NEW YORK, Sept. 28, 2018 (GLOBE NEWSWIRE) -- The global high purity gases market was valued at USD 23.0 billion in 2017 and is likely to expand to USD 32.8 billion by 2024, witnessing a CAGR of 4.9% over the forecast period. The growth can be primarily attributed to the rising demand for high purity gases across various key applications, such as electronics, chemicals and automotive. Also, growing concerns regarding the quality of food and healthcare services across the globe is further expected to drive the demand over the forecast period.
In addition, significant rise in the use of high purity gases in the production of solar photovoltaic modules is likely to boost the market demand. High purity gases may be defined as gases in which the concentration of pure gas is more than 99.99%. Some examples include air gases such as nitrogen, oxygen, and argon; carbon dioxide, carbon monoxide; hydrogen; nobel gases such as neon, helium, xenon and krypton; and other organic and inorganic gases. These gases are primarily used in applications where purity is highly vital and in general the specific limits for impurity are not exceeded.
Key findings from the report:
- The global high purity gases market is likely to reach USD 32.8 billion by 2024
- Nobel gas segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2014
- Air separation segment is expected to hold a significant share of the global market from 2018 to 2024
- Electronics application was the largest segment in 2017, and the trend is likely to continue over the next seven years
- North America held the major share of the market in 2017, whereas Asia Pacific is expected to grow at the fastest CAGR over the forecast period
- Some of the key companies operating in the industry include The Linde Group; Air Liquide; Praxair Technology, Inc.; Air Products and Chemicals, Inc.; Messer Group GmbH; Iwatani Corporation; Matheson Tri-Gas, Inc.; Advanced Specialty Gases; Osaka Gas Liquid Co., Ltd.; and American Welding & Gas, Inc.; among others
- As of March 2018, the Linde Group signed a sale and purchase agreement with Gazprom Export LLC for the offtake of helium from Gazprom’s new plant that is presently under construction in the far east of Russia. Linde will purchase significant volumes of helium from the major project and is all set for the first supplies of helium targeted for 2021.
Nobel gases segment accounted for the major share of the global market
The nobel gas segment held the largest market share in 2017 and the trend is likely to continue over the forecast period. Gases such as helium, xenon, neon and krypton cater to a variety of applications such as production of zirconium, titanium, and other metals; gas balloons; arc cutting and welding; window insulation; light bulbs; as a coolant in nuclear reactors; as well as in laboratory research.
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High purity gases market - Regional insight
North America dominated the global market for high purity gases in 2017, and is projected to maintain its dominance over the next seven years. However, Asia Pacific region is likely to emerge as the fastest growing market from 2018 to 2024. The region is set to offer lucrative opportunity for high purity gases market on account of booming demand for electronics and chemicals from key nations of China and India. Also, significant growth in the healthcare industry in the region is expected to propel the market demand over the forecast period.
The report segments high purity gases market on the basis of type, manufacturing process, function, application, and region.
By Type
- Nobel gases
- High atmospheric gases
- Carbon gases
- Others
By Manufacturing Process
- Air separation
- Hydrogen reforming
By Function
- Insulation
- Coolant
- Illumination
By Application
- Oil & gas
- Chemicals
- Electronics
- Medical
- Metal production
- Food & beverage
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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