Noble Gas Market Is Expected To Expand Product Demand Over The Forecast Period

 Noble Gas Industry Overview

The global noble gas market size was valued at USD 2.47 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. Increasing application areas for noble gases in the healthcare and industrial sectors and supportive government policies are expected to boost the market 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 of the market over the forecast period.

The U.S. emerged as the largest noble gas market in North America in 2021. The U.S. is the most significant market for noble gas in North America owing to the bulk production 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.

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.

The utilization of these gases is expected to bring about significant advancements in the areas of aerospace, electrical & electronics, manufacturing, and healthcare. Helium is making significant progress both in terms of commercialization and breakthroughs in research & development. 

Gather more insights about the market drivers, restrains and growth of the Global Noble Gas market

Noble gases are used as a vector for drugs administered by inhalation. These gases are non-reactive with other elements and non-toxic to humans which makes them ideal for use in health care applications. The growth of the healthcare sector is mounting on account of increasing life expectancy, rising population, and expanding urban wealth. Based on these factors, the demand for noble gases is expected to increase over the forecasted period. 

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, thereby increasing the demand for noble gases in the sector. However, the demand from industrial and commercial end-users witnessed a significant dip in 2020 owing to the lockdown imposed in the majority of the countries around the globe. 



Browse through Grand View Research's Petrochemicals Industry Research Reports.

  • Butane Market - The global butane market size was valued at USD 108.43 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030. The growth is attributable to the increasing application of butane in the making of liquid petroleum gases (LPG).

 

  • Chemical Distribution Market - The global chemical distribution market size was valued at USD 246.49 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030. The distribution industry is projected to be driven by rising chemical consumption in a variety of end-use industries, including construction, pharmaceuticals, polymers & resins, and plastics.

 

Noble Gas Market Segmentation

Grand View Research has segmented the global noble gas market based on product, application, distribution, and region:

Noble Gas Product Outlook (Revenue, USD Million, 2019 - 2030)

  • Helium
  • Neon
  • Argon
  • Krypton
  • Xenon
  • Others

Noble Gas Application Outlook (Revenue, USD Million, 2019 - 2030)

  • Healthcare
  • Electronics
  • Aerospace
  • Construction
  • Energy & Power
  • Others

Noble Gas Distribution Outlook (Revenue, USD Million, 2019 - 2030)

  • Bulk
  • Cylinder
  • Others

Noble Gas Regional Outlook (Revenue, USD Million, 2019 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 


Key Companies profiled:

Some prominent players in the global noble gas market include

  • Air Liquide
  • Air Products Inc.
  • BASF SE
  • Linde plc
  • Messer
  • TAIYO NIPPON SANSO CORPORATION
  • Norco Inc.
  • Iwatani Corporation
  • SHOWA DENKO K.K.
  • MESA Specialty Gases & Equipment
  • Gulf Cryo

 

Order a free sample PDF of the Noble Gas Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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