New York, United States, March 21, 2024 (GLOBE NEWSWIRE) -- Noble gases are odorless, colorless, one-atom chemical elements. They seldom combine with other compounds. Nature's noble gases are Helium, neon, argon, krypton, xenon, and radioactive radon. Noble gases are crucial in industries like welding, illumination, and space exploration. Noble gases are cold refrigerants due to their low freezing and boiling temperatures. Helium and xenon are utilized in MRI and sedation. Industrial use of noble gases drives the market. The most common inert gas is pure argon gas, which is abundant (78.3% N2, 1% Ar in air) and cheap. Cryogenics and nuclear reactor cooling utilize Helium's low boiling point. Krypton and Xenon light runways and camera flashes.
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Noble Gases Gaining Preference in the Healthcare Industry Drives the Global Market
Using noble gases in medical tools like MRI and optometry is easy because medical tools have improved, and the government spends more on health care. These gases are great for use in health care because they do not mix with other things and aren't dangerous to people. Numerous uses of noble gases include imaging contrast, testing, home and institutional breathing therapy, tool and equipment cleaning, dentist and general surgery anesthesia, and many others.
High Penetration Creates Tremendous Opportunities
Helium is used in numerous medical treatments due to its low molecular weight and low reactivity. Noble gas use in healthcare will increase over the projected period, producing a huge market. Argon gas is used in healthcare, industry, and aircraft. In the manufacturing industry, argon oxygen decarburization makes stainless steel by injecting argon and oxygen into liquid steel. In addition, the demand for steel manufacturing is predicted to expand because of industrialization in emerging nations that demands high-quality steel and government efforts like the "Belt and Road" initiative that requires a lot of steel for infrastructure construction. Such factors create opportunities for market growth.
Competitive Players
The key players in the global noble gas market are Air Liquide, Air Products Inc., BASF SE, Linde plc, Messer, Taiyo Nippon Sanso Corporation, Norco Inc., Iwatani Corporation, Showa Denko K.K, MESA Speciality Gases & Equipment, and others.
Regional Analysis
North America is the most significant global noble gas market shareholder and is estimated to exhibit a CAGR of 4.21% during the forecast period. The demand in the region will increase significantly in the next few years because North America is spending a lot of money to improve air separation methods and production technologies. Due to mergers and deals by North American noble gas producers, the market for noble gas worldwide will likely rise over the forecast period. The regional market players can also get a start on plant growth because there are well-known market players with multiple production facilities in the area. In addition, the United States produces a lot of high-purity noble gas because it is used increasingly for medical uses. High-purity gas is increasingly used in critical medical equipment like MRI and CT scan machines, making the market for noble gases in North America grow.
In Europe, noble gas is used for welding, cutting, making metal, and printing on semiconductors. It has a big share of noble gases because the main players in the market have strong production and delivery systems. For instance, Messer Group manufactures in Belgium, France, Austria, Switzerland, Serbia, Hungary, etc. In addition, Europe's noble gas business is growing because more facilities are being built, new technologies are being made, people have more money to spend, and they are living better. The market for noble gases in Europe is also anticipated to expand due to their widespread application in the medical industry.
Key Highlights
- Based on products, the global noble gas market is bifurcated into helium, neon, argon, krypton, xenon, and others. The helium gas segment dominates the global market and is estimated to exhibit a CAGR of 4.8% over the forecast period.
- Based on application, the global noble gas market is bifurcated into healthcare, electronics, aerospace, construction, energy and power, and others. The healthcare segment owns the highest market share and is predicted to grow at a CAGR of 8.3% over the forecast period.
- Based on distribution, the global noble gas market is bifurcated into bulk, cylinder, and others. The bulk segment dominates the global market and is expected to grow at a CAGR of 5.8% over the forecast period.
- North America is the most significant global noble gas market shareholder and is estimated to exhibit a CAGR of 4.21% during the forecast period.
Market News
- In June 2023, Air Products and Chemicals Inc. and InnoGas joined forces to develop new noble gas extraction and production methods. InnoGas' technology extracts and purifies noble gases from the environment at a lower cost than existing approaches. InnoGas' technology with Air Products' gas production and distribution skills will produce a more affordable and sustainable noble gas supply chain.
- In April 2023, Linde AG, a big player in the market for industrial gases, revealed a new partnership with ExxonMobil to create new technologies for specialty gases, such as noble gases, with lower emissions.
Global Noble Gas Market: Segmentation
By Products
- Helium
- Neon
- Argon
- Krypton
- Xenon
- Others
By Applications
- Healthcare
- Electronics
- Aerospace
- Construction
- Energy and Power
- Others
By Distribution
- Bulk
- Cylinder
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Central and South America
- The Middle East and Africa
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