The global high purity methane gas market size is expected to reach USD 9.26 billion by 2028 according to a new study by Polaris Market Research. The report “High Purity Methane Gas Market Share, Size, Trends, Industry Analysis Report, By End-Use (Automotive, Chemical, Oil & Gas, Electronics, Industrial, Medical); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growing adoption of hydrogen as a clean fuel, increasing need to reduce carbon emissions, and depleting fossil fuels have increased the demand for high purity methane gas across the globe. Increasing adoption of alternative fuel vehicles and growing application in semiconductor manufacturing and production of electronic devices has further resulted in greater demand for the product. However, the outbreak of COVID-19 has hampered the growth of industries such as transportation, energy and power, and electronics, thereby impacting the market for the product. The pandemic has resulted in operational challenges, logistic slowdown, disruption of the supply chain, and workforce impairment, negatively impacting the market.
The application segment has been divided into heat detection, chemical manufacturing, electronics development, research and development, and others. The chemical manufacturing segment is expected to grow during the forecast period. Rising use in the manufacturing of methanol, hydrogen, and acetylene boosts segment growth. Increasing environmental concerns, increasing industrialization, and technological advancements further drive the growth of this segment.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/high-purity-methane-gas-market/request-for-sample
High purity methane is used in diverse industries such as automotive, chemical, electronics, industrial, medical, and others. The demand from the automotive segment is expected to increase during the forecast period. The product is used for the production of hydrogen to be used as a clean fuel in the transportation sector. Factors including increasing adoption of electric vehicles and increasing environmental concerns fuel the industry growth in the automotive industry. Rising urbanization, technological advancements, and investments in research and development have resulted in increased applications of high purity methane in the automotive sector.
Leading industry participants include Messer Group GmbH, Air Liquide S.A., Advanced Specialty Gases, Cryocarb, Linde plc, Matheson Tri-Gas, Inc., Osaka Gas Co., Ltd., AGT International, Sumitomo Seika Chemicals Company, Ltd., and Bhuruka Gases Limited. Industry players are collaborating with each other for research and development, strengthening market presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies to develop high-quality products.
Polaris Market Research has segmented the high purity methane gas market report on the basis of application, end-use, and region:
High Purity Methane Gas, Application Outlook (Revenue, USD Billion, 2016 – 2028)
High Purity Methane Gas, End-Use Outlook (Revenue, USD Billion, 2016 – 2028)
High Purity Methane Gas, Regional Outlook (Revenue, USD Billion, 2016 – 2028)