The global high purity gas/ultra-high purity gas/pure gas market is expected to grow with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is increasing demand from the electronics Industry. However, the high cost of Indium Tin Oxide is hindering the growth of the market studied.
- Rising demand for solar PV production is another major driver for the market studied
- Asia-Pacific is expected to account for the highest growth rate during the forecast period.
- Among the product types, the noble gas product type is likely to account for the highest market share during the forecast period.
Key Market Trends
Noble Gas Product Type to Dominate the Market
- Currently, the noble gas product type has contributed to the highest to the market share in the high purity gas/ultra high purity gas/pure gas market.
- A noble gas, such as helium, argon, and krypton are used for a wide range of applications in the insulation and lighting applications.
- Helium is used for cryogenic rocket propellants in space and missile applications, metal production and nuclear reactors. It is also used in welding, lifting gas in balloons and fluorescent lamps and electronic tubes.
- Hence, owing to the growing demand from end-user industries, noble gas product type is likely to dominate the market studied during the forecast period.
Asia-Pacific to Witness the Highest Growth Rate
- The Asia-Pacific region is the most attractive market for high purity gases owing to the mass production of electronics devices in China and India.
- The growth of this region is supplemented by the government policies to increase semiconductor production in the region.
- For instance, the Chinese government is aiming to rise up major investments in domestic chip companies to build a world-class semiconductor industry, which is likely to propel the growth of the market studied during the forecast period.
- Additionally, there has been increasing demand for high purity gas from the southeast Asain countries in the recent past for usage in industries like electronics, chemicals, energy& power, etc..
- Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to witness the highest growth rate during the forecast period.
The global high purity gas/ultra-high purity gas/pure gas market is moderately fragmented as the market share is divided among many players. Some of the key players in the market include Advanced Specialty Gases, Airgas, Inc., Messer Group, Linde plc, and Air Products and Chemicals, Inc, among others.
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