Pune, India, Sept. 30, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global noble gases market size is expected to reach USD 53.71 billion by 2028, exhibiting a CAGR of 3.89% during the forecast period. The surging demand for helium will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report titled “Noble Gases Market, 2021-2028.” The market size stood at USD 40.34 billion in 2020.
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Segmentation:
Based on type, the market is categorized into helium, neon, argon, krypton, and xenon. Argon gas is expected to hold the largest noble gas share during the forecast period due to its large-scale application as a protective gas in the metal manufacturing process. Neon gas is expected to gain considerable share due to its utilization in the production of excimer lasers.
Based on application, the market is categorized into MRI & medical applications, electronics, fiber optics, carrier & lifting gas, cryogenics, and others. Krypton is categorized into lighting, window insulation, laser, and other applications. Xenon lastly is categorized into imaging & lighting, satellites, electronics & semiconductors, medical, and others.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 3.89% |
| 2028 Value Projection | USD 53.71 Billion |
| Base Year | 2020 |
| Noble Gases Market Size in 2020 | USD 40.34 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 300 |
| Segments Covered | By Type, By Application and Regional |
| Noble Gases Market Growth Drivers | Booming Steel Production to Benefit Noble Gases Industry |
| Increasing R&D for Noble Gases to Promote Growth in Europe |
Lists the Key Companies in the Noble Gases Market:
- Air Liquide (France)
- Air Products, Inc. (U.S.)
- Linde Group plc (Ireland)
- Praxair Technology, Inc. (U.S.)
- Matheson Tri-Gas, Inc. (U.S.)
- Noble Gas Solutions (U.S.)
- Cryoin Engineering (Ukraine)
- BASF (Germany)
- Messer Group (Germany)
- Taiyo Nippon Sanso Corporation (Japan)
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Competitive Landscape:
Companies Focus on Capacity Expansion to Strengthen Position
Because the production of individual gas components from air necessitates large air separation units and a high level of technical expertise, as well as large, specialized state-of-the-art storage units, the market is largely consolidated, with the top ten companies accounting for roughly 70% of the market. It now operates in over 78 countries and generates over USD 22 billion in sales. In September 2020, the business bolstered its expertise in extreme cryogenics by purchasing a controlling interest in Cryoconcept.
Major Driving Factor:
Booming Steel Production to Benefit Noble Gases Industry
With the uptick in construction and car manufacturing activity following Covid-19, demand for steel and steel products is expected to rise significantly in the coming years. According to the World Steel Association, global crude steel output grew by 1.75 percent year over year from 1,814 million tonnes in 2018 to 1,878 million tonnes in 2020. Argon is utilized in a variety of steel-making processes. It is blasted at high pressure to homogenize the liquid steel mixture and disperse unwanted gases like N2, H2, and CO from the mixture. In welding and vacuum induction applications, argon is utilized in large amounts as a protective gas. Many materials used in steel manufacturing, such as magnesium, chromium, titanium, and molybdenum, are sensitive to oxygen and nitrogen and quickly produce oxides or nitrides when exposed to them. As a result, argon shields molten metals from deterioration.
Global Report Coverage:
- It incorporates SWOT Analysis.
- It showcases the COVID-19 pandemic impact on the market.
- It highlights the latest technological advancements and key trends of the market.
- It assimilates the challenges and restraints to growth and advises strategies to
overcome those challenges.
- It describes the consumption rates and patterns associated with the market.
Regional Insights:
Increasing R&D for Noble Gases to Promote Growth in Europe
Europe is likely to be a major area for doing more research into the use of noble gases. For example, helium's superfluidity at temperatures below -271 C makes it a good coolant for particle accelerators like the S-DALINAC electron linear accelerator in Darmstadt, Germany, the German electron synchrotron DESY in Hamburg, and the LHC Large Hadron Storage Ring at CERN in Geneva, Switzerland. Furthermore, helium is used extensively to cool the region's MRI and NMR devices. As the prevalence of cancer rises due to a variety of factors like pollution and unhealthy living, the use of these machines is expected to rise, pushing up demand for helium in the region. The presence of high purity ores mines in South American countries will boost the noble gases market growth in Latin America. North America is expected to hold a significant noble gases market share during the forecast period due to the utilization of gas-based fluorescent tubes for lighting, especially in Las Vegas.
COVID-19 Impact:
As the oxygen demand increased dramatically during the pandemic, several gas companies fine-tuned their air separation divisions to generate oxygen rather than rare, inert gases. For example, on April 26th, 2021, the Colombian Chamber of Industrial and Medical Gases issued a notice, citing the strain on gas firms to satisfy the oxygen demand. As a consequence, the country's overall production has surpassed 105 percent of the installed capacity. On the other hand, total consumption increased by 74% from February 2020 to April 2021, from 330 to 575 tonnes per day. The market was significantly impacted as a result of this move. Furthermore, owing to lockdowns, several major end-use sectors, including electronics, aeronautics, lighting, and healthcare, had to restrict their manufacturing processes, further affecting the market's performance.
Industry Key Development:
March 2021: Noble Gas Solutions, a major supplier of industrial gases to hospitals and welding contractors, announced the inauguration of its new 6,000 sq. ft. store and warehousing capacity in South Glenn Falls. The company will supply nitrogen, oxygen, argon, and carbon dioxide to its customers in Northern U.S.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends
- Latest Technological Advancements
- Key Industry Developments
- Insights on Regulatory Scenario
- PEST Analysis
- Covid-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the impact
- Opportunities due to COVID-19 outbreak
- Global Noble Gases Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast, By Type (Volume and Value)
- Helium
- Neon
- Argon
- Krypton
- Xenon
- Market Analysis, Insights and Forecast, By Application (Volume and Value)
- Helium
- MRI & Medical Applications
- Electronics
- Fiber Optics
- Carrier & Lifting Gas
- Cryogenics
- Others
- Neon
- Laser
- Electronics
- Lighting
- Others
- Argon
- Protective Gas for Welding
- Steel Production
- Electronics & Semiconductors
- Lighting
- Others
- Krypton
- Lighting
- Window Insulation
- Laser
- Others
- Helium
TOC Continued…!
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Frequently Asked Questions (FAQs):
1. Is the Impact of COVID-19 on noble gases industry growing?
Answer: The global noble gases market size is expected to reach USD 53.71 billion by 2028, exhibiting a CAGR of 3.89% during the forecast period
2. Who are the key players in the Impact of COVID-19 on the Noble Gases Market?
Answer: Air Products, Inc. (U.S.), Linde Group plc (Ireland), Praxair Technology, Inc. (U.S.), Matheson Tri-Gas, Inc. (U.S.), Noble Gas Solutions (U.S.), Cryoin Engineering (Ukraine), BASF (Germany) and more.
3. Which is the leading segment in the market?
Answer: Argon is expected to be the leading type during the forecast period.
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