High Purity Methane Gas Market: Snapshot
The high purity methane gas market is prognosticated to observe steady growth during the forecast period of 2021-2031. The growing demand for electronics and electrical appliances among a considerable chunk of the global populace will bring extensive growth prospects.
The rising rural-to-urban migration coupled with an increase in the disposable income will boost the demand for electronic goods. This, in turn, will expand the growth landscape of the high purity methane gas market as it is used in the electronics segment to a great extent. In addition, the expanding popularity of high purity methane gas in end-user industries such as oil and gas, automotive and transportation, chemical, medical, and others will prove to be profitable growth generators.
The heightening demand for high purity methane gas as a raw material in the production of synthetic ammonia, methanol, carbon black, acetylene, hydrogen, carbon disulfide, and others will assure promising growth for the high purity methane gas market. Furthermore, the use of high purity methane gas in the production of solar cells will also add value to the growth trajectory. The rising popularity of renewable energy such as solar energy and wind energy will bring substantial demand for the high purity methane gas market.
High purity gases production involves numerous complex processes, which make them more expensive than industrial gases. As these gases are not affordable, the demand is estimated to decrease, which will restrain the growth opportunities. However, manufacturers in the high purity methane gas market are trying to tweak some aspects, which can help decrease the cost of the high purity methane gas.
How is the Competitive Scenario of High Purity Methane Gas Market?
The high purity methane gas market is consolidated. A few key players are responsible for a massive share of growth across the high purity methane gas market. Research and development activities form an important component of the high purity methane gas market growth structure. The players indulge in these activities for deriving new insights that can boost the growth prospects of the high purity methane gas market to a great extent. Strategic collaborations are also crucial for the growth of the high purity methane gas market. The players focus on these activities for cementing their foothold, eventually increasing the growth rate.
Some key players into the high purity methane gas market are Osaka Gas, Air Liquide, Linde Plc, and Matheson Tri-Gas Inc.
What are Key Trends in High Purity Methane Gas Market?
Demand for High Purity Methane Gas in Various Components Required in Electronics and Electrical To Boost Growth Prospects
The use of high purity gases in numerous electronic components such as integrated circuits, silicon wafers, solar cell products, and semiconductors will bring considerable growth for the high purity methane gas market. This gas is a main feedstock in graphene production. The properties of graphene such as high electrical conductivity, less optical absorption, flexibility, high charge mobility, and bendability make it an ideal fit among many sectors and industries. Thus, these factors assure exponential growth for the high purity methane gas market
Emergence of Hydrogen as Clean Fuel Alternative to Add Value to Growth Trajectory
Hydrogen is fast emerging as a clean fuel alternative. It has immense potential in the transportation industry. Hydrogen is odorless and non-toxic, which can make it a prominent fuel source in the near future. As hydrogen is derived from methane, the popularity and need for high purity methane gas is prognosticated to increase.
What are Regional Dimensions of High Purity Methane Gas Market?
North America’s high purity methane gas market is extrapolated to emerge as the largest growth generator during the forecast period of 2021-2031. The rising consumption of high purity methane gas in countries such as the U.S, Mexico, and Canada will assure considerable growth.