The noble gas market is expected to register a CAGR of more than 5% during the forecast period. Some of the prominent trends that the market is increasing demand in the developing economies, especially in the healthcare industry.
- Diversified usage of noble gas in various industries as well as growing needs for energy-efficient solutions are likely to drive the market’s growth.
- Economic slowdown in America and Europe and evolution of substitutable technologies are likely to hinder the market’s growth.
Key Market Trends
Increasing Demand from the Healthcare Industry
- Noble gases find usage in a wide range of applications. They have the highest demand in the medical sector as they are involved in the cooling of superconducting magnets in the magnetic resonance imaging (MRI) scanners.
- Helium has been effective in a variety of respiratory conditions, including upper airway obstruction, asthma exacerbation, post-extubation strido, etc. Microscopy has opened new possibilities for the use of helium gas in the technologically advanced fields of medicine.
- Other noble gases, such as argon and xenon, are also used for various medical purpose. Argon is used as anesthetic and neuroprotective agent and xenon is found to be effective in the field of neuroprotective and anesthesia.
- Moreover, countries, such as China, United States, Japan, etc., are the major countries contributing to the revenue of the healthcare sector. Rising health concerns and focus toward the medical sector in developing economies, mainly in the Asia-Pacific region, including India, Japan, and China, have witnessed a great demand for such gases.
- Such a positive growth of the health care industry is likely to increase the demand for noble gas in the forecast period.
United States Country to Dominate the North America Region
- North America holds the highest market share in terms of revenue, due to the increasing demand for consumer and investment goods, especially in the United States.
- It is estimated that the noble gas market in the United States is likely to witness a healthy growth, on the account of increased demand from aerospace, oil and gas, health, and laser applications.
- The presence of large manufacturing industries associated with construction, healthcare, automobiles, and semiconductors is expected to be a factor that will support the growth of the noble gases market in the country.
- In the oil and gas industry, noble gas is widely used in exploration and production of crude oil. The noble gas data permit an accurate description of complex natural and technological processes involved in exploring and extracting oil and gas discoveries.
- The United States is the largest producer of crude oil in the world. According to BP, the production of crude in the United Sates was about 15,311 thousand barrels per day, in the recent past. The EIA projected that in 2024 the crude oil production in the United States is likely to witness the growth by around 4%.
- Owing to the aforementioned factors, the demand for noble gases is expected to increase in various industries, during the forecast period.
The noble gas market is partially consolidated, with few players holding the major share in the market. Key players in the noble gas market include Royal Dutch Shell Plc, ITM Power, BASF, Linde, Messer, Taiyo Nippon Sanso, and Praxair Technology, Inc., among others.
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