Expansion of the Healthcare Sector Dealing with Medical Diagnostics and Treatments is Driving the Growth of the Australia Specialty Gas Market

Specialized gases are key to improving the accuracy, effectiveness, and safety of many medical operations, and this rise is closely related to the changing landscape of healthcare practices.

Specialty gases are becoming more and more necessary for advanced medical diagnostic technologies, which is one of the factors propelling this market trend. Modern healthcare diagnostics heavily rely on gases such as helium and xenon for conducting Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans. Diagnostic imaging accuracy is ensured by these gases, which also help to create regulated settings. Specialty gases with high purity and stability are essential to maintain the strict standards of these diagnostic processes.

For instance, Helium gas is essential in medical care. It helps MRI devices provide high-resolution images when it is in liquid form. It works well as a tracer gas in laboratory settings to find leaks. The dependability of helium is guaranteed by OSC's dedication to quality, highlighting its leadership in supplying necessary gases to enhance medical diagnostics and preserve equipment integrity.

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Data Bridge Market Research analyzes that the Australia Specialty Gas Market is expected to reach USD 2,091.80 million by 2031 from USD 1,507.77 million in 2023, growing at a CAGR of 4.2% in the forecast period of 2024 to 2031.

Key Findings of the Study

Growing Demand for Electronics and Semiconductors

The rising technical landscape, where advancements in electronic devices and semiconductor production are becoming increasingly vital to numerous businesses, can be linked to this rapid rise. The thriving electronics sector is a primary driver of Australia's expanding demand for specialty gases. The demand for specialty gases used in the production processes of consumer electronics, communication devices, and smart technologies increases as they evolve. For instance, manufacturing modern microelectronics such as integrated circuits and microprocessors necessitates a precise and controlled environment that can only be achieved by using specialty gases. This comprises gases such as high-purity nitrogen, argon, and a variety of dopant gases used in semiconductor production.

The growing popularity of electric cars and renewable energy sources also increases the need for specialty gases. The synthesis of batteries, solar cells, and other components necessary for renewable energy technologies depends heavily on these gases. The burgeoning sustainability activities in Australia underscore the critical role the specialized gas industry plays in bolstering the development of eco-friendly technologies.

Report Scope and Market Segmentation

Segment Analysis

The Australia specialty gas market is segmented into two notable segments based on type and application.

• On the basis of type, the market is segmented into pure gases, noble gases/rare gases, mixture, carbon gases, halogen gases, and others

In 2024, the pure gases segment is expected to dominate the Australia specialty gas market

In 2024, the pure gases segment is expected to dominate the market with a 37.43% market share as it has wide applications in various industries.

• On the basis of application, the market is segmented into electronics, healthcare, chemical, oil & gas, manufacturing, refrigeration, food & beverage, analytical and calibration, academics, and others

In 2024, the electronics segment is expected to dominate the Australia specialty gas market

In 2024, the electronics segment is expected to dominate the market with a 30.20% market share due to the increased use of specialty gases in semiconductors.

Major Players

Data Bridge Market Research analyzes Air Liquide (France), WESFARMERS LIMITED (Australia), Linde plc (Ireland), NIPPON SANSO HOLDINGS CORPORATION (Japan), and Iwatani Corporation (Japan) as the major players operating in the market.

Market Developments

• In March 2023, Coregas was honored to be one of 180 suppliers named to the 2023 awards. The company was chosen for this award because of its participation in Rio's campaign to provide much-needed medical oxygen to Indian communities affected by COVID-19 and medical oxygen shortages around the country. This assists the firm in gaining customer awareness
• In August 2021, Coregas announced the signing of an agreement with energy infrastructure provider Jemena to offer clients the first green hydrogen in New South Wales. Coregas will obtain green hydrogen from Jemena's USD 15.00 million Western Sydney Green Gas Project under the terms of the deal. This green hydrogen assists the firm in competing as a viable zero-emission alternative to other fossil fuels utilized by other industries
• In March 2021, Coregas announced it had signed a Memorandum of Understanding (MOU) with Xebec Adsorption Inc., a global provider of sustainable energy solutions, to work on the deployment of hydrogen technology for Australia and New Zealand's booming hydrogen industry. The collaboration with Xebec's fully owned subsidiary, HyGear, will allow Coregas to expand on its excellent hydrogen credentials by deploying industry-leading technology for on-site gas generation
• In July 2021, Iwatani Corporation established Iwatani Australia Pty. Ltd. in Brisbane, Queensland, Australia, with the intention of conducting local market and infrastructure research and strengthening relationships with affiliated companies and the state government to procure a large amount of hydrogen

As per Data Bridge Market Research analysis:

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