ID: MRFR/CnM/2058-HCR | February 2021 | Region: Global | 111 pages
High purity gases are supplied in high pure concentrations and don’t contain other gases. The inclusion of other mixtures of gases can cause functional inefficiency in applications which can be problematic for the industries. Hence the end-users demand highly concentrated gas with purity and quality. This demand is propelling the High Purity Gas Market Size.
The higher demand in the industrial sector for functions like cooling, insulation and illumination, especially in the electronics industry, is driving the High Purity Gas Market. The growth of the electronics industry globally and the technological advancements in the various sectors are letting the market players lead at the top. The growing demand for energy and the usage of high purity gas in several petroleum refinery processes is a massive growth factor.
The presence of major growth factors is accelerating the High Purity Gas Market Share. Factors such as the higher disposable incomes of the population and increased consumption rate of atmospheric gases as a solution are the major causes boosting the market’s growth rate. Atmospheric gases like oxygen and nitrogen are widely consumed high purity gases in various industrial sectors. Even the demand for high purity noble gases is raising higher, acting as a growth factor. Moreover, the higher demand for cylinders and packaged gas as a solvent in industrial verticals for electronics and metal production will help the High Purity Gas Market. In addition, cost-effective raw materials and a rise in demand from the chemicals, oil and gas industries will propel the market’s performance in the forecast period.
Besides, there is also growth hampering factors, but the manufacturers’ efforts are letting the High Purity Gas Market overcome the obstacles. The players’ involvement in upgradation and improvement will further drive the market.
The High Purity Gas Market Outlook is expected to grow with a CAGR of 5 % during the forecast period between 2022 to 2030.
The High Purity Gas Market faced tough situations during the pandemic period when the industrial units were shut down due to the lockdown guidelines. The manufacturing activities were halted, which resulted in a huge revenue loss. But in the coming days, the market noticed a good growth rate when its importance has emerged in the health sector. The need for oxygen gas has increased in higher spaces during the pandemic, which led to significant growth. When the lockdown was lifted, the market faced huge demand from other end-users. Therefore, the High Purity Gas Market is estimated to reach a strong CAGR in the evaluation period.
Chief Factors Existing In The Market
Cumulative Evaluation Of The Market
The cumulative evaluated report of the High Purity Gas Market Forecast states that it will reach a substantial growth rate during the forecast period. The drivers and opportunities act as growth factors and propel the market’s demand. The pandemic’s impact was also recovered, letting the market ensure more opportunities. Despite the presence of growth limiting factors like challenges and restraints, the market will acquire a good growth rate.
The High Purity Gas Market is segmented into two major types- product and application. These segments are further sub-segmented into different fragments.
According to geographical status, the High Purity Gas Market is distributed in major regions such as North America, Europe, Asia Pacific, the Middle East, Africa, and South America.
The Asia Pacific region is considered the leading market region in the forecast period due to the presence of developing economies in the countries such as China and India. The growth of the electronics sector is driving the regional market of APAC because this sector highly demands purified gas. The massive production of electronics devices in developing countries and the government policies for increasing semiconductor production are one of the major driving factors. The major investment of the Chinese government in the semi-conductor sector, especially in the chip companies, is propelling the High Purity Gas Market Growth in the region. The rise in demand for high purity gas in the Southeast Asian countries in different industries like electronics, chemicals, energy and power, etc., is another growth factor.
Even the other regions of the market are estimated to maintain a significant growth rate in the forecast period with good market value. The regional growth of the market will accelerate the global market’s growth.
Competitive Intensity Within The Industry
The industrial players of the High Purity Gas Market are responsible for the market’s development. The players are present in different continents and drive the market significantly based on the positive factors. They focus on the drivers and opportunities to let the High Purity Gas Market Trends flourish at the global level. The competition between the top players accelerates the market alongside mergers, collaboration, partnerships and launches, showing a great difference in the market’s performance. Due to the growing activities of the players, the market will reach a good CAGR in the forecast period. Here are some of the top players in the High Purity Gas Market.
Recent Market Developments
The study of the High Purity Gas Market Analysis states the growth factors of the market. The market dynamic’s role was studied in detail which includes the key drivers, market opportunities, restraints and challenges. The pandemic’s impact was also mentioned in a brief discussion. The segmentation and geographical report of the market were stated in the report. The industrial players’ role and their developments were clarified. The complete report states that the market will secure a sound growth rate during the forecast period.
Key Industrial Segments
By Manufacturing Process
By Storage & Distribution and Transportation
|Market Size||2027: Significant Value|
|CAGR||5 % (2022-2030)|
|Historical Data||2019- 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Praxair Inc. (U.S.), Linde Group (Germany), Air Liquide S.A. (France), Messer Group (Germany), Advanced Specialty Gases Inc. (U.S.), Matheson Tri-Gas Inc. (U.S.), Air Products and Chemicals Inc. (U.S.), Airgas Inc. (U.S.), Iceblick Ltd. (Ukraine), Iwatani Corporation (Japan)|
|Key Market Opportunities||booming electronics industry and the rapid technological advancements in the industry|
|Key Market Drivers||The upsurge in the demand of energy and the use of high purity gas in several process of petroleum refinery|
Frequently Asked Questions (FAQ) :
The growing demand for high purity gas from the industrial sector is likely to be the major driver for the market.
The electronics industry is the leading end user of high purity gases.
Major types of high purity gases include carbon gases, noble gases, high atmospheric gases, and others.
The global high purity gases market is expected to exhibit a solid 5% CAGR over the forecast period from 2016 to 2023.
Asia Pacific is the leading regional market for high purity gases.