Research and Markets has released a new report entitled, ‘High Purity Gas/Ultra High Purity Gas/Pure Gas Market - Global Forecast to 2020’. The high purity gases market size is projected to grow from USD$20 836.6 million in 2015, to US$28 164.0 million by 2020, at a CAGR of 6.2% from 2015 - 2020. The high purity gases industry is increasing proportionally with the overall industrial gas industry.
The development of economies plays an essential role in increasing the demand for high purity gases in the global market. High purity gases are used in industries such as electronics, metal production, chemical, and oil and gas among others for functions such as insulation, illumination, and cooling.
Advancements in terms of new and environmentally friendly technologies and products in the market are also expected to create strong investment opportunities for the global players. Regulatory and structural instructions are expected to be the strongest restraints for the industry. High cost of gas processing is the major challenge, whereas fluctuating demand patterns and advancements of alternative technologies are projected to be the burning issues for the market.
Air separation technology is the fastest growing segment on the basis of manufacturing process during the forecast period. Air separation technology is widely used in high purity gases and finds a wide range of applications in the metal production, electronics, and chemical industries as it is a fully automated system. High purity oxygen, nitrogen, argon, and rare gases (helium, neon, and krypton) are primarily produced using the cryogenic technology of air separation, liquefaction, and distillation.
Noble gases have the largest market due to its wide application for the forecast period. Helium, argon, and krypton (noble gases) are widely used as makeup gas in gas chromatography, spectroscopy, metal production, and in laboratory research. Krypton is principally shipped and used in gaseous form for excimer lasers, light bulbs, window insulation, and laboratory research.
North America dominated the market and accounted for 34.1% of the market size in 2014, followed by Europe and Asia Pacific at 28.5% and 26.1%, respectively. The Asia Pacific region is the most attractive market for high purity gases owing to the increasing growth of chemical and electronics industries in the region. The growth of this region is supplemented by the expansion of the metal production industry, coupled with the growing medical/health care industry in developing economies such as India and China.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/11122015/research-and-markets-report-on-high-purity-gas-market-1941/