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High Purity Gases are used in the various industrial process to operate analytical instruments, to initiate, stabilize, and avoid chemical processes, and to create amplified light for hardening, marking, welding, and cutting purposes. As a result, these gases witness a huge demand across the industries, which drives the growth of the High Purity Gas Market.The High Purity Gas Market is growing by leaps and bounds due to the rapid industrialization over the past few years. Moreover, the increase in demand from the industrial cooling, insulation, and illumination sector escalates the market on the global platform.
Acknowledging the rapid expansion, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the Global High Purity Gas Market will garner exponential accruals by 2023, registering a CAGR over 5% throughout the review period (2018-2023).
Additional factors encouraging market growth include the rapid technological advancements that took place in the booming electronics industry. Furthermore, the augmenting demand for High Purity Gases in the energy sector and several processes used in petroleum refineries led by the boosted demand for power fosters the market growth.
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Additionally, significant investments transpired in the field of R&D by the key manufacturers are, in turn, driving the market, bringing about innovations and betterments in the quality and production methods of these gases.
On the other hand, factors such as volatility in the prices and demand and supply gap in these gases are impeding the growth of the market. Nevertheless, improving economic conditions, worldwide, are expected to support market growth throughout the forecast period, improving consumers’ purchasing power and thus making luxury items such as automotive and electronics affordable.
Global High Purity Gas Market - Segmentations
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Product: Carbon Gases, Noble Gases, and High Atmospheric Gases among others.
By Application: Electronics, Automotive, and Pharmaceutical among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
High Purity Gas Market - Geographical Analysis
The Asia Pacific region is expected to continue to lead the Global High Purity Gas Market throughout the forecast period. Factors such as the burgeoning electronics sector which extensively uses high purity gases drive the regional market. Similarly, booming Automotive, and Pharmaceutical industries provide large impetus to the market growth.
Rapidly evolving countries such as India and China backed by the rapid industrialization and the growing demand for these gases account for the key contributors to the growth of the regional market. Additional factors boosting the growth in the regional market include the ample availability of cost-competitive logistics such as workforce, land, and raw materials, and the presence of several noteworthy producers.
The High Purity Gas Market in the North American region heading with the increased demand for high purity gases across the industries, accounts for the second-largest market, globally. Key factors impacting the market growth positively include the increasing production in electrical & electronics industries and substantial investments in the end-user industries such as automotive and aerospace.
The European region is emerging as a profitable market for High Purity Gases due to the burgeoning automotive and aircraft manufacturing sectors in the UK, France, and Germany. Moreover, growing innovations and technological advancement hugely contribute to the growth of the regional market.
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Global High Purity Gas Market – Competitive Landscape
The fiercely competitive, high purity gas market appears to be fragmented due to the presence of several large and small-scale companies. Matured players are increasingly acquiring promising companies to expand in the emerging regions and to improve their market performance. With the innovations in production technologies, the competition in the market is getting intensified. The market also demonstrates strong investment opportunities for the market players.
Major Players:
Key players leading the Global High Purity Gas Market include Praxair Inc. (U.S.), Air Liquide S.A. (France), Linde Group (Germany), Messer Group (Germany), Matheson Tri-Gas Inc. (U.S.), Advanced Specialty Gases Inc. (U.S.), Air Products and Chemicals Inc. (U.S.), Iceblick Ltd. (Ukraine), Airgas Inc. (U.S.), and Iwatani Corporation (Japan) among others.
Industry/ Innovation/ Related News:
January 10, 2019 –-- Battery Ventures L.P (the US), a global, technology-focused investment firm announced the completion of acquisition of NTRON Limited (Ireland), a global provider of gas-measurement sensors and process-oxygen analysers by Process Sensing Technologies (PST), Battery Ventures’ platform in the process-measurement market.
NTRON, will join Battery’s existing portfolio of process-measurement and instrumentation companies including Analytical Industries and Michell Instruments, Rotronic, and acquired (in 2018), LDetek and Dynament.
January 08, 2019 –-- Transom Capital Group, LLC (the US), a private equity firm specializing in growth capital, recapitalization, buyout, special situation, turnaround, restructuring, distressed investments in small, lower-middle, and middle market companies announced the acquisition of SemiTorr Group, Inc. (the US), a leading distributor of high purity gas and fluid handling systems and components from Riverlake Partners.
February 03, 2019 – Saudi Aramco (Saudi Arabia), one of the largest petroleum and natural gas companies in the world and Air Products and Chemicals, Inc. (the US), a leading global company selling gases and chemicals for industrial uses announced signing an agreement to jointly-build the first hydrogen refuelling station for cell vehicle fuelling. The new hydrogen refuelling station is expected to be operational in the second quarter of 2019.
The collaboration between the two companies will combine Air Products’ technological know-how and experience in the field of hydrogen with Saudi Aramco’s industrial experience, facilities and R&D capabilities. The duo companies will establish a pilot fleet of fuel cell vehicles for which high-purity compressed hydrogen will be dispensed at the new fueling station.
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