India Specialty Gases Market to Grow with a CAGR of 4.65% through 2029
Growth in research and development activities is expected to drive the India
Specialty Gases Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “India
Specialty Gases Market- By Region, Competition, Forecast and Opportunities,
2019-2029”, the India Specialty Gases Market stood at USD585.23 million in 2023
and is anticipated to grow with a CAGR of 4.65% in the forecast period, 2024-2029.
Initiatives taken by government based on specialty gases has led to favorable
market conditions for the India Specialty Gases Market. Several factors
contribute to the growth of various specialty gases products.
In the midst of implementing emergency measures to
enhance power generation, India is actively seeking additional volumes of
natural gas. This increased demand for natural gas is expected to drive India
to explore more LNG cargoes on the spot market, aiming to meet its energy needs
effectively and sustainably.
Moreover, India is making significant strides towards
achieving Net Zero, also known as carbon neutrality. This ambitious target
entails completely offsetting the amount of greenhouse gases produced by human
activities. By embracing cleaner and more sustainable practices, India is
committed to mitigating the impact of climate change and ensuring a greener
future for generations to come.
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As industries continue to push the boundaries of
innovation and develop cutting-edge technologies, the demand for specialty
gases in research and development activities is on the rise. These gases play a
crucial role in various stages of product development, including formulation,
prototyping, and testing. With their unique properties and precise composition,
specialty gases enable scientists and engineers to fine-tune their experiments
and optimize the performance of their products. Whether it's in the aerospace,
electronics, pharmaceutical, or automotive industry, the use of specialty gases
is essential for achieving breakthroughs and driving advancements in
technology.
The India Specialty Gases Market is segmented into type,
application, regional distribution, and company.
Based on its application, the healthcare segment held
the largest market share in the forecast period. The COVID-19 pandemic has had
a profound impact on the global healthcare industry, creating an unprecedented
surge in the demand for medical oxygen. As a vital specialty gas, medical
oxygen plays a crucial role in supporting the treatment and recovery of
patients affected by the virus. This surge in demand has not only fueled the
growth of the specialty gases market but has also underscored the critical
importance of ensuring a stable and reliable supply of medical oxygen to
healthcare facilities worldwide.
Based on region, West India segment is expected to
grow during the forecast period.
Government initiatives aimed at boosting industrial
growth in West India have also played a significant role in driving economic
development and creating employment opportunities. By implementing policies
that support the establishment of new industries, providing infrastructure, and
offering incentives to attract investors, the government has fostered a
conducive environment for industrial growth. These initiatives have not only
contributed to the expansion of the manufacturing sector but have also spurred
innovation, technological advancements, and overall economic progress in the
region.
Major companies operating in India Specialty Gases
Market are:
- Praxair India Pvt. Ltd.
- Linde India Limited
- Bhuruka Gases Limited
- Bombay Oxygen Corporation
- The Southern Gas Ltd.
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“Growing application of specialty gases in various end
user industries are key drivers of the specialty gases market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of specialty gases with every
passing year are anticipated to register an impressive grow to India Specialty
Gases Market in the forecast period.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“India Specialty Gases Market
By Type (Noble Gases, High Purity Gases, Hydrocarbon Gases, Halogen Gases,
Others), By Application
(Energy & Power, Metal & Mining,
Healthcare, Automotive, Others), By
Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of India Specialty Gases Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Specialty Gases Market.
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