New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The Global Noble Gases Market Size is to Grow from USD 42.7 Billion in 2022 to USD 68.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.27% during the projected period. The rising adoption of noble gases in various applications such as picture projection, welding, insulation, lighting, television tubes, advertising, refrigerant, working fluid, chemical analysis, and others in several industries including electronics, aerospace, construction, healthcare, energy & power, and others is expected to boost the demand for the noble gases market during the forecast period. The rising utilization of noble gases in the healthcare industry over the forecast period is one of the major aspects driving the noble gas market growth.
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The noble gases market involves the commercial distribution and application of a distinct set of chemical elements distinguished by their low reactivity. Noble gases include helium (He), neon (Ne), argon (Ar), krypton (Kr), xenon (Xe), and radon (Rn) and are found in Group 18 of the periodic table. These gases are differentiated by their complete electron configurations, which render them chemically inert. As a result of their unique features, they have a wide range of uses. Lighting is one of the most common applications of noble gases. Argon and krypton, for example, are widely used in the production of energy-saving fluorescent lighting and incandescent bulbs. The dynamics of the noble gases market are impacted by technical breakthroughs, changing end-use sectors, and geopolitical events affecting extraction. Furthermore, the market for noble gases is evolving as new applications develop and companies seek more environmentally friendly options. The noble gases market is predicted to grow steadily as it adjusts to meet the changing needs of diverse sectors, with an increased emphasis on environmental responsibility and energy efficiency. The rising usage of noble gases in medical equipment, as well as increased investment in developing nations to build medical infrastructure, all contribute to the growth of the noble gas market.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Noble Gases Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Argon, Krypton, Helium, Neon, Xenon, Radon, Others), By Distribution (Bulk, Cylinder, Others), By End-use Industry (Electronics, Aerospace, Construction, Healthcare, Energy & Power, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The helium segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global noble gases market is segmented into the argon, krypton, helium, neon, xenon, radon, and others. Among these, the helium segment is dominating the market with the largest revenue share of 54.6% over the forecast period. This is mainly due to a greater understanding of healthcare among the general population, as well as rapid innovation and discoveries in the medical business aimed at providing low-cost healthcare services, which has resulted in an increase in demand for noble gases.
The cylinder segment is expected to hold the largest share of the Global Noble Gases Market during the forecast period.
Based on the distribution, the global noble gases market is classified into bulk, cylinder, and others. Among these, the cylinder segment is expected to hold the largest share of the noble gases market during the forecast period. This is due to its numerous applications in fields ranging from healthcare to electronics to research. The most popular way to store and distribute noble gases is in cylinders. Cylinders are versatile and convenient, making them a popular choice among many users.
The construction segment accounted for the largest revenue share of more than 33.5% over the forecast period.
On the basis of the end-use industry, the global noble gases market is segmented into electronics, aerospace, construction, healthcare, energy & power, and others. Among these, the construction segment is dominating the market with the largest revenue share of 33.5% over the forecast period. The majority of the world's noble gas production is consumed by the construction industry. Demand for helium and other noble gases, which are used in arc welding and to insulate window panes, is increasing as the government invests more in constructing world-class infrastructure.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This is driven by government initiatives in various Asia Pacific countries to strengthen their manufacturing and electronics industries through grants, trade advancement, and favorable guidelines, as well as increased foreign investment, all of which will contribute to rising product demand during the forecast period. The rise in investment in nuclear fusion power plant development in China is expected to boost the expansion of the noble gas industry. On the other hand, North America is predicted to expand the fastest during the forecast period. North America is one of the world's main markets for noble gases, owing to the region's massive production of these gases.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Noble Gases Market include BASF SE, Linde plc, Messer, Air Liquide, Norco Inc., Gulf Cryo, Royal Dutch Shell PLC, Air Products Inc., Iwatani Corporation, SHOWA DENKO K.K., RasGas Company Limited, MESA Specialty Gases & Equipment, Taiyo Nippon Sanso Corporation, Praxair technology Inc., Matheson Tri-Gas, Inc. and among others.
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Recent Developments
- On May 2023, American Noble Gas Inc. announced the acquisition of a 60.7143% stake in GMDOC, LLC, a Kansas limited liability company that previously purchased working interests in certain oil and gas leases (the "GMDOC Leases") from Castelli Energy, L.L.C, an Oklahoma limited liability company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Noble Gases Market based on the below-mentioned segments:
Noble Gases Market, Product Type Analysis
- Argon
- Krypton
- Helium
- Neon
- Xenon
- Radon
- Others
Noble Gases Market, Distribution Analysis
- Bulk
- Cylinder
- Others
Noble Gases Market, End-use Industry Analysis
- Electronics
- Aerospace
- Construction
- Healthcare
- Energy & Power
- Others
Noble Gases Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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