Jul 15, 2020 4:15 PM ET
iCrowd Newswire – Jul 15, 2020
Global High Purity Gas Market is growing at a rapid pace. The market growth attributes to the increased market demand led by the booming industrialization worldwide. Besides, the rising consumption of various industrial gases for cooling, insulation, and illumination applications define the growing landscape of the High Purity Gas Market. The electronics industry is a major user of High Purity Gas. Therefore, the burgeoning electronics industry escalates market growth to furthered height.
According to Market Research Future (MRFR), Global High Purity Gas Market is expected to grow at over 5 % CAGR during the assessment period (2016-2023). Technology plays a causal role in the development of the market. There have been significant technological advances over the past couple of years that support market growth, improving manufacturing techniques.
On June 10, 2020, the Korea Institute of Energy Research (KIER – South Korea) announced the development of a modular device that can collect 99.99 percent pure hydrogen, the main element for the low-cost production of hydrogen fuel using liquefied natural gas (LNG). This new integrated convection system is expected to increase the efficiency of heat and mass transfer.
Additionally, the surging demand for energy and uses of High Purity Gas in several processes of petroleum refinery act as key growth drivers for the market. Extensive consumption of high purity gases in the production of refractory materials, cement, and glass drive substantial market demand. Furthermore, application expanse of High Purity Gas in surface coating and polymer additive substantiate the market growth.
Players Active in the Global High Purity Gas Market include Linde Group (Germany), Praxair Inc. (U.S.), Air Liquide S.A. (France), Advanced Specialty Gases Inc. (U.S.), Messer Group (Germany), Matheson Tri-Gas Inc. (U.S.), Air Products and Chemicals Inc. (U.S.), Airgas Inc. (U.S.), Iceblick Ltd. (Ukraine), and Iwatani Corporation (Japan), among others.
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Global High-Purity Gas Market – Segments
The report is segmented into three dynamics;
By Product: Carbon Gases, Noble Gases, High Atmospheric Gases, and others.
By Application: Electronics, Automotive, Pharmaceutical, and others.
By Regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global High-Purity Gas Market – Competitive Landscape
Highly Competitive, the High Purity Gas Market appears fragmented due to the presence of numerous big and small players. Strategies such as mergers & acquisitions, collaboration, and product/technology launch remain key trends for the leading players to gain a larger competitive share.
Industry players invest substantially to develop new high-purity & specialty gas lines to be used in countless applications, ranging from life-saving oxygen for hospitals to electronics manufacturing, clean fuels, and much more. They strive to deliver state-of-the-art gas processing solutions to support customer expansion, efficiency improvements, and emissions reductions.
Industry/ Innovation/ Related News:
July 02, 2020 —- Nippon Gases (Japan), a part of Taiyo Nippon Sanso Corporation (TNSC), a multinational industrial gas manufacturer, launched a new product line, including Sanarc®, LaserSan®, and SanCut®, for welding and thermal cutting. LaserSan® is designed for laser cutting and plasma cutting, while the SanCut® is designed for oxyfuel technologies.
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Global High-Purity Gas Market – Regional Analysis
Asia Pacific dominates the Global High Purity Gas Market. The largest market share attributes to the massive consumption of High Purity Gases in major end-use applications. Besides, the presence of major industry players and end-user industries in the region drives the market growth. Moreover, booming electronics sectors in the rapidly developing economies such as China and India foster regional market growth.
Also, the rising production in automotive and pharmaceutical industry boosts market growth, creating a huge market demand in the region. The APAC High Purity Gas Market is expected to retain its dominance over the global market throughout the assessment period.
North America is another lucrative market for High Purity Gases. The market is majorly driven by the large petroleum industry and growing telecom infrastructure in the region. Due to its vast industrialization, the region requires enormous amounts of High Purity Gases, which drive the growth of the market. Additionally, substantial developments in automotive industries and renewable energy sectors drive the market demand considerably.
The High Purity Gas Market in Europe is growing substantially. Factors such as the presence of well-established automotive, pharmaceutical and electronics industries push market growth. Moreover, considerable developments in large automotive sectors are a vital source for growth in the European pacific High Purity Gas Market.
Europe also possesses large quantities of High Purity Gases, which increases the size of the market. Furthermore, proliferating battery industries in Germany, Italy, and Sweden provide an enormous impetus to the regional market growth.
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