United States Rare Gases Market Size, Share, and COVID-19 Impact Analysis, By Type (Neon, Krypton, Xenon), By Application (Automotive, Electronics, Consumer Durables, Construction, Others), and United States Rare Gases Market Insights Forecasts to 2033

Industry: Chemicals & Materials

RELEASE DATE Jan 2024
REPORT ID SI3436
PAGES 200
REPORT FORMAT PathSoft

United States Rare Gases Market Insights Forecasts to 2033

  • The United States Rare Gases Market Size was valued at USD 267.15 Million in 2023.
  • The Market Size is Growing at a CAGR of 4.4% from 2023 to 2033.
  • The United States Rare Gases Market Size is Expected to Reach USD 411.45 Million by 2033.

 

United States Rare Gases Market

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The United States Rare Gases Market Size is expected to reach USD 411.45 Million by 2033, at a CAGR of 4.4% during the forecast period 2023 to 2033.

 

Market Overview

Rare gases are also known as noble or inert gases. Inert gases such as helium, neon, krypton, and xenon are considered rare gases. These elements are abundant in the Earth's atmosphere, but their electron configuration renders them mostly inactive under normal conditions. Rare gases are non-metallic, colorless or light blue in appearance, and have very low reactivity with other atoms/molecules under normal conditions. Noble gases are also used in medical applications, such as Nobel lasers for ophthalmic and cosmetic surgery, as well as dermatological treatments. Xeon gas is used in plasma televisions. They are also used in the aviation and aerospace industries as spacecraft propulsion systems. Prices for rare gases are heavily influenced by conventional gas prices. Nobel gases are extracted from the air using cryogenic separation and purification. Prices for rare gases fall as hydrogen and nitrogen gas prices rise.

 

Report Coverage

This research report categorizes the market for United States rare gases market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States rare gases market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the United States rare gases market.

 

United States Rare Gases Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 267.15 Million
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:4.4%
2033 Value Projection:USD 411.45 Million
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By Application
Companies Covered: Linde North America, Inc., Air Products & Chemicals, Inc., Praxair, Inc., American Air Liquide Holdings, Inc., Matheson Tri-Gas, Inc. and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

Rare gases, such as helium, neon, argon, krypton, xenon, and radon, are gaining popularity in the automotive industry due to their distinct properties and versatility. For example, argon, which has excellent thermal insulation properties, is widely used in airbags and welding processes in automotive manufacturing. Xenon, with its high lumen efficiency and low power consumption, is used in high-intensity discharge (HID) lamps for vehicle headlights to improve visibility and safety on the road. Furthermore, helium is a key component in leak detection systems for critical components such as fuel tanks, cooling systems, and air conditioning units. Its low molecular weight and inert nature make it an excellent candidate for detecting even the smallest leaks. This is critical to the overall safety and reliability of automotive systems. These diverse applications demonstrate the increasing importance of rare gases in the automotive industry. As the automotive sector grows, driven by factors such as increased automobile production and a push for energy-efficient lighting solutions, demand for rare gases is expected to rise even further.

 

Restraining Factors

The fluctuating United States market prices of these gases are a critical factor limiting U.S rare gases market growth. Except for helium, the prices of all inert gases are individually negotiated by consumers and producers. Regional competition, volume required, contract duration, energy costs, air separation unit operating duration, and transportation distance all have an impact on the product's costs.

Market Segment

  • In 2023, the neon segment accounted for the largest revenue share over the forecast period.

Based on the type, the United States rare gases market is segmented into neon, krypton, and xenon. Among these, the neon segment has the largest revenue share over the forecast period. Neon, a noble gas found in the Earth's atmosphere, is well-known for its distinctive red-orange glow when used in lighting. This distinguishing characteristic, combined with its color stability, high visibility, and low reactivity, makes neon an excellent choice for a variety of applications. Whether it's illuminating storefronts, making eye-catching signs, or adding a pop of color to architectural designs, neon has become synonymous with captivating visual displays.

 

  • In 2023, the electronics segment accounted for the largest revenue share over the forecast period.

Based on the application, the United States rare gases market is segmented into automotive, electronics, consumer durables, construction, and others. Among these, the electronics segment has the largest revenue share over the forecast period. Rare gases, such as helium, neon, argon, krypton, xenon, and radon, have found numerous applications in the electronics industry due to their unique properties. For example, neon, with its vibrant glow, is widely used in advertising lighting and signage to create captivating visual displays that catch the eye. Helium, on the other hand, has a low boiling point and is essential for cooling superconducting magnets in MRI scanners, ensuring optimal performance and accuracy.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States rare gases market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Linde North America, Inc.
  • Air Products & Chemicals, Inc.
  • Praxair, Inc.
  • American Air Liquide Holdings, Inc.
  • Matheson Tri-Gas, Inc.
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In December 2022, Air Liquide S.A. and Air Products and Chemicals, Inc. have announced a groundbreaking collaboration aimed at transforming the pharmaceutical industry. They are working tirelessly to create an innovative and cutting-edge rare gas purification technology. This groundbreaking technology is poised to transform pharmaceutical production by effectively removing impurities from rare gases, ensuring their utmost purity, and making them ideal for a wide range of medical applications. By ensuring the highest quality standards in the manufacturing process, this collaboration aims to improve the safety and efficacy of pharmaceutical products, ultimately benefiting healthcare professionals and patients.

 

Market Segment

This study forecasts country revenue from 2022 to 2033. Spherical Insights has segmented the United States rare gases market based on the below-mentioned segments:

 

United States Rare Gases Market, By Type

  • Neon
  • Krypton
  • Xenon

 

United States Rare Gases Market, By Application            

  • Automotive
  • Electronics
  • Consumer Durables
  • Construction
  • Others

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