Noble Gas Market Growth & Trends
The global noble gas market size is expected to reach USD 12.62 billion by 2027, ascending at a CAGR of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing applications across several industries along with the rising demand for energy-efficient systems are some of the factors likely to strengthen the demand for noble gases over the forecast period.
The market is primarily driven by diversified applications of noble gas across several markets including the semiconductor industry, window insulations, laser technologies, electronics, and energy-efficient lighting industry. Noble gases are non-toxic, non-corrosive, inflammable, colorless, odorless, and tasteless in nature, thereby offering changes as per application that allows a competitive edge over other regular gases.
The COVID-19 pandemic has stimulated the requirement of noble gases in the medical and healthcare sector. For instance, helium gas is used in respiratory condition applications such as asthma exacerbation, upper airway obstruction, post-extubation stridor, and others. Liquid helium serves as a cryogenic agent for magnets in MRI scanners. This trend is expected to generate heavy demand for noble gases in the near future.
Industry participants are focusing on innovation and technological advancements in order to develop economic noble gas extraction techniques. Moreover, the market players are practicing several strategic initiatives such as joint ventures, partnerships, mergers and acquisitions, and global expansion. The players are also focused on establishing production facilities across potential economies of the world in order to enhance their foothold in the market for noble gases.
Noble Gas Market Report Highlights
- The healthcare segment is estimated to grow at CAGR of 9.1% over the forecast period owing to the heavy usage of noble gases such as helium in medical applications.
- The construction segment accounted for the largest market share in 2019 in the end-user segment at 20.7% owing to the growing use of noble gases such as argon in large scale manufacturing and welding industries.
- Helium accounted for the largest market revenue share in 2019 owing to its non-combustible, non-corrosive, non-toxic nature that majorly finds application in the healthcare segment.
- Argon product segment is expected to grow at a CAGR of 6.7% over the forecast period owing to its various uses across the industrial sector such as welding gas, filling gas, carrier gas, as a thermal insulator, and others.
- Asia Pacific accounted for 33.0% owing to the growing demand for noble gases from the medical sector and industrial sector of several economies such as China and India.
- Europe occupied the second largest regional market share owing to the presence of major industry players, headquartered across the region. In addition, the use of noble gases in an energy-efficient lighting system is expected to further boost regional growth.
- Key players include Linde, Air Liquide, Air Products and Chemicals, Inc, Neon Gas, Matheson Tri-Gas, Inc., BASF SE, ITM Power, Messer, Royal Dutch Shell PLC, Taiyo Nippon Sanso