Specialty Gases Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (High purity, Nobel, Carbon, Halogen, Others), By Application (Manufacturing, Electronics, Healthcare, Others), By Region and Competition, 2020-2030F

Market Overview

Global Specialty Gases Market was valued at USD 13.50 Billion in 2024 and is anticipated to project steady growth in the forecast period with a CAGR of 5.05% through 2030. The global specialty gases market is experiencing dynamic growth, fueled by a wide array of industrial applications and technological innovations. Specialty gases, which are high-purity gases, play a critical role across sectors such as healthcare, electronics, chemicals, manufacturing, automotive, energy, and environmental services. These gases are integral to processes that demand precise regulation of chemical reactions, temperature, pressure, and atmosphere, making them essential for industries seeking accuracy and efficiency in production.

This market is expanding rapidly, driven by surging demand across key industries, including healthcare, electronics, and clean energy. Technological advancements in gas production and distribution are also contributing to the growth, enabling companies to meet the evolving needs of industries requiring high-purity gases. Additionally, increasing focus on sustainable practices and green technologies further propels market expansion, with industries aiming for reduced environmental impact.

As the need for specialty gases continues to grow, the market is expected to remain on an upward trajectory, presenting opportunities for innovation and strategic collaborations. However, companies must overcome challenges such as supply chain disruptions and stringent regulatory requirements to maintain their competitive edge in this evolving landscape.

Key Market Drivers

Increasing Demand of Specialty Gases in Electronics Industry

The increasing demand for specialty gases in the electronics industry is a significant driver of growth in the global specialty gases market. As the electronics sector continues to evolve, particularly with advancements in semiconductor manufacturing, display technology, and other high-tech applications, the need for specialized gases that are essential to these processes has surged. Specialty gases play a critical role in various applications such as chemical vapor deposition (CVD), etching, and plasma processing, which are crucial steps in semiconductor fabrication.

The electronics industry’s demand for smaller, faster, and more efficient devices has directly impacted the semiconductor market. Specialty gases such as silane, hydrogen, and nitrogen trifluoride are extensively used in the production of semiconductors. As global demand for semiconductors escalates, so does the need for these specialty gases, fueling market growth. In the fourth quarter of 2024, sales reached $170.9 billion, marking a 17.1% increase compared to the same period in 2023, and a 3.0% rise over the third quarter of 2024. However, global sales in December 2024 totaled $57.0 billion, reflecting a 1.2% decline from November 2024. These monthly sales figures are compiled by the World Semiconductor Trade Statistics (WSTS) organization and are based on a three-month moving average. The Semiconductor Industry Association (SIA) represents 99% of the U.S. semiconductor sector by revenue, along with nearly two-thirds of non-U.S. chip companies. With the rapid rise in consumer electronics such as smartphones, laptops, and smart devices, manufacturers require high-purity gases for the production of components such as displays, sensors, and integrated circuits. The precision and purity of these gases are integral to ensuring the functionality and durability of these advanced electronic products. Currently, approximately 4.69 billion individuals own a smartphone, with this number projected to rise to 5.83 billion by 2028. In the United States, smartphone users spend an average of 3 hours and 45 minutes per day engaging with mobile applications.

The shift towards OLED (organic light-emitting diode) and other advanced display technologies for televisions, mobile devices, and wearable electronics has increased the demand for specialty gases like nitrogen, helium, and rare gases. These gases are used in manufacturing processes such as thin-film deposition and display panel etching. As electronics become more compact, the processes used to produce them become increasingly complex. The miniaturization trend requires more refined and controlled chemical reactions, necessitating the use of high-quality specialty gases for precision manufacturing. Gases such as argon, oxygen, and nitrogen are critical in creating microchips, transistors, and other minuscule components. The development of new technologies, including artificial intelligence (AI), the Internet of Things (IoT), and 5G networks, has amplified the need for advanced electronics that require specialized manufacturing processes. This innovation, in turn, drives the demand for specialty gases for etching, deposition, and other process steps involved in electronics production. The growing emphasis on environmental sustainability and workplace safety standards within the electronics industry has led to an increase in the use of specialty gases that comply with these regulations. Many specialty gases are now being produced and utilized in ways that adhere to strict environmental guidelines, boosting their demand.

