Rare Gas Market- Global Industry Analysis and Forecast (2023-2029)

Rare Gas Market was valued at US$ 3.66 Bn. in 2022. Global Rare Gas Market size is expected to grow at a CAGR of 4.75 % through the forecast period.
Rare Gas Market Overview:
Rare gases are also called noble gases. They are inert and unreactive. They are manufactured by Air Separation Units (ASU) and found with very low concentrations in the environment.

Most rare gases are very stable because their ionization energy is very high. That makes them very useful as ion beam sources to clean, cut, or welds materials. Another property is the unique ability to produce bright light that can take the form of a laser (neon/helium laser) or a light source (xenon). After all, they are very heavy and dense gases, so they are used for drive motors and window insulation.To know about the Research Methodology :- Request Free Sample Report
Rare Gas Market Dynamics:
Rare Gas Market Drivers:

1) Rising Nitrogen and Hydrogen Gas Prices: Rising hydrogen and nitrogen costs are contributing to the growth of rare gases in the rare gas market. Inert gases are mainly used in the aerospace industry to provide propulsion to spacecraft. Conventional gas prices have a major impact on rare gas prices. It is estimated that rising prices of nitrogen and hydrogen gas will contribute to lower prices of rare gases and create incentives for market growth from the consumer's point of view. 9.5% of CAGR is expected for the Nitrogen gas market through the forecasted period while for hydrogen gas market 9.2% of CAGR is expected through the forecasted period.

2) Inert Nature of Rare Gases: The demand for rare gases is increasing in applications where oxidation and other reactions are not desirable due to the non-reaction of the inert properties with other elements. Rare gases are ideal for use in tubes and light bulbs because they do not react to heat and are expected to increase demand during the forecast period. It is expected that various new rare gas production plants will be built to meet the demands of the current market to increase production capacity, which is expected to increase the demand for noble gases around the world.

Rare Gas Market Restraints:

Rare Gas Maintenance Costs: Maintenance costs are the main reason for the growth of the rare Gas market around the world. Therefore, alternative gases are being considered because they are cheaper to install and maintain than rare gases.
Rare Gas Market Segment Analysis:
Based on Type, Argon gas occupies a high share of the market, primarily due to its large-scale use as a protective gas in metal manufacturing processes. Argon protects rare metals from the formation of oxides and nitrides by preventing the entry of air. In aluminium production, argon mixed with Nitrogen, and Carbon Monoxide accelerates degassing and removes hydrogen and solid impurities from molten aluminium. The market size for Argon gas is expected to grow by US$ 5.13 billion at a CAGR of 5% through the forecasted period.

Neon gas, on the other hand, mainly manufactures excimer lasers. These laser applications are used in photolithography, the primary process for manufacturing integrated circuits and annealing polysilicon wafers for semiconductor and flat panel display applications. 7.1% of CAGR is expected for the Neon gas market through the forecasted period and the other type is helium which is also having useful applications.

The helium gas market is expected to grow at a CAGR of 4% through the forecasted period. It is widely used the in the healthcare industry for cooling magnets of machines. North America region dominates the helium gas market. It is used in Metal fabrication, Aircrafts, Nuclear power and the Semiconductor market.

Based on the End User, the Rare Gas Market is segmented into Healthcare, Electronics, Aerospace, Construction, Energy & Power, and Others. The rare gas market has the highest demand in the medical sector because they are involved in the cooling of superconducting magnets in the MRI scanner. 9% of CAGR is expected for Healthcare Rare gas market through the forecasted period.



The energy and power segment dominates the rare gas market during the forecast period. Rare gases are used for lighting because they emit light when an electric field is applied. Rare gases are used in compact fluorescent lamps (CFLs), high-intensity discharge lamps (HIDs), and other lighting applications. Rapid advances in semiconductor technology have led to the development of light-emitting diode (LED) lamps that emit light without the use of glass with semiconductor diodes.
Rare Gas Market Regional Insights:
The Asia Pacific region dominated the market with 32.40% share in 2022. The Asia Pacific region is expected to witness significant growth at a CAGR of 6.1% through the forecast period. Asia Pacific region is expected to grow fast through the forecasted period due to the initiatives is undertaken by governments of different countries of Asia region to strengthen their manufacturing and electronics market.

North America is one of the world's most important rare gas markets due to the mass production of this gas in the region. Huge investments in the development of air separation and production technologies in North America are expected to encourage the region's demand for rare gases over the next few years. 4.30% of CAGR is expected for the rare gas market through the forecasted period.

The increasing demand for rare gases in Europe has had a positive impact on the growth of markets in the region due to high probability rates, technological advances, and high disposable incomes and improved living standards for the masses. Supporting government investment in the production of inert gas in Europe is expected to drive the growth of the region's inert gas market from 2022 to 2029.

The objective of the report is to present a comprehensive analysis of the global Rare Gas Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Rare Gas Market dynamics, and structure by analyzing the market segments and projecting the Rare Gas Market size. Clear representation of competitive analysis of key players by Product type, price, financial position, product portfolio, growth strategies, and regional presence in the Rare Gas Market make the report investor’s guide.
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Rare Gas Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 3.66 Bn.


Forecast Period 2023 to 2029 CAGR:
4.75%
Market Size in 2029:
US $ 5.07 Bn.


 Segments Covered:
by Type
• Helium
• Krypton
• Argon
• Neon
• Xenon
• Radioactive Radon


by Application
• Picture Projection
• Anesthetic
• Welding
• Insulation
• Lighting
• Television Tubes
• Advertising
• Refrigerant
• Working Fluid
• Chemical Analysis
• Others


by End User
• Healthcare
• Electronics
• Aerospace
• Construction
• Energy & Power
• Others


by Distribution Channel
• Bulk



Rare Gas Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Rare Gas Market Key Players
• Air Liquide
• Air Product Inc.
• Linde Group plc.
• Praxair Technology Inc.
• Matheson Tri-Gas Inc
• Noble Gas Solution
• Cryoin Engineering
• BASF
• Messer Group
• Taiyo Nippon Sanso
• Airgas
• Iwantani
• Iceblick Ltd
• Advance Specialty Gases Inc

Frequently Asked Questions:

1. Which region has the largest share in Global Rare Gas Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Rare Gas Market?
Ans: The Global Rare Gas Market is growing at a CAGR of 4.75% during forecasting period 2023-2029.

3. What is scope of the Global Rare Gas Market report?
Ans: Global Rare Gas Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Rare Gas Market?
Ans: The important key players in the Global Rare Gas Market are – Air Liquide, Air Product Inc., Linde Group plc., Praxair Technology Inc., Matheson Tri-Gas Inc, Noble Gas Solution, Cryoin Engineering, BASF, Messer Group, Taiyo Nippon Sanso, Airgas, Iwantani, Iceblick Ltd, and Advance Specialty Gases Inc

5. What is the study period of this Market?
Ans: The Global Rare Gas Market is studied from 2022 to 2029.