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Fueling the Industry: The Growth of High-Purity Methane Gas
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According to The Business Research Company's, The high purity methane gas market size has grown strongly in recent years. It will grow from $7.35 billion in 2023 to $7.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to industrial applications, petrochemical industry requirements, research and development, gas chromatography and laboratory applications.
The high purity methane gas market size is expected to see strong growth in the next few years. It will grow to $10.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rise in semiconductor and electronics manufacturing, continued use in gas chromatography and laboratories, energy sector demand. Major trends in the forecast period include market innovation and r&d, expansion into new markets, safety and quality standards compliance, environmental concerns and regulations, healthcare and medical applications, advanced manufacturing processes.
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Market Drivers and Trends:
The growing demand for semiconductors is expected to propel the growth of the high-purity methane gas market going forward. A semiconductor is a material product, usually made of silicon, that conducts electricity less than a pure conductor, like copper or aluminum, but more than an insulator, like glass. High-purity methane gas is essential for semiconductors, which is used to produce a variety of critical materials and to clean and etch semiconductor wafers. Without high-purity methane gas, it would be impossible to manufacture modern semiconductors. For instance, in April 2022, according to McKinsey and Company, a US-based management consulting firm, global semiconductor sales increased by 20 % to reach $600 billion in 2021, and it is expected to grow by an average of 6% to 8% by 2030. Therefore, the growing demand for semiconductors is driving the growth of the high-purity methane gas market.
Technological advancements are the key trend gaining popularity in the high-purity methane gas market. The market is witnessing the implementation of an advanced methane gas leak detection system. Major companies operating in the high-purity liquid gas market are focused on research and development for technological advancements tools and technology to strengthen their market position. For instance, in August 2022, NOVATEK-Yurkharovneftegas, a Russia-based gas company, announced an initiative to monitor methane leaks using unmanned aerial vehicles (""""UAVs""""). The project is part of the comprehensive environmental and climate change targets program, including constructing a multi-level leak detection system. It allows for more precise and faster observations compared to other monitoring methods.
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Major Key Players of the Market:
Air Liquide S.A, Axcel Gases, Bhuruka Gases Limited, Chemix Specialty Gases and Equipment, Chengdu Taiyu Industrial Gases Co. Ltd., CryoCarb, Taiyo Nippon Sanso Corporation, Wuhan Newradar Special Gas Co. Ltd., EFC Gases & Advanced Materials, Gas Innovation, Linde plc, Matheson Tri-Gas Inc., The Messer Group GmbH, Middlesex Gases & Technologies, Osaka Gas Co. Ltd., Scientific Gas Australia Pty Ltd., Advanced Specialty Gases, AGT SpA, Sumitomo Seika Chemicals Company, Air Products and Chemicals Inc., Praxair Inc., Airgas Inc., Air Water Inc., Iwatani Corporation, Electronic Fluorocarbons, Qingdao Guida Special Gas Co. Ltd., Cryostar SAS, Showa Denko K.K., American Welding & Gas, Green Methane s.r.l
High Purity Methane Gas Market 2024 Key Insights:
• The high purity methane gas market size is expected to see strong growth in the next few years. It will grow to $10.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Surging Demand For Electronic Products Drives Growth In The High-Purity Methane Gas Market
• Technological Advancements Drive Innovation In High-Purity Methane Gas Market
• North America was the largest region in the high purity methane gas market in 2023
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