Increasing Demand of Specialty Gases in Healthcare Industry

The increasing demand for specialty gases in the healthcare industry is a significant catalyst driving the growth of the global specialty gases market. These gases are indispensable in various medical applications, including diagnostic procedures, anesthesia, respiratory therapies, and medical device manufacturing. As the healthcare sector continues to expand and evolve, particularly with advancements in medical technology and the growing global focus on healthcare infrastructure, the need for high-purity, specialized gases has intensified. Specialty gases such as oxygen, nitrous oxide, and medical-grade nitrogen are critical in the administration of anesthesia and respiratory treatments. The growing prevalence of chronic respiratory diseases, coupled with an aging population, has led to an increased demand for these gases in hospitals, clinics, and homecare settings. Oxygen, in particular, is essential for the management of conditions such as COPD (chronic obstructive pulmonary disease) and asthma, driving market growth. Asthma is the most prevalent chronic condition, affecting approximately 14% of children worldwide, with its incidence continuing to rise. According to the Forum of International Respiratory Societies, pneumonia, asthma, chronic obstructive pulmonary disease (COPD), lung cancer, and tuberculosis are identified as the five most significant respiratory diseases globally, based on their widespread prevalence.

The healthcare industry’s increased reliance on diagnostic imaging techniques, such as MRI (magnetic resonance imaging) and PET (positron emission tomography) scans, has boosted demand for specialty gases like helium and nitrogen. Helium, for instance, is used to cool superconducting magnets in MRI machines, while nitrogen serves as a cooling agent in PET scanners. Each year, approximately 100 to 150 million Magnetic Resonance Imaging (MRI) scans are conducted globally, with the United States contributing nearly 40 million of these procedures annually.  As the global demand for advanced imaging devices rises, so does the need for these critical gases. Hospitals and healthcare facilities are expanding globally, especially in emerging markets. The demand for medical oxygen has surged significantly during the second wave of COVID-19, with industry experts noting a sharp increase in demand since the onset of the pandemic. Pre-pandemic, the daily demand for liquid medical oxygen (LMO) in the country was 700 tonnes per day (TPD). During the first wave of COVID-19, this demand quadrupled to 2,800 TPD. With the arrival of the second wave, the demand has now exceeded seven times the pre-COVID levels, reaching 5,000 TPD. This growth translates into a rising demand for medical gases used for patient care, sterilization, and other essential medical functions. The increasing number of surgeries, procedures, and hospitalizations worldwide further contributes to the need for reliable medical gases, such as carbon dioxide, medical air, and nitrous oxide. The stringent regulatory frameworks governing the use of medical gases ensure the use of only the highest purity gases in healthcare applications. As safety standards tighten, healthcare providers are compelled to source specialty gases from certified suppliers who can meet the stringent quality requirements. This regulatory push promotes the growth of the specialty gases market, as manufacturers focus on ensuring compliance and consistent supply.

The increasing intersection of biotechnology, pharmaceuticals, and healthcare is driving demand for specialty gases in research, manufacturing, and drug development. Gases like carbon dioxide and nitrogen are used in various applications, such as cell culture, drug formulation, and in the production of vaccines and biologics. As the biotech and pharmaceutical industries expand, the demand for high-purity gases is expected to continue its upward trajectory. The development of cutting-edge medical equipment, such as advanced ventilators, laser systems, and oxygen concentrators, often requires specialty gases for calibration, functioning, and testing. As new healthcare technologies emerge, particularly those used in precision medicine and personalized treatments, the need for specialized gases increases, further driving market expansion.

Download Free Sample Report

Key Market Challenges

Volatility in Price of Feedstock

Feedstocks play a crucial role in the production of specialty gases. They are raw materials used in the intricate process of creating these high-purity gases, which encompass noble gases, carbon gases, halogen gases, and various others. The cost of these feedstocks directly impacts the price of the final product, i.e., specialty gases. With intricate supply chains and strict quality control measures, the production of specialty gases relies heavily on the availability and affordability of feedstocks.

Price volatility, referring to the rapid rate at which the price of an asset fluctuates for a given set of returns, poses a significant challenge in the specialty gases market. In the case of feedstocks, factors such as geopolitical concerns, energy transition challenges, and supply-demand imbalances often contribute to price fluctuations. These volatile prices not only impact the cost of feedstocks but also create a ripple effect throughout the entire specialty gases industry.

The implications of price volatility in the specialty gases market are far-reaching. When feedstock prices increase, it leads to higher production costs for specialty gases, as manufacturers have to bear the burden of elevated input costs. In turn, these increased costs are often passed on to the consumers, resulting in higher prices for specialty gases. This poses challenges for both producers and consumers alike, as they grapple with the impact of price fluctuations on their budgets and operations.

