NEWARK, Del, June 27, 2024 (GLOBE NEWSWIRE) -- The global rare gas market will reach a valuation of US$ 3.9 billion in 2024, owing to the factors such as electrification of transportation. The trend is set to create new opportunities for the market, leading to a projected CAGR of 5.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 6.5 billion by 2034.
Increasing investments in infrastructure projects, such as urban development, transportation networks, and renewable energy installations, drive the demand for rare gases used in construction materials, lighting, and energy efficient technologies.
Advances in materials science, including the development of novel materials with unique properties enabled by rare gases, create new opportunities for rare gas utilization in sectors like electronics, optics, and coatings.
Growing demand for specialty gases with precise compositions and high purity levels, particularly in industries like electronics manufacturing and scientific research, presents opportunities for suppliers to expand the product offerings and cater to niche markets.
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The deployment of carbon capture and storage technologies to mitigate greenhouse gas emissions from industrial processes and power generation can drive the demand for rare gases used in carbon capture, purification, and storage operations.
The development of smart cities, characterized by advanced technologies for energy management, transportation, and waste management, relies on rare gases for various applications such as sensors, LED lighting, and smart grids.
Adoption of advanced manufacturing techniques such as additive manufacturing and precision engineering drives the demand for rare gases for applications like inert gas shielding and laser processing.
Ongoing innovation in the healthcare sector, including the development of new medical devices, diagnostic technologies, and pharmaceuticals, creates demand for rare gases used in medical imaging, anesthesia, and cryogenic applications.
The shift of the aviation industry towards hybrid and electric aircraft technologies requires rare gases for battery cooling, thermal management, and inert gas systems, offering growth opportunities for rare gas suppliers.
“Increasing focus on carbon neutrality and sustainability drives the adoption of rare gases in carbon neutral technologies such as hydrogen fuel cells, carbon capture, and utilization, contributing to market growth,” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
How Is Increasing Adoption Of Rare Gas In GPS Systems Influencing Sales?
Rising investments in research and development for developing helium-based devices are expected to fuel sales in the rare gas market. Helium is a frictionless fluid and has the ability to produce auditory sensation, which is driving its application in the global positioning system (GPS).
Rare gas manufacturers are utilizing helium to improve the performance of GPS systems in airplanes and in submarines. However, research is still being conducted for these applications, funded by the National Aeronautics and Space Administration (NASA) to develop advanced technologies.
GPS technology is used in a variety of applications including road, aviation, marine, and location-based services. Numerous enterprises use location-based data for advertising applications to enhance customer experience.
Increasing demand for smartphones and GPS-enabled vehicles creates sales prospects for helium gas over the forecast period.
Key Takeaways from the Market Study
- Global rare gas market was valued at USD 3.7 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 2.2%.
- The market in China to expand at a CAGR of 5.7% through 2034.
- By supply mode, the cylinders segment to account for a share of 67.3% in 2024.
- The market in India will expand at a CAGR of 7.6% through 2034.
- In terms of end use, the manufacturing segment to account for a share of 38.7% in 2024.
Competitive Landscape
Prominent players in the rare gas market are Air Gas, Air Liquide, Matheson Tri-Gas, Inc., Messer Group GmbH, American Gas Products, The Linde Group, Air Products & Chemicals, Inc., Air Water Inc., Axcel Gases, Specialty Chemical Products Inc., Specgas Inc., Dakota Gasification Co., Nova Gas Technologies Inc., and Iwatani Corporation, among others.
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Company Portfolio
Iwatani Corporation is a leading player in the rare gas market, offering helium, argon, and other rare gases for industrial and healthcare applications. The company has a strong presence in Asia Pacific and North America, with a focus on customer centric solutions.
Messer Group GmbH is a global player in the rare gas market, offering a wide range of industrial gases including rare gases for various applications. The company focuses on sustainability and innovation, with a strong commitment to customer satisfaction.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global rare gas market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the rare gas market, the market is segmented on the basis of rare gas type (argon, krypton, neon, xenon, and helium), supply mode (cylinders, bulk and micro bulk, drum tanks, and on site), and end use (healthcare, manufacturing, electronics, laser, lighting, and others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
Key Segments of Market Report
By Rare Gas Type:
The report consists of key types of rare gas including argon, krypton, neon, xenon, and helium.
By Supply Mode:
The market is classified into cylinders, bulk and micro bulk, drum tanks, and on site.
By End Use:
The market is classified into healthcare, manufacturing, electronics, laser, lighting, and others.
By Region:
The analysis of the rare gas market has been carried out in key countries North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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