Global Noble Gas Market By Product (Helium, Argon, Neon, Xenon, Krypton, and Other Products), By Application (Healthcare, Aerospace, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: Jul 2022
- Report ID: 55515
- Number of Pages: 351
- Format:
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Noble Gas Market Overview:
The global market for noble gases was worth USD 2,329 million in 2021. It is expected to grow at a CAGR of 5.1% between 2023 and 2032.
Noble Gas Market growth is expected to be boosted by the expansion of applications for noble gases in the healthcare and industrial sectors, as well as supportive government policies. Due to the increasing demand from various end-use sectors such as manufacturing, aerospace, and healthcare, the helium segment is expected to dominate the market. Market growth is expected to be driven by the rising demand for noble gases in the electronics and manufacturing industries.
Global Noble Gas Market Analysis
Product Analysis
The market’s largest share, 50%, was helium in 2021. This is due to the rising demand for helium in aerospace, automotive, and manufacturing applications. Helium, a noble gas, is impossible to extract from the atmosphere. It is produced as a byproduct of natural gas extraction.
The natural gas from the earth is then extracted and the gas rejection units are used to store the gas. The gas is then processed to create high-quality Helium. There are many uses for helium in healthcare. For instance, liquid Helium is used in MRI machines that cool superconductive magnets. It is also used in helium-neon eye surgery.
Application Analysis
The construction segment accounting held a significant market share in 2021. Noble gases have many properties that allow for growth in healthcare. These include low chemical reactivity and fewer impurities. These properties make it easier to use and less likely to cause complications.
In North America, and the Asia Pacific, noble gases are increasingly being used for analytical purposes in the manufacturing, energy & strength, and construction industries. Due to rising healthcare spending, technological advances, and increased use of specialty gas in treatments, the demand for noble gases is on the rise. This drives the market’s growth in the healthcare application segment from 2023 to 2032.
Key Market Segments
By Product
- Helium
- Argon
- Neon
- Xenon
- Krypton
- Other Products
By Application
- Healthcare
- Aerospace
- Electronics
- Construction
- Other Applications
Market Dynamics
In 2021, the United States emerged as North America’s largest market for a noble gas. Due to its large-scale production, the U.S. is North America’s largest market for a noble gas. Due to the increased demand for high-purity noble gases in healthcare applications, large quantities of this gas are produced in the United States.
Due to their inertness at elevated temperatures, noble gases will be preferred in the global manufacturing industry. These gases can be used to distill highly pure oxygen through cryogenic distillation. A vital role is played by the flourishing display market around the world in driving up the use of noble gases for electronic applications.
These gases are expected to lead to significant advances in aerospace, electrical and electronics manufacturing, healthcare, and healthcare. Both in terms of commercialization as well as breakthroughs in research and development, Helium is making great progress.
Inhalation of noble gases can be used to transport drugs. These gases are not reactive with other elements and are non-toxic to people, making them ideal for health care applications. Due to rising life expectancy, increasing population, and growing urban wealth, the healthcare industry is experiencing rapid growth. These factors indicate that the demand for noble gases will rise over the forecasted time.
Due to an increase in hospitalizations, the healthcare sector has seen a rise in demand for noble gases. Due to the COVID-19 virus causing severe lung damage, many patients have needed respiratory support around the world. This has increased the demand for noble gas in this sector. Due to the lockdown in most countries, there was a noticeable drop in demand from commercial and industrial end-users in 2021.
Regional Analysis
The Asia Pacific held the largest market share, which is 34.4%, in 2021. This is due to the efforts of the governments of various countries in the Asia Pacific to improve their manufacturing and electronic industries. Because of its large-scale production, North America is one of the most important markets for noble gas worldwide. In the next few years, North American noble gas demand will rise due to massive investments in developing production techniques and air separation technologies.
The positive impact of the rising demand for noble gas in Europe has been positively influenced by the high rate at which facilities are being established, technological advances, high disposable income, and an improved standard of life. The growth of this market for noble gases in Europe is expected to be fueled by supportive government investments from 2023 to 2032.
Key Regions and Countries covered іn thе rероrt:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- MEA
- GCC
- South Africa
- Israel
- Rest of MEA
Market Share & Key Players Analysis:
This market is highly competitive. Key players are involved in R&D activities. Vendors also invent constantly, making it one of the most crucial factors for companies to succeed in this sector. Joint ventures and acquisitions are a key part of the market, as they allow companies to improve their market position. The market’s dominant trends indicate that companies producing noble gases are buying companies with patents and technologies for making these gases.
Companies in the market are taking strategic steps to increase their use of renewable resources and recycle and reuse byproducts. Superior service and delivery are the keys to suppliers’ competitiveness. R&D to expand the applications of noble gases R&D in different sectors like healthcare, aerospace, and manufacturing will contribute to market growth over the next few years.
Маrkеt Кеу Рlауеrѕ:
- Air Liquide S.A.
- Air Products Inc.
- BASF SE
- Linde plc
- The Messer Group GmbH
- Norco Inc.
- Iwatani Corporation
- SHOWA DENKO K.K.
- Other Key Players
For the Noble Gas Market research study, the following years have been considered to estimate the market size:
Attribute Report Details Historical Years
2016-2020
Base Year
2021
Estimated Year
2022
Short Term Projection Year
2028
Projected Year
2023
Long Term Projection Year
2032
Report Coverage
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
Regional Scope
North America, Europe, Asia-Pacific, South America, Middle East & Africa
Country Scope
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)
Q: What is the size of the Noble Gas market in 2021?A: The Noble Gas market size is US$ 2,329 million in 2021.
Q: What is the projected CAGR at which the Noble Gas market is expected to grow at?A: The Noble Gas market is expected to grow at a CAGR of 5.1% (2023-2032).
Q: List the segments encompassed in this report on the Noble Gas market?A: Market.US has segmented the Noble Gas market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Product, the market has been segmented into Helium, Argon, Neon, Xenon, Krypton, and Other Products. By Application, the market has been further divided into Healthcare, Aerospace, Electronics, Construction, and Other Applications.
Q: List the key industry players of the Noble Gas market?A: Air Liquide S.A., Air Products Inc., BASF SE, Linde plc, The Messer Group GmbH, Norco Inc., Iwatani Corporation, SHOWA DENKO K.K., and Other Key Players are engaged in the Noble Gas market
Q: Which region is more appealing for vendors employed in the Noble Gas market?A: APAC is expected to account for the highest revenue share of 34.4%. Therefore, the Noble Gas industry in APAC is expected to garner significant business opportunities over the forecast period.
Q: Name the key areas of business for Noble Gas?A: The US, India, China, Canada, UK, Japan, & Germany are key areas of operation for the Noble Gas Market.
Q: Which segment accounts for the greatest market share in the Noble Gas industry?A: With respect to the Noble Gas industry, vendors can expect to leverage greater prospective business opportunities through the helium segment, as this area of interest accounts for the largest market share.
- Air Liquide S.A.
- Air Products Inc.
- BASF SE Company Profile
- Linde plc
- The Messer Group GmbH
- Norco Inc.
- Iwatani Corporation
- SHOWA DENKO K.K.
- Other Key Players
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