Furthermore, price volatility creates obstacles for companies in planning their budgets and making long-term business decisions. The uncertainty surrounding feedstock prices makes it difficult to forecast and allocate resources effectively. The stability of the supply chain is also affected, as companies face challenges in securing a consistent and reliable supply of feedstocks. These complications further exacerbate the production and distribution challenges faced by the specialty gases industry.

In summary, the role of feedstocks and the impact of price volatility are crucial considerations in the specialty gases market. Understanding the complexities of feedstock procurement, price fluctuations, and their implications is essential for industry stakeholders to navigate the challenges and ensure the sustainable production and availability of specialty gases.

Key Market Trends

Growing Demand of Custom Gas Mixtures

Custom gas mixtures are meticulously formulated combinations of gases, precisely tailored to meet the unique requirements of various applications. These specialized blends can consist of a diverse range of gases, including oxygen, nitrogen, helium, argon, and more.

The demand for these custom gas mixtures has been steadily increasing across multiple industries, such as food and beverage, healthcare, electronics, and manufacturing. This surge in demand can be attributed to the inherent advantages of these bespoke mixtures, which can be fine-tuned to align with specific application needs. As a result, efficiency is enhanced, and waste is minimized, leading to improved overall performance.

The growing demand for custom gas mixtures is an eminent trend observed in the global specialty gases market. As industries actively seek out more efficient and tailored solutions, this demand is anticipated to rise even further, fostering substantial growth in the specialty gases market. While challenges may arise, this trend also presents significant opportunities for innovation and expansion within the market, paving the way for novel advancements and breakthroughs.

Segmental Insights

Product Type Insights

Based on the category of product type, the carbon segment is the fastest growing segment in the Global market for Specialty Gases. Carbon dioxide (CO2) is widely used in medical applications, particularly in surgical procedures such as minimally invasive laparoscopic surgeries, where it is used to insufflate the abdomen. Additionally, CO2 is a critical component in respiratory therapy and medical gas mixtures, supporting the growth of this segment. With rising healthcare needs and advancements in medical technologies, the demand for carbon gases in healthcare applications is expected to continue its upward trajectory. Carbon dioxide is a key component in the beverage industry, where it is used for carbonation in soft drinks, sparkling water, and alcoholic beverages. The rising consumption of carbonated beverages globally, particularly in emerging markets, has significantly boosted demand for CO2. This demand, coupled with the expansion of beverage production facilities, contributes to the strong growth of carbon gases within the specialty gases market.

Carbon dioxide is extensively used in enhanced oil recovery (EOR) processes, where it is injected into oil fields to increase the extraction of crude oil. With the global push toward optimizing oil production and maximizing resource efficiency, the use of CO2 in EOR is expanding, driving the growth of carbon-based gases in the energy sector. Carbon gases are crucial in various industrial applications, such as metal fabrication, welding, and heat treatment, where gases like carbon monoxide (CO) and CO2 are used for specific chemical reactions and to control atmospheres. The growth of industries such as automotive manufacturing, construction, and metal production is driving the demand for carbon gases in these sectors. Additionally, carbon dioxide is employed in supercritical fluid extraction (SFE) processes for industries like pharmaceuticals and food production, further boosting the market.

Download Free Sample Report

Regional Insights

Asia Pacific is largest market market in the Global Specialty Gases Market, holding the largest market share in terms of value. Asia Pacific is home to some of the world’s largest manufacturing economies, including China, Japan, South Korea, and India. These countries are major contributors to the production of goods across sectors such as automotive, electronics, chemicals, and metals, all of which require specialty gases for processes like welding, metal fabrication, and semiconductor production. The region’s industrial expansion, driven by both established and emerging markets, has led to a substantial increase in the demand for specialty gases, particularly in the manufacturing and processing industries.

