NEW YORK, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Some interesting insights are provided in a new IndexBox report on the global rare gas market.
Rare Gas Market Overview
The global rare gas market is expected to expand from $7.3B in 2022 to $9.3B in 2030, soaring at a CAGR of 3.0% during the forecast period. The major drivers for growth are the increasing demand for flat panel displays (FPDs), semiconductors, optical fibers, and medical diagnostic equipment. The electronic industry is the largest consumer of rare gases. It is followed by the healthcare sector.
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Rare gases are widely used as dopants to improve electrical properties of semiconductors, in LED lights to improve their efficiency and lifespan, and for manufacturing MRI scanners and X-ray machines. Helium is the most widely used rare gas, followed by neon and argon.
The Asia-Pacific region is forecast to be the largest market for rare gases due to growing demand from China and India. North America is also expected to witness significant growth due to the presence of major players in the region.
Types of Rare Gases
There are four main types of rare gases: helium, neon, argon, and krypton. Helium is the most abundant, making up about 23% of Earth's atmosphere, followed by Neon with 18%. Argon accounts for approx. 1% of the air and krypton totals only a trace amount.
Each of these gases has unique properties that make them useful in different applications. Helium is used in welding and aerospace applications because of its low boiling point and high thermal conductivity, while neon - in advertising manufacturing and lighting because it emits a bright red light when electrically excited. Argon is used in incandescent light bulbs and fluorescent lights as it prevents oxygen from reacting with the hot filament. Krypton has found application in some fluorescent lights and lasers because of its high atomic weight and low ionization potential.
Prices for rare gases are expected to rise in the coming years due to increased demand from China and other countries. This will have a significant impact on many industries that rely on rare gas as a source of energy, such as the automotive and aerospace ones.
Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has had a significant impact on the neon market. Ukraine produced approximately 80% of total global neon production prior to the conflict. As a result, Ukrainian production has decreased dramatically, leaving the global market reliant on supplies from Russia. This has resulted in higher prices for neon, and other rare gases, as well as increased geopolitical tensions. The situation is further complicated by the fact that many of the world's largest producers of rare gases are located in volatile regions, such as the Middle East. The impact of the Russia-Ukraine conflict on the neon market highlights the importance of stable supplies of these vital materials.
Environmental Issues
The rare gases have had a profound impact on the environment, particularly in terms of the ozone layer. The depletion of this critical layer has been linked to the use of certain gases, which are used in a variety of industrial and commercial applications. While the impact of them on the environment is still being studied, there is growing evidence that they destroy the ozone layer and affect the climate by trapping heat in the atmosphere. This could hamper the rare gas market growth in the future.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Linde Plc, Air Products and Chemicals Inc., Praxair Inc., Messer Group GmbH
Sources
World – Rare Gases (Excluding Argon) - Market Analysis, Forecast, Size, Trends and Insights
EU - Rare Gases (Excluding Argon) s - Market Analysis, Forecast, Size, Trends and Insights
Asia - Rare Gases (Excluding Argon) - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Rare Gases (Excluding Argon) - Market Analysis, Forecast, Size, Trends and Insights
