According to the new market research report “High Purity Methane Gas Market by Storage & Distribution and Transportation, Application (Chemical Synthesis, Heat Detection, R &D Laboratory, Transistors & Sensors, Power Electronic), End-Use Industry, Region – Global Forecast to 2025″, The global high purity methane gas market size is expected 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.
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Chemical Synthesis is the fastest-growing application segment in the High Purity methane gas market. The growth is the growth in this segment is attributed to the rising demand for high-purity methane gas as a raw material for the production of methanol, synthetic ammonia, hydrogen, acetylene, carbon black, and carbon disulfide, among others. It accounted for a share of about 20.5% of the High Purity methane gas market, in terms of volume, in 2019.
North America accounted for the largest share of the High purity methane gas market in 2020. Factors such as the rapidly increasing consumption of high purity methane gas in the electrical & electronics and chemical industries in countries such as US, Canada and Mexico have led to an increased demand for High purity methane gas in the North American region.
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179 – Tables
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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. The market is projected to witness decent growth in the near future, 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.
Osaka Gas (Japan), Sumitomo Seika (Japan), Linde Plc (Ireland), Air Liquide (France), and Matheson Tri-Gas Inc. (US). among others are the leading high purity methane gas manufacturers, globally. These companies adopted expansion, partnership & collaboration, joint venture, and merger & acquisition as their key growth strategies between 2017 and 2020 to earn a competitive advantage in the high purity methane gas market.
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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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