In January 2025, a team from China’s leading government research academy committed to producing a processor this year based on the open-source chip design architecture RISC-V. This move is part of Beijing’s ongoing efforts to bolster its semiconductor self-reliance in response to increasing U.S. restrictions. Asia Pacific is the global leader in semiconductor production, with countries like South Korea, Taiwan, Japan, and China housing major semiconductor manufacturing plants. Specialty gases such as nitrogen, hydrogen, and carbon-based gases are essential in semiconductor fabrication, specifically in processes like chemical vapor deposition (CVD), etching, and plasma treatment. In February 2025, Spirox Corporation, a leading provider of semiconductor equipment, has announced plans to establish the first power semiconductor dynamic reliability verification laboratory in the Asia-Pacific region. This strategic initiative, in collaboration with its distribution partner SET GmbH (now part of NI), is aimed at meeting the growing demand for automotive-grade verification of power semiconductor chips. The new laboratory will offer local semiconductor manufacturers convenient and efficient verification services, streamlining their research, development, and production processes. As the electronics industry continues to expand, particularly with the rise of smart devices, consumer electronics, and 5G technology, the demand for specialty gases in the region is expected to remain strong. Asia Pacific is witnessing rapid growth in its healthcare infrastructure, particularly in countries like China and India, where the demand for medical gases, including oxygen, nitrous oxide, and carbon dioxide, has surged due to increasing healthcare needs, aging populations, and a growing focus on improving healthcare systems. The rise in chronic diseases, respiratory illnesses, and the adoption of advanced medical technologies such as MRI and PET scans further drives the need for medical-grade specialty gases in the region.

Recent Developments

• In January 2025, INOX Air Products, India’s largest industrial gases manufacturer, has unveiled the country’s first ultra-high purity (UHP) electronic-grade nitrous oxide plant in Manali, Chennai. This marks a significant milestone in India’s industrial gases sector.
• In December 2024, Hyosung TNC announced on December 12 that it has agreed to acquire Hyosung Chemical's specialty gas business for 920 billion won (approximately $641.43 million). The company plans to develop a portfolio of over 20 specialty gases, positioning it as a key growth driver for the future.
• In December 2024, Buzwair Scientific and Technical Gases (BSTG) has recently inaugurated its new specialty gases facility in Qatar. The relocation to a larger, purpose-built facility aims to strengthen BSTG's position as a leader in specialty gas production and analysis within the Gulf region. The new facility is equipped with several production units, including an advanced hydrogen plant with a production capacity of 60 cubic meters (cbm) per hour for high-purity hydrogen and 30 cbm per hour for high-purity oxygen.
• In November 2024, INOX Air Products (INOXAP), India’s largest manufacturer of industrial and medical gases, has commenced the supply of electronic and specialty gases to ReNew Photovoltaics Pvt. Ltd’s solar PV cell manufacturing facility in Dholera, Gujarat. Under a long-term agreement, INOXAP will provide Nitrous Oxide, Ammonia, and Silane via ISO containers and tube trailers, ensuring uninterrupted support for ReNew’s operations.
• In February 2023, Linde, a leading industrial gas company, announced a significant long-term partnership with OCI. This collaboration aims to supply clean hydrogen and other industrial gases to OCI's state-of-the-art blue ammonia factory in Beaumont, Texas. As part of this arrangement, Linde will construct, own, and manage an on-site complex that will cater to OCI's annual production of 1.1 million tons of blue ammonia. By providing clean hydrogen and nitrogen, Linde will play a crucial role in supporting OCI's commitment to sustainable and environmentally friendly practices. Notably, Linde's innovative approach will include the sequestration of more than 1.7 million tons of CO2 emissions annually, further contributing to the reduction of greenhouse gas emissions.
• Additionally, in the same month, Air Products, a prominent producer of gas separation and purification membranes, unveiled its latest breakthrough product, the PRISM InertPro Nitrogen Membrane System. This cutting-edge nitrogen membrane system, showcased at the prestigious Middle East Oil and Gas Show in Bahrain, is specifically designed for the energy, oil, and gas industry. The PRISM InertPro stands out for its innovative and flexible modular platform, delivering world-class efficiencies in providing nitrogen systems. With this advanced technology, Air Products aims to enhance operations in the industry, offering an efficient and reliable solution for nitrogen generation.

Key Market Players

• Air Liquide SA
• Airgas, Inc.
• Air Products Inc.
• Linde plc
• Messer group GmbH
• MESA International Technologies, Inc.
• Norco Inc.
• showa denko k.k.
• Taiyo Nippon Sanso Corporation
• Weldstar, Inc

Report Scope:

In this report, the Global Specialty Gases Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Specialty Gases Market, By Product Type:

o   High purity

o   Nobel

o   Carbon

o   Halogen

o   Others

• Specialty Gases Market, By Application:

o   Manufacturing

o   Electronics

o   Healthcare

o   Others

• Specialty Gases Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Specialty Gases Market.

Available Customizations:

Global Specialty Gases Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Global Specialty Gases Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at sales@techsciresearch.com