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.
Hydrogen derived from methane gas is considered a clean fuel that has tremendous potential in transportation applications. Hydrogen is the most abundant and lightest of the elements and is odorless and non-toxic. It has the highest energy content of common fuels by weight (nearly three times that of gasoline). Hydrogen is mainly derived from fossil energy using technologies such as steam methane reforming (SMR) of natural gas, followed by partial oxidation and auto thermal reforming (ATR). SMR is the most common method of producing commercial bulk hydrogen gas.
The use of hydrogen-operated fuel cells in the transportation industry eliminates the dependency on fossil fuels, which are continuously depleting and becoming expensive. Hydrogen can be produced from renewable energy sources, which can be used in fuel cell-based vehicles. Also, their quick-fueling capability makes hydrogen fuel cells a promising option for long-distance travel. In addition, hydrogen has a low-carbon footprint, which has the potential to facilitate significant reductions in energy-related CO2 emissions. Thus, the use of renewable feedstocks for hydrogen production is an attractive option from an environmental perspective.
With the development of hydrogen refilling infrastructure, the use of fuel cell transport vehicles, such as buses and cars, is slated to increase at a rapid pace. Companies such as Walmart and Coca-Cola are deploying material handling equipment powered by fuel cells. The demand will also increase as several governments plan to implement zero-emission transportation systems.
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Chemical Synthesis is expected to be the fastest growing application in the High Purity methane gas market
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 is expected to hold the largest market share in the global high purity methane gas market
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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