Noble Gas Market by Product (Helium, Neon, Argon, Xenon, Krypton, and Radon) and End User (Health Care, Electronics, Aerospace, Construction, Energy & Power, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
The global noble gas market size was valued at $8.2 billion in 2020, and noble gas market forecast projected to reach $14.0 billion by 2030, with global noble gas market forecast expected at a CAGR of 5.4% from 2021 to 2030.
Noble Noble gases makeup a class of chemical elements with chemically with similar properties; under standard conditions, they are all colorless, odorless, monoatomic gases with low chemical reactivity. They are highly unreactive expect when under particular extreme conditions. The inertness of noble gases makes them suitable in applications where reactions are not wanted. For instance, argon is used in incandescent lamps to prevent the hot tungsten filament from oxidizing. In addition, helium is used in breathing gas by deep sea drivers to prevent oxygen, nitrogen, and carbon dioxide toxicity. Noble gases find their major application in the production of aircraft parts, as they are used to protect metals from rusting and from high temperature. In addition, they are applicable in propulsion systems, for instance, recent SpaceX Starlink satellite uses krypton-based ion engines as propulsion device. Thus, increase in applications of noble gas and rise in investments are expected to drive the growth of the global noble gas market.
Most of the noble gases are used in excimer lasers, which are based on short lived electronically excited molecules known as excimers. These lasers produce ultraviolet light due to short wavelength, which led to the application in the high-precision imaging such as in the production of microelectronic devices, eye surgery, semiconductor-based integrated circuits, and micromachining. They are majorly used in the industrial and scientific applications. For instance, they are used in microlithography and microfabrication that are essential for integrated circuit manufacture. Increase in demand for electronic gadgets and innovation toward portable electronics are driving the demand for noble gas. Furthermore, rapid development in IoT in various sectors is a major factor driving the demand for silicon microprocessor. Increase in the demand for microprocessor to meet the demand for electronics is a major driving factor of the noble gas market. Moreover, rapid upgrade in the electronics sector is expected to provide lucrative opportunities for the growth of noble gas market.
The depletion of resources across the globe led to the development of space-based mission to use space resources, hence, increase in need for sophisticated technologies has fostered the demand for noble gases in the aerospace industry. Furthermore, increase in the application of noble gases in the propulsion system and energy systems in the space craft is expected to provide lucrative opportunities for the growth of noble gas market.
However, high cost of production and scarcity of noble gases in the earth’s crust and atmosphere are major factors hampering the growth of the noble gas market. Increase in innovation of cost-effective alternatives to noble gas acts as a major restraining factor of the noble gas market.
The global noble gas market is segmented into product, by end use, and region.
On the basis of type of product, the global noble gas market is segmented into helium, neon, argon, xenon, krypton, and radon. The end users covered in the study include healthcare, electronics, aerospace, construction, energy & power, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include Air Liquide, Air Products and Chemicals Inc., Airgas Inc., American Gas, BASF SE, Gulf Cryo, Linde, Praxiar Technology, Royal Dutch Sell PLC, and Ra Gas Company Limited. The growth strategies such as acquisition, partnership, product launch, and business expansion strategies are adopted by these players to attain key developments in the noble gas market.
By End user • Healthcare
• Energy & Power
By Region • North America
o Rest of Europe
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
Key players in the global noble gas market are:
1. Air Liquide
2. Air Products and Chemicals Inc.
3. Airgas Inc.
4. American Gas
5. BASF SE
6. Gulf Cryo
8. Praxiar Technology
9. Royal Dutch Sell PLC
10. Ra Gas Company Limited
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