Chicago, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The Global High Purity Methane Gas Market size is estimated to grow from USD 6.8 billion in 2020 to USD 8.8 billion by 2025, at a CAGR of 5.2% during the forecast period, as per the recent study by MarketsandMarkets™. The market is projected to witness decent growth soon, owing to the wide application in various end use industries ranging from electrical & electronics to medical industry. Increasing demand from North America will further drive the growth of the global high purity methane gas market.
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179 - Market Data Tables
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List of Key Players in High Purity Methane Gas Market:
- Osaka Gas (Japan)
- Sumitomo Seika (Japan)
- Linde Plc (Ireland)
- Air Liquide (France)
- Matheson Tri-Gas Inc. (US)
Drivers, Restraints, and Opportunities in High Purity Methane Gas Market:
- Driver: Increasing demand from electronics industry
- Restrain: High cost of gas processing
- Opportunity: Increasing demand for hydrogen as clean fuel in the transportation industry
- Challenge: Structural & regulatory restrictions
Key Findings of the Study:
- Chemical Synthesis is expected to be the fastest growing application in the High Purity methane gas market during the forecast period.
- North America is expected to hold the largest market share in the global high purity methane gas market during the forecast period.
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High purity methane gas manufacturers are the most important players in the value chain as they produce and provide various product types of high purity methane gas based on their required properties for the specific end-use applications. The end-use industries such as electrical & electronics, automotive & transportation, chemical, oil & gas, medical and others use the high purity methane gas. This provides additional value to the chain.
Electric & electronic is the largest market of high purity methane gas with a 26.6% share, globally. High purity methane gas provides a protective atmosphere in the manufacturing of single-crystal silicone in the electronics industry, and the process is known as crystal pulling. Furthermore, the growing demand for mobile phones and laptops will boost the demand for high-purity methane gas in the electrical & electronics industry.
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Osaka Gas is the largest player in the market. In January 2018 Osaka Gas USA, a 100% subsidiary of Osaka Gas Co. Ltd., acquired Michigan Power, a natural gas-fired power plant in Ludington, Michigan, from Wolverine Power Holdings, LLC, owned by Rockland Capital. Michigan Power is an approximately 125 MW gas-fired cogeneration facility that has been in operation since October 1995.
Sumitomo Seika is the second-largest player of the high purity methane gas market, globally. In March 2017, Sumitomo Seika Chemicals and Xergi (Denmark) collaborated to develop and promote a biogas plant engineering business in Japan. Biogas, which consists mainly of methane, is produced by methane fermentation in an anaerobic digestion process involving wet organic biomass materials. It can be utilized in a gas engine cogeneration system for heat and electricity production.
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