Specialty gas consumption has grown significantly in recent times and continues to build momentum in many countries, led by the strong and established North American market, where the largest demand is seen, and buoyed by a fast-growing specialty gases business in the Asia-Pacific region.
Previous forecasts have suggested the global specialty gas market to reach a value of $23bn by 2018, based upon an average annual growth rate of 6.1% for the period 2013-2018. What effect – if any – of the plummeting price of oil in 2014/15 on this projection is not yet known, though many of the key end-user sectors for specialty gases (electronics, healthcare, for example) are not likely to be affected.
Relatively moderate specialty gas growth in the US is expected to continue, underpinned by increased demand for photovoltaic products and plasma display panels, while rapid industrial growth in the Asia-Pacific had previously led to forecasts of 8% year-on-year growth for the region between 2013-2018. With the consumption of gas per capita in mind, it is clear that Asia is poised for a large expansion of consumption and production. Countries including India, Brazil and South Korea are other nations understood to be building demand for specialty gases.
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