The global rare gas market expected to grow at a CAGR of 7.80% from 2020-2026
Published | 11 March 2020
According to Blueweave
consulting, the global rare gas market has reached USD 355.1 Million is
estimated to reach USD 594.68 Million by 2026 at a CAGR of 7.80% during the forecast
period from 2020-2026. The growing demand for laser and lighting applications
and the increasing healthcare and automotive industries are key factors driving
the growth of the rare gas market around the globe.
Rare gasses are not reactive
except when they arrive in extreme conditions. The inertia of noble gasses
makes them ideal for many applications. In the global market for rare gases,
both in growth in domestic and export-oriented revenues are observed for
significant players. Besides, issues such as rising buyer bargaining power,
focus on high-quality, low-cost commodities are forcing changes in the supply
chain for rare gas. Acquisitions and mergers are one of the foremost tactics
adopted by the companies producing rare gas. Companies are actively investing
in research and development to develop new ways of increasing the rare gas
market to meet the rising technical requirements in different applications.
Moreover, the noble gas is essential in the production of helium-neon lasers,
which is utilized in the barcode scanners. These characteristics and benefits
of noble gas have been helping in propelling its demand across the nations.
The
energy-efficient segment in the global rare gas market estimated to have the
fastest growth during the forecast horizon
Energy efficiency is
dominating the end-user segment in the rare gas market during the forecast
period. Rare gases are used in the lighting as they emit light upon applying an
electric field. Rare gas also has a volatile nature, allowing changes as per
the application, which helps in a competitive edge over the other regular
gases. Demand for noble gas has been growing particularly in energy-efficient
lighting systems and in window-insulation. Rapid up-gradation in technology for
semiconductors has led to the evolution of light-emitting diode (LED) lights,
which emit light using the semiconductor diodes without using any glasses.
North America is estimated to dominate the rare gas market due to growing noble
gas consumption in aerospace and lasers applications during the forecast
period.
Multidimensional
Utility
Rare gases have been gaining
popularity among various industries due to its multifaceted utility. Rare gas
is used for plating the silicon microprocessors. It is also used for the
production of a specific drug, which is beneficial for treating cancer. Also,
the noble gas is essential in the production of helium-neon lasers, which is
used in the barcode scanners. These characteristics and benefits of noble gas
have been helping in propelling its demand across the nations.
Inert
nature of Noble gases
The demand for noble gasses
is increasing due to the applications where oxidation or other reactions are
undesirable due to their inert nature, and also for non-reaction with other
elements. Noble gasses is a non-reactive gas and is also considered to be
completely harmless and safe when used in pharmaceutical drugs or
anesthetically. Noble gas is of an ecologically safe and non-toxic, primarily
used in the treatment of various brain diseases. To increase production
capacity, different new noble gas production plants are expected to be set up
to meet the current demand, which is projected to increase demand for noble
gasses around the globe.
North
America is expected to dominate the global rare gas market during the
anticipated period.
Geographically, the Global
rare gas market segregated into North America, Asia Pacific, Europe, Middle
East & Africa, and Latin America. North America is projected to dominate
the global rare gas market. European markets are expected to see significant
growth over the forecast period due to the increasing use of noble gasses in
aerospace and laser applications. New energy-efficient codes and rising oil
prices are improving the global market of the United States and Canada.
Asia-Pacific is expected to be powered by the growing aerospace industry and
increasing demand for energy efficiency applications on the noble gas market.
Browse Detailed Table of
Contents, “Rare Gas Market Size, By Type
(Helium, Krypton, Argon, Neon, Xenon, Radioactive Radon) By Application
(Picture Projection, Anesthetic, Welding, Insulation, Lighting, Television
Tubes, Advertising, Refrigerant, Working Fluid, Chemical Analysis, Other), By
End-User (Oil and Gas, Mining, Healthcare, Aerospace, Energy Efficient