Global specialty gas market is expected to witness accelerated growth on account of various factors including performance optimization, yield improvement and cost reductions. Increasing application of specialty gases in end-use industries such as academics, biotechnology, semi-conductors, manufacturing, healthcare, automotive and electronics is expected to propel market growth. Specialty gases posses ultra-high purity and can be utilized for niche market applications such as photovoltaic cells and plasma display panels. These special characteristics are anticipated to drive global specialty gas market over the forecast period.
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Economies with ageing populations are expected to provide a major platform for specialty gas market development in healthcare applications. Furthermore, rapid technological developments and increasing infrastructure initiatives promise robust market growth. Several advancements in electronics and automotive industry on account of rising population and increasing disposable income are slated to boost specialty gas market in these applications. Increasing environmental concerns and innovative bio-based product developments are also anticipated to offer lucrative growth opportunities over the forecast period. However, competition from substitute products and federal regulations are expected to pose challenges for specialty gas market.
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Segmentation of specialty gases on the basis of product type includes noble, carbon, halogen and high-purity gases. Highest market growth is expected in the noble gases and halogens market on account of multiple industrial and commercial applications. Geographically, North America offers the greatest potential for specialty gas market in the healthcare field, on account of major ageing population in countries like U.S. and Canada. Asia Pacific is anticipated to offer lucrative growth opportunities in end-use industries such as automotive, manufacturing and healthcare. Countries like China, India and Japan, along with South Korea and Australia offer major scope for specialty gas market in terms of end-use applications. Other markets such as Middle East, Africa and Latin America also generate moderate demand for speciality gases in various applications.
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Major industry players are actively involved in M&A and other strategic alliances with smaller participants to expand global market reach and increase consumer awareness. Prominent industry players include Airgas Inc., American Air Liquide Holdings, Air Products and Chemicals Inc., Linde Group, Taiyo Nippon Sanso Corporation, Praxair Inc. and Air Liquide among others.
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