LONDON--(BUSINESS WIRE)--The specialty gases market is expected to grow by USD 4.28 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
Specialty gases are an imperative part of the pharmaceutical industry. Pharma grade specialty gases are expected to be highly compliant with pharmacopeia standards. Lyophilization, inerting, purging, blanketing, reactor cooling, solvent recovery, and VOC abatement are some of the applications of specialty gases in the pharmaceutical industry. Moreover, the global healthcare and pharmaceutical industries are growing at a significant rate, driven by changing lifestyles, aging population, unhealthy eating habits, and increased occurrence of chronic diseases across the globe. Thus, with the growth of the pharmaceutical industry, the demand for specialty gases is expected to go up significantly over the forecast period.
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As per Technavio, the high dependency on high-purity gases in LED manufacturing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Specialty Gases Market: High Dependency on High-purity Gases in LED Manufacturing Sector
Gases such as ammonia, nitrogen, and hydrogen, which are of the highest purity, are essential in the manufacture of high-volume LED. The process of epitaxial deposition involves the metal-organic chemical vapor deposition method that uses ammonia and hydrogen. These gases make the majority of the atmosphere in which the crystal layers are grown. It is highly essential for these gases to be of highest purity to comply with performance and quality standards of LED. The presence of oxygen or moisture even in parts per billion quantities will affect the crystalline structure of an LED device. The electroluminescence of the device decreases as the moisture content in ammonia gas goes up. It also deteriorates the current-voltage characteristics of an LED device. These factors bring down the commercial value of the LED product and therefore, the entire LED manufacturing sector depends on high-purity ammonia and hydrogen among other gases to fulfill their dire need of high-purity specialty gases.
“Factors such as the high demand for specialty inert gases in food and beverage applications, and the strong demand for specialty gases from the manufacturing sector will have a significant impact on the growth of the specialty gases market value during the forecast period,” says a senior analyst at Technavio.
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Specialty Gases Market: Segmentation Analysis
This market research report segments the specialty gases market by type (carbon-based gases, noble gases, halogen-based gases, atmospheric gases, and others) and geography (North America, APAC, Europe, MEA, and South America).
The North American region led the specialty gases market in 2019, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as an increase in demand from the electronics and healthcare sectors, and the rising production and demand for automobiles.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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