A new market research report published on News Tech Markets provides a fresh look at the inner workins of a growing global industry — the specialty gas market.

Previously, it’s been reported that by 2026 the global specialty gasses industry will be valued at $14 billion. In the short-term, a combination of cost reduction, performance optimization, and yield improvement will drive this growth, according to a Grand View Research report.

The recent report predicts a compound annual growth rate for the industry of 7.1% between 2019 and 2026. That’s an increase from previous estimates, which pegged the industry’s CAGR at about 6%. In addition, the new market research report, created by Report Ocean, breaks down the industry’s top-growing sectors and the biggest market players.

The specialty gas market segmented between two categories,
pure gases and gas mixtures, with pure gases achieving a minimum 99.998% purity.

According to the Report Ocean research, high purity gas will see the fastest growth in the years ahead. These pure gases are primarily used for research purposes and equipment calibration. In addition, the specialty gas argon is projected to be one of the industry’s most in-demand products between 2019 and 2026.

While a vareity of businesses and research institutions rely on specialty gases, one industry in particular will drive increasing demand for these products: the electronics industry.

Most consumers rely on gases of some kind, usually to power their vehicles or to heat their homes. There are more than 50 types of diesel engines on the market today, and natural gas is an increasingly common source of fuel and power around the world.

However, while hydrocarbons like diesel are used by consumers every day, specialty gases made from helium, argon, and nitrogen have a diverse range of uses. The United States is the world’s largest market for medical devices, such as those used to deliver medical gases like nitrous oxide and other surgical gases. From medical uses and pharmaceutical manufacturing to calibration, specialty gases play a vital role in many types of modern technology.