and life sciences sectors. Additionally, the US is propelled by the existence of several major businesses in a wide range of industries, including healthcare, electronics, automotive, and manufacturing. The nation is also growing as a result of a number of technical developments, the developing semiconductor sector, healthcare services, and a growing emphasis on renewable energy technologies. In addition, growing medical technology and an aging population are major factors driving the need for medical gases, which is largely driven by the healthcare sector. For uses such as anesthetic and diagnostic testing, specialty gases are indispensable. It is anticipated that this trend will accelerate market expansion as healthcare quality becomes increasingly important.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the specialty gas market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, specialty gas industry must offer cost-effective items.
Major players in the specialty gas market are attempting to increase market demand by investing in research and development operations includes The Linde Group (Germany), Air Liquide (France), Air Products and Chemicals Inc. (U.S.), Praxair Technology, Inc. (U.S.), Showa Denko K.K. (Japan), Southern Industrial Gas Sdn Bhd (Malaysia), Messer Group Gmbh (Germany), Mitsui Chemicals Inc. (Japan), and TAIYO NIPPON SANSO CORPORATION (Japan).
The Linde Group (Germany)
Air Liquide (France)
Southern Industrial Gas Sdn Bhd (Malaysia)
Air Products and Chemicals Inc. (U.S.)
Praxair Technology, Inc. (U.S.)
Showa Denko K.K. (Japan)
Messer Group Gmbh (Germany)
Mitsui Chemicals Inc. (Japan)
TAIYO NIPPON SANSO CORPORATION (Japan)
February 2023: One of the top American manufacturers, H2 Merck KGaA, intends to build a new production facility in Taiwan as part of its expansion plans. The corporation will be able to increase its market share abroad thanks to this production facility's ability to produce these gasses and semiconductor materials.
December 2022: In order to distribute and supply Solvay's product, Solvaclean, the Electronic Fluorocarbons (EFC) Company, a significant specialized gas provider to the semiconductor sector, teamed with Solvay. This product is a mixture of fluorine gases that are useful for cleaning semiconductor equipment. Through this collaboration, Solvay will be able to join the American market, and EFC will gain from having more items in its line.
High Purity Gases
Noble Gases
Carbon Gases
Halogen Gases
Others
Argon
Bromine
Nitrogen
Helium
Carbon Monoxide
Xenon
Methane
Krypton Oxygen
Neon
Hydrogen
Others
Manufacturing
Electronics
Healthcare
Academics
Analytical & Calibration
Refrigeration
Others
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.8 Billion |
| Market Size 2023 | USD 1.9 Billion |
| Market Size 2032 | USD 3.9 Billion |
| Compound Annual Growth Rate (CAGR) | 8.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Ingredients, Application, and Region |
| Countries Covered | US |
| Key Companies Profiled | The Linde Group (Germany), Air Liquide (France), Air Products and Chemicals Inc. (U.S.), Praxair Technology, Inc. (U.S.), Showa Denko K.K. (Japan), Southern Industrial Gas Sdn Bhd (Malaysia), Messer Group Gmbh (Germany), Mitsui Chemicals Inc. (Japan), and TAIYO NIPPON SANSO CORPORATION (Japan) |
| Key Market Opportunities | Establishment of novel, environmentally beneficial technologies |
| Key Market Dynamics | Expanding use of specialty gas in the electronics sector Rapidly expanding healthcare industry |
US Specialty Gas Market Highlights:
Frequently Asked Questions (FAQ) :
The US Specialty Gas market size was valued at USD 1.8 Billion in 2022.
The market is projected to grow at a CAGR of 8.90% during the forecast period, 2023-2032.
The key players in the market are The Linde Group (Germany), Air Liquide (France), Air Products and Chemicals Inc. (U.S.), Praxair Technology, Inc. (U.S.), Showa Denko K.K. (Japan), Southern Industrial Gas Sdn Bhd (Malaysia), Messer Group Gmbh (Germany), Mitsui Chemicals Inc. (Japan), and TAIYO NIPPON SANSO CORPORATION (Japan).
The carbon monoxide category dominated the market in 2022.
The healthcare category had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
