Top Emerging Trends Of Noble Gas Market Progress Forecast 2030 |Grand View Research, Inc.

Author : Mrudula Karmarkar | Published On : 28 Dec 2023

San Francisco, 28 Dec 2023: The Report Noble Gas Market Size, Share & Trends Analysis Report By Product (Helium, Neon, Argon, Krypton, Xenon), By Application (Healthcare, Electronics, Aerospace, Construction), By Distribution, By Region, And Segment Forecasts, 2023 - 2030

The global noble gas market size is expected to reach USD 4.03 billion by 2030, registering a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing application for noble gases in healthcare and industrial sectors and supportive government policies are expected to boost the market growth.

Noble gases are expected to gain preference in the manufacturing industry worldwide owing to their usage in metal melting applications due to their inertness at high temperatures. These gases are used for the distillation of highly pure oxygen by carrying out the cryogenic distillation of air. The flourishing display market worldwide plays a vital role in surging the consumption of noble gases in electronic applications. Improving economic conditions in China and India also contribute to the rising demand for electronic goods, thereby leading to increased consumption of noble gases in these countries.

Helium is required in healthcare due to its unique properties such as low reactivity with other elements and low molecular weight which is useful for various treatment applications in healthcare. Helium is given along with oxygen for respiratory ailments such as asthma exacerbation and bronchitis to make it easier for the patient to breathe. The use of noble gas in healthcare is expected to increase owing to the rising applications for noble gas in healthcare during the forecast period which is a major market opportunity.

Rapid growth in end-use industries such as healthcare, manufacturing, chemical, and electronics is expected to drive the growth of the noble gas industry. These gases have unique properties which benefit many end-use industries by improving yield, optimizing performance, and lowering cost.

The demand for noble gas has increased in the healthcare sector due to increased hospitalizations. The COVID-19 virus damaging a patient’s lungs has led to many serious patients needing respiratory support across the globe increasing the demand for noble gases in the sector. However, demand from industrial and commercial end-users saw a significant dip in 2020 owing to the lockdown imposed in the majority of countries around the globe.

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Noble Gas Market Report Highlights

  • In 2022, helium emerged as the largest segment and accounted for 47.44% of the revenue share owing wide application range in healthcare, manufacturing, and aerospace increasing its demand
  • The U.S. emerged as the largest market in North America in 2022. The U.S. is the most significant market for noble gas in North America owing to the bulk production of these gas in the country. The production of high-purity noble gas is carried out on a large scale in the U.S. owing to their surged consumption in healthcare applications
  • The healthcare application segment is expected to account for the largest share of the market from 2023 to 2030. Increased preference for noble gas in healthcare facilities owing to their risen applicability rate in medical applications is a factor driving the growth of the healthcare application segment

Noble gases are expected to gain preference in the manufacturing industry worldwide owing to their usage in metal melting applications due to their inertness at high temperatures. These gases are used for the distillation of highly pure oxygen by carrying out the cryogenic distillation of air. The flourishing display market worldwide plays a vital role in surging the consumption of noble gases in electronic applications.

 Increasing application areas for noble gases in the healthcare and industrial sectors and supportive government policies are expected to boost the growth. The helium gas segment is projected to lead the market during the forecast period owing to increasing demand for it from various end-use industries such as manufacturing, aerospace, and healthcare, as well as the growing application scope of helium gas in cryogenics and analytical applications. The surging demand for noble gases from the manufacturing and electronics industries is anticipated to contribute to the growth over the forecast period.

Noble Gas Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 2.75 billion

Revenue forecast in 2030

USD 4.03 billion

Growth rate

CAGR of 5.6% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030  

List of Key Players of Noble Gas Market

  • Air Liquide
  • Air Products Inc.
  • BASF SE
  • Linde plc
  • Messer
  • TAIYO NIPPON SANSO CORPORATION
  • Norco Inc.
  • Iwatani Corporation