High Purity Gas Market is anticipated to observe a higher CAGR at 5% through 2018 to 2023

Market Highlight: The High Purity Gas Market is expected to grow over the CAGR of around 5 % during the period 2016 to 2023.
High Purity Gases are gases which are distributed at high concentration, without addition of other gases. This helps ensure that the properties of the high purity gas are utilized up to the optimum level. In applications that require high concentrations of a particular gas, the presence of other gases cause functional inefficiency, thus requiring the use of high purity gases.
One of the key drivers for the growth of high purity gas market is the increased demand of high purity gas in the industrial gas market. The demand of this market is also led by the increase in demand by the industrial sector for cooling, insulation and illumination. The electronics industry is a major user of the high purity gas. The booming electronics industry and the rapid technological advancements in the industry are further leading to the growth of the high purity gas market. The upsurge in the demand of energy and the use of high purity gas in several process of petroleum refinery is also driving the growth of the market.
Current Industry News: In, Jan 2018 - Praxair, Inc. announced that it has signed long-term contract with an electronics manufacturer in Shanghai, China. Praxair will build, own and operate multiple air separation plants that will supply high-purity nitrogen and oxygen to Ever Display Optronics.
Top Global Players: The prominent players of High Purity Gas Market are; Messer Group (Germany), Advanced Specialty Gases Inc. (U.S.),Praxair Inc. (U.S.), Linde Group (Germany), Air Liquide S.A. (France), Matheson Tri-Gas Inc. (U.S.), Air Products and Chemicals Inc. (U.S.), Airgas Inc. (U.S.), Iceblick Ltd. (Ukraine), and Iwatani Corporation (Japan) among others.
Segmentation: The High Purity Gas Market by its application, product, and region; Based on application; Electronics, Automotive, Pharmaceutical. By Product; Carbon Gases, Noble Gases, High Atmospheric Gases. And by region; Asia Pacific, Europe, North America, Latin America, and Middle East & Africa.
Regional Analysis: High Purity Gas Market is segmented across five regions in the world namely:
• Asia Pacific,
• Europe,
• North America,
• Latin America,
• Middle East & Africa.
The Asia-Pacific region is expected to dominate the high purity gas market with the highest CAGR. The region is expected to grow with the boom in the electronics industry in the developing nations such as India and China. The increase in manufacturing of smartphones in the countries such as China is expected to further drive the growth of the market. The increase in applications among other industry verticals of the region such as pharmaceutical and automotive industries is also driving the growth of the market.
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