Global Rare Gas Market – Industry Trends and Forecast to 2029

Global Rare Gas Market By Type (Neon, Krypton, Xenon), Functions (Illumination, Insulation, Scanning, Anaesthesia, Semiconductors, and Satellites), Transportation (Cylinders & Liquid Containers, Tonnage Distribution, Bulk and Micro Bulk Delivery), End Use (Manufacturing & Construction, Electronics, Automotive and Transportation Equipment, Health Care) – Industry Trends and Forecast to 2029

Market Analysis and Size

Under normal conditions, noble gas is a chemically inert gas that finds use in a variety of industries including healthcare, aerospace, construction, energy & power, and electronics because it is non-combustible, noncorrosive, nontoxic, colourless, and odourless, and has the lowest boiling point, it is useful in cryogenic applications such as welding, insulation, lighting, and refrigeration.

Data Bridge Market Research analyses that the rare gas market was valued at USD 684.68 million in 2021 and is expected to reach the value of USD 1295.73 million by 2029, at a CAGR of 8.30% during the forecast period of 2022 to 2029.

Market Definition

Inert gases such as helium, neon, krypton, and xenon are classified as rare gases. These elements are abundant in the Earth's atmosphere, but due to their electron configuration, they are mostly inactive under normal conditions. Rare gases are non-metallic in nature, colourless or light blue in appearance, and have a very low reactivity to other atoms/molecules under normal conditions.

Report Scope and Market Segmentation

Global Rare Gas Market Dynamics

Drivers

• Growing demand from the metal manufacturing industries

Noble gases are expected to gain popularity in the manufacturing industry around the world due to their inertness at high temperatures and use in metal melting applications. By performing cryogenic distillation of air, these gases are used to produce highly pure oxygen. The thriving global display market is critical in driving up the consumption of noble gases in electronic applications.

• The expansion of health care industry and rising demand for medical application

Noble gases are used as a delivery system for drugs that are inhaled because these gases are non-reactive with other elements and non-toxic to humans, they are ideal for use in medical applications. The healthcare sector is expanding as a result of rising life expectancy, rising population, and expanding urban wealth. Based on these considerations, the demand for noble gases is expected to rise over the forecasted period. Due to an increase in hospitalizations, the demand for noble gases has increased in the healthcare sector. The COVID-19 virus, which damages a patient's lungs, has resulted in many serious patients worldwide requiring respiratory support, increasing the demand for noble gases in the sector.

Opportunity

The increased demands for natural fossil fuels to power most industrial plants, as well as the development of nuclear fusion reactors for future renewable and environmentally friendly energy, are likely to provide opportunities for the rare gas market to grow. Hyperion's innovation and breakthrough in the development of a safe, small-scale nuclear fission reactor is contributing to the market's growth.

Restraints

High cost of manufacturing noble gases is a major impediment to the market growth. Huge expenses for shipping and high-priced investment for crude material are the reasons challenging the rare gas market growth.

This rare gas market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the rare gas market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Rare Gas Market

The COVID-19 pandemic has increased demand for noble gases, which are widely used in the healthcare industry. To meet the demand during this period, industry manufacturers are establishing additional noble gas manufacturing facilities to increase capacity production of noble gases. However, demand from industrial and commercial end-users is expected to fall significantly in 2020 as a result of the global lockdown imposed in the majority of countries.

Global Rare Gas Market Scope

The rare gas market is segmented on the basis of type, functions, transportation and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Neon
• Krypton
• Xenon

Functions

• Illumination
• Insulation
• Scanning
• Anaesthesia
• Semiconductors
• Satellites

Transportation

• Cylinders & Liquid Containers
• Tonnage Distribution
• Bulk and Micro Bulk Delivery

End user

• Manufacturing & Construction
• Electronics
• Automotive and Transportation Equipment
• Health Care

Rare Gas Market Regional Analysis/Insights

The rare gas market is analysed and market size insights and trends are provided by country, type, functions, transportation and end-use as referenced above.

The countries covered in the rare gas market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa.

Asia-Pacific (APAC) is expected to account for the largest market share due to initiatives undertaken by governments of various Asia Pacific countries to strengthen their manufacturing and electronics industries in the form of subsidies, trade promotion, and supportive policies, as well as increased foreign investments, which are expected to expand product demand over the forecast period. Because of the region's large-scale production of these gases, North America is one of the world's most important markets for noble gas. Massive investments in developing air separation techniques and production technologies in North America are expected to increase the region's demand for noble gas in the coming years.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Rare Gas Market Share Analysis

The rare gas market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Rare Gas market.

Some of the major players operating in the rare gas market are:

• Air Products Inc., (U.S)
• Linde Plc (Germany)
• Air Liquide (France)
• Ellenbarrie Industrial Gases (India)
• Praxair Technology, Inc., (U.S)
• TAIYO NIPPON SANSO CORPORATION, (Japan)
• AIMS INDUSTRIES PRIVATE LIMITED (India)
• scicalgas (U.S)
• SOL Group (Italy)
• Atlas Copco AB (Sweden)
• Zaburitz Pearl Energy Co., Ltd., (Myanmar)
• Rotarex (Luxembourg)
• Messer Group GmbH (Germany)
• Amico Group, (UAE)
• GCE Group (Sweden)