High Purity Gas Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
Global High Purity Gas Market: Overview
High purity gases are gases distributed at high concentration, without the addition of other gases. This helps ensure that the properties of the high purity gas are utilized fully. In applications that require high concentrations of a particular gas, the presence of other gases can cause functional inefficiency as well as pose a hazard, as other gases in the mixture could react to the components of the application in question.
The report examines the global high purity gases market to present forecasts regarding the market’s trajectory during the forecast period based on precise analysis of the market’s current statistics and its past development history. Industry-standard analytical tools such as SWOT analysis and Porter’s Five Forces Analysis have been used in the report in order to impart an accurate understanding of the global high purity gases market.
Atmospheric gases such as oxygen and nitrogen are among the most widely consumed high purity gases. However, high purity noble gases are expected to dominate the global high purity gases market in the next few years.
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Global High Purity Gas Market: Drivers
Growing demand in the global industrial gas market is a major driver of the high purity gas market. The rapid development of emerging economies has led to the latter, driving the global high purity gas market. Cooling, illumination, and insulation are the primary applications of high purity gases in the industrial sector.
The electronics industry is a major end-user of high purity gases. Hence, growth of the electronics industry and the industrial sector in developing economies has been a major driver of the global high purity gases market. The rise in the industrial sector in emerging regions such as Asia Pacific and Latin America has aided urbanization, which has resulted in high disposable income, leading to increased use of consumer electronics. This factor is expected to boost the growth of the global high purity gases market in the next few years.
Growth of the oil and gas industry has in turn driven the global high purity gases market. Due to increasing demand for energy across the world, the global oil and gas industry has gone into overdrive in spite of falling oil prices. Hence, high purity gases that are used in several processes in petroleum refineries and petrochemical production have enjoyed rising demand.
Global High Purity Gas Market: Restraints and Opportunities
High cost of gas processing is a major restraint of the global high purity gas market. This is due to the high technological sophistication of the air separation method, which is the most popular method for the production of high purity gases. The regulatory framework of the industrial sector is also unsupportive toward the high purity gases market.
However, rising demand for high purity gases in end-users industries such as automotive is a major opportunity for manufacturers operating in the global high purity gas market. The automotive industry has been driven by the increasing disposable incomes of people and has witnessed strong growth in the past few years.
Global High Purity Gas Market: Geographical Overview
Asia Pacific has made rapid progress in the global high purity gases market in a relatively short time, and is likely to be the most lucrative market during the forecast period. North America dominates the global high purity gases market. However, rising demand in Asia Pacific is expected to be a major feature of the market in the next few years.
Global High Purity Gas Market: Competitive Landscape
The global high purity gases market is dominated by large players such as Airgas, Inc., Air Liquide S.A., and Praxair, Inc. Mergers and acquisitions has emerged as a promising strategy for major players to expand their share in the global high purity gases market and to focus on developing regions to capitalize on the strong growth of the market in countries such as India and China.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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