High Purity Methane Gas Market worth $8.8 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 24, 2021 /PRNewswire/ -- 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", published by MarketsandMarkets™, 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 expected to be the fastest growing application in the High Purity methane gas market during the forecast period.
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.
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North America is expected to hold the largest market share in the global high purity methane gas market during the forecast period.
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.
Osaka Gas (Japan), Sumitomo Seika (Japan), Linde Plc (Ireland), Air Liquide (France), and Matheson Tri-Gas Inc. (US). are the leading high purity methane gas manufacturers, globally.
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