High Purity Methane Gas Market: Forecasting Trends and Growth Potential 2023-2030
The high-purity methane gas market has witnessed significant growth over the years, with a market size of USD 6.9 billion in 2021. It is projected to grow at a CAGR of 5.1 percent during the forecast period. The increasing rural-to-urban migration and the rise in disposable income have led to a surge in demand for electronic goods. As high-purity methane gas plays a crucial role in the electronics industry, the market is expected to witness substantial growth. Additionally, its popularity in enduser sectors such as automotive & transportation, oil and gas, chemical, medical, and others further contributes to its profitable growth prospects.
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The Role of High-Purity Methane Gas in Various Industries
The demand for high-purity methane gas as a raw material in the production of synthetic ammonia, hydrogen methanol, carbon black, acetylene, carbon disulfide, and other chemicals ensures a promising growth trajectory for the market. Moreover, its utilization in the production of solar cells adds value to the growth landscape. With the increasing popularity of renewable energy sources like solar and wind energy, the demand for high-purity methane gas is set to rise substantially.
Driving Factors for Market Growth
The market is witnessing moderate growth, primarily driven by increasing applications, technological advancements, and rising demand in the Asia Pacific and European regions. High-purity methane gas is widely used in the electrical & electronics industry, particularly in fluorescent tubes for lighting purposes due to its cost-effectiveness, high efficiency, and low striking voltage. Furthermore, the growing development of consumer electronics, mobile devices, automation, and smart technologies in emerging economies further strengthens the growth of the semiconductor and electronics sector, boosting the high-purity methane gas market.
Impact of COVID-19 on the Market
The global high-purity methane gas market, which includes major suppliers like Osaka Gas, Sumitomo Seika, Air Liquide, Linde Plc, and Matheson Tri-Gas Inc., experienced disruptions due to the COVID-19 pandemic. The suspension of production by these suppliers to manage lowered demand and supply chain bottlenecks impacted the market in 2020. However, as the situation improves and demand picks up, manufacturers are expected to adjust their production to meet the requirements from tier 1 manufacturers.
Market Drivers and Challenges
The increasing demand from the electronics industry, particularly for silicon wafers, integrated circuits, semiconductors, and solar cell products, is one of the major driving factors for the highpurity methane gas market. The utilization of high-purity methane gas in chemical manufacturing processes also contributes to its growth. However, the market faces challenges in the form of high costs of gas processing, which makes high-purity gases more expensive than industrial gases. Additionally, political and environmental concerns, such as the exploitation of natural gas reserves and environmental risks related to methanol as fuel, pose hindrances to the market's expansion.
Regional Landscape
North America dominates the high-purity methane gas market, driven by industrialization, increased consumer spending, and technological advancements. The region's growing automotive penetration, modernization of vehicles, and initiatives to promote electric vehicles further support market growth. In Europe, energy and climate policies, along with schemes to promote sustainable energy, drive the market. The UK, Germany, Italy, and France are major producers of high-purity methane gas in Europe.
Competitive Landscape
The high-purity methane gas market is highly competitive, with players like Linde Plc, Air Liquide S.A., BASF SE, and Sumitomo Seika Chemicals leading the industry. In recent developments, Linde Plc entered into a long-term agreement with Samsung Electronics to deliver ultra-high purity industrial gases for its latest semiconductor facilities in South Korea. Such collaborations and innovations are expected to shape the market's future.
Conclusion
The high-purity methane gas market shows promising growth prospects, driven by the increasing demand from the electronics industry and its applications in various sectors. Despite challenges related to high gas processing costs, the market is anticipated to witness substantial growth, especially with the rise of renewable energy sources. As major players continue to invest in research and development, the market is likely to flourish in the coming years.
https://www.itsmytime.in/news/high-purity-methane-gas-market-key-drivers-andindustry-trends-2023-2030-132500
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