In 2019, the global noble gas market was valued at USD 7.01 million. It is projected to grow at 7.6% compound annual growth rate (CAGR), between 2020 and 2027. Market growth is expected to be driven by factors such as the growing demand for noble gas across different industries and the increased need for energy-efficient solutions. There are many applications for these gases, including electronics, laser technology, window insulations and energy-efficient lighting. Noble gases are non-flammable, inflammable, flavorless, odorless and volatile. They can be used in a variety of applications, which gives them a competitive advantage over regular gases. Due to the presence in the United States of major noble gas producers, the U.S. held a significant market share in 2019. The U.S. also has one of the most extensive commercial supplies of Helium worldwide due to its helium bearing gas fields. When the natural gas condensable elements are liquefied, helium is made as an end-product.
Noble gases are inert and do not react with any other elements. This makes them more desirable for applications that require oxidation. These gases are also resistant to heat, making them ideal for use in bulbs and tubes. This will help to boost the market growth over the forecast period. Due to their high usage in the healthcare industry, the COVID-19 pandemic has boosted the demand for noble gases. In order to increase their production capacity, industry participants have set up new noble gas manufacturing plants. This trend will drive a lot of demand for noble gas over the forecast period.
Helium accounted for more than 20% of the market's revenue in 2019, thanks to its noncombustible nature, which is non-corrosive and non-toxic. It also has a low odor. Helium has the lowest boiling temperature of any gas, making it suitable for cryogenic applications such as superconductivity in nuclear magnet resonance, magnetic resonance imaging and particle physics.
Due to its wide range of applications, Argon was the second-largest segment in terms of market revenue in 2019. These applications include argon as a shielding gas to arc welding, filling mix for filament lamps, carrier gases in chromatography, thermal insulation in multi-pane Windows, and protective agents within the heat treatment industry.
Even though rare gases like neon, xenon and krypton have high prices, they are in high demand. These gases are used in many industries, including aerospace, automotive, electronics, and lighting. The commercialization of rare gases will be boosted by technological advances in gas capture technology.
In 2019, the construction segment was responsible for the highest revenue share, at over 20% in the end-use segment. Segment growth is expected to be driven by the increasing number of large-scale manufacturing companies and construction industries in many countries. Argon gas is used to TIG and MIG weld in the construction of railroads, heavy machinery and shipbuilding.
Due to heavy use of noble gases in medicine, the healthcare sector is expected to grow at the fastest rate over the forecast period. The healthcare sector saw the greatest demand for helium gas, including respiratory conditions such as asthma exacerbation, post-extubation syndrome, and upper airway obstruction. The medical field has seen technological advancements such as microscopy, which have further accelerated the use of Helium gas.
In 2019, the aerospace segment held a large market share due to the need for noble gases, which are used primarily as coolants for high-sensitivity infrared imaging equipment and detection equipment. Over the forecast period, electronics is expected to grow at a significant CAGR. This growth can be attributed mainly to the broad application base, which includes the use of noble gas to create laser gas mixtures. These mixtures are used in many semiconductor operations.
Asia Pacific was responsible for more than 30% of the region's revenue in 2019, while China contributed the most to regional growth. China is expected to have the largest market share due to the fact that many major industrial players have established noble gas manufacturing plants across the country. This is because of the availability of low-cost production factors.
Market growth is expected to be further boosted by the booming healthcare sector in developing countries like India. The Asia Pacific region is experiencing a boom in construction, industrial, and manufacturing activity, which directly influences the rise in demand for noble gas across these end-user sectors.
Europe was second in market share for 2019 due to the presence major industry players like Linde and Air Liquide, headquartered throughout the region. The region's growth is expected to be driven by the rising demand for noble gases and advancements in noblegas extraction technologies over the forecast period.
North America will see a significant CAGR during the forecast period. The U.S. is expected to play a major role in regional growth. The market growth in North America is expected to be boosted by the increasing demand for noble gases like neon and helium across aerospace, medical, and military applications. This growth can also be attributed the growing number of industries that are associated with electronics, automobile, and construction.
There are few major players in the noble gas market, but there is a strong industry structure. In order to increase their supply, industry participants are focused on technological advances in the commercial extraction of noble gases. Market players also follow strategic initiatives like global expansion and the establishment of manufacturing facilities in multiple countries to increase their market share. The following are some of the most prominent players in the market for noble gas:
Linde
Air Liquide
Chemicals and Air Products
Neon Gas
Matheson Tri-Gas, Inc.
Up Market Research published a new report titled “Noble Gas Market research report which is segmented by Product (Krypton, Helium, Xenon, Neon, Argon), by End User (Electronics, Construction, Energy & Power, Healthcare, Aerospace), By Players/Companies Matheson Tri-Gas Inc, Linde, Air Products and Chemicals, Air Liquide, Neon Gas”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Noble Gas Market Research Report |
By Product | Krypton, Helium, Xenon, Neon, Argon |
By End User | Electronics, Construction, Energy & Power, Healthcare, Aerospace |
By Companies | Matheson Tri-Gas Inc, Linde, Air Products and Chemicals, Air Liquide, Neon Gas |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 247 |
Number of Tables & Figures | 173 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Krypton, Helium, Xenon, Neon, Argon), by End User (Electronics, Construction, Energy & Power, Healthcare, Aerospace).
Noble Gas Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Noble Gas Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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