Global Noble Gases Market Insights Forecasts to 2032
- The Global Noble Gases Market Size was valued at USD 42.7 Billion in 2022.
- The Market Size is Growing at a CAGR of 14.27% from 2022 to 2032.
- The Worldwide Noble Gases Market Size is expected to reach USD 68.9 Billion by 2032.
- North America is expected to Grow the fastest during the forecast period.
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The Global Noble Gases Market Size is expected to reach USD 68.9 Billion by 2032, at a CAGR of 4.9% during the forecast period 2022 to 2032.
Noble gases, often known as inert gases, are a type of chemical elements distinguished by their electron configuration. Helium (He), neon (Ne), argon (Ar), krypton (Kr), xenon (Xe), and radon (Rn) are among the gases found in Group 18 (VIII-A) of the periodic table. Except for Radon, all of these gases are colorless, odorless, and tasteless. While these gases have entire electron configurations in their outermost energy level, they are highly stable and have a low tendency to engage in chemical reactions. Among the most widely recognized noble gases is helium. As a result of its low density, it is perfect for filling balloons and airships. It is also used in cryogenics, for conditioning MRI machines, and as a shielding gas in welding. In welding and metalworking, argon is frequently employed as a shielding gas. It is also utilized as a filler gas in incandescent light bulbs and in the manufacture of some metals. Helium and argon plasma technologies are also used in cryosurgery and cardiac difficulties. Thus, the rise in demand for and applications of noble gases in the medical sector is projected to propel the noble gases market forward.
Global Noble Gases Market Report Coverage
|Market Size in 2022:||USD 42.7 Billion|
|Forecast Period 2022-2032 CAGR:||4.9%|
|2032 Value Projection:||USD 68.9 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product Type, By Distribution, By End-use Industry, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||BASF SE, Linde plc, Messer, Air Liquide, Norco Inc., Gulf Cryo, Royal Dutch Shell PLC, Air Products Inc., Iwatani Corporation, SHOWA DENKO K.K., RasGas Company Limited, MESA Specialty Gases & Equipment, Taiyo Nippon Sanso Corporation, Praxair technology Inc., Matheson Tri-Gas, Inc., and other key vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The global noble gases market has grown steadily over the course of time, fueled mostly by industries such as healthcare, electronics, lighting, and others. Several factors, such as technological breakthroughs, new applications, and economic & geopolitical issues associated with the source and distribution of these gases, have an impact on market trends. Neon is commonly utilized in neon signs, giving them their distinctive shine. In addition, krypton and xenon are both employed in specialized illumination applications such as flashlights and camera flashes. Noble gases are projected to acquire traction in the manufacturing industry worldwide because of their inertness at high temperatures and their use in metal melting applications. By performing cryogenic distillation of air, these gases are used to produce highly pure oxygen. The thriving global display business is critical to increasing the utilization of noble gases in electronic applications. As research progresses, new applications for noble gases could potentially be discovered. For example, there is a current study on using xenon to treat traumatic brain injury. Additionally, with possible supply limits, particularly for helium, methods for recovering and recycling noble gases from a variety of capitalizations may become increasingly common. Also, the increased use of noble gases in medical equipment and increased investment in developing nations to construct medical infrastructure support the growth of the noble gas market. Furthermore, increased investment in solar renewable energy is expected to create abundant potential for the noble gas market to develop.
By Product Type Insights
The helium segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global noble gases market is segmented into the argon, krypton, helium, neon, xenon, radon, and others. Among these, the helium segment is dominating the market with the largest revenue share of 54.6% over the forecast period. This is attributed to a rise in the general public's understanding of healthcare, as well as rapid innovation and breakthroughs in the medical industry aimed at offering low-cost healthcare services, which has resulted in an increase in demand for noble gases. Helium is colorless, odorless, and tasteless, and it exists in a single-atomic state, unlike other gases. It is harmless and virtually inert. It is the second least dense gas after hydrogen, and it has the lowest boiling and melting temperatures of any noble gas element. At the moment, the majority of the helium on the planet is still produced by the radioactive decay of heavier atoms discovered to be trapped in natural gas deposits.
By Distribution Insights
The cylinder segment is expected to hold the largest share of the Global Noble Gases Market during the forecast period.
Based on the distribution, the global noble gases market is classified into bulk, cylinder, and others. Among these, the cylinder segment is expected to hold the largest share of the noble gases market during the forecast period, as it enables an inexpensive and secure way to store and transfer these valuable and necessary items. To withstand the high pressure required to store the gases, cylinders used to hold noble gases are often made of high-strength materials such as stainless steel or aluminum. The cylinders are built to safely retain the gas and keep it from escaping.
By End-use Industry Insights
The construction segment accounted for the largest revenue share of more than 33.5% over the forecast period.
On the basis of the end-use industry, the global noble gases market is segmented into electronics, aerospace, construction, healthcare, energy & power, and others. Among these, the construction segment is dominating the market with the largest revenue share of 33.5% over the forecast period. This is due to increasing urbanization and industrialization, which has boosted the growth of the construction industry globally, particularly in developing countries such as India, China, and Brazil. The construction industry consumes the majority of the world's noble gas production. The increased public investment in developing world-class infrastructure is driving up demand for helium and other noble gases, which are used in arc welding and to insulate window panes. Furthermore, noble gases with poor conductivity, such as argon, xenon, and krypton, can greatly improve the energy efficiency of windows. While these gases have a lower gas phase conductivity than air, they slow heat transmission through the window. These applications will improve the thermal efficiency of buildings.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This is driven by government initiatives in various Asia Pacific countries to strengthen their manufacturing and electronics industries through grants, trade advancement, and favorable guidelines, as well as increased foreign investments, which will contribute to growing product demand over the forecast period. The rise in investment in the construction of nuclear fusion power plants in China is predicted to enhance the growth of the noble gas industry. Furthermore, China is well-known for its large-scale infrastructure projects, which have raised the demand for noble gases. The existence of a large population and a wide range of noble gas uses in the electronic and food processing industries have fueled market expansion. Moreover, higher government spending and an abundance of excess among the public resulted in investment in the building sector.
North America, on the contrary, is expected to grow the fastest during the forecast period. Given the region's enormous production of these noble gases, North America is one of the world's leading markets for noble gases. Massive expenditures in developing air separation techniques and production technologies in North America are expected to boost the region's demand for the noble gases market over the predicted period.
List of Key Market Players
- BASF SE
- Linde plc
- Air Liquide
- Norco Inc.
- Gulf Cryo
- Royal Dutch Shell PLC
- Air Products Inc.
- Iwatani Corporation
- SHOWA DENKO K.K.
- RasGas Company Limited
- MESA Specialty Gases & Equipment
- Taiyo Nippon Sanso Corporation
- Praxair technology Inc.
- Matheson Tri-Gas, Inc.
Key Market Developments
- On February 2023, DESERT MOUNTAIN ENERGY CORP. announced that it has signed a letter of intent with PetroSun to purchase raw or crude helium gas, subject to Company approval and availability of processing capacity at the anticipated delivery date. The Company has also pledged to collaborate and support PetroSun with future helium and hydrogen exploration, including seismic testing and other geophysics, in order to reduce total costs.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Noble Gases Market based on the below-mentioned segments:
Noble Gases Market, Product Type Analysis
Noble Gases Market, Distribution Analysis
Noble Gases Market, End-use Industry Analysis
- Energy & Power
Noble Gases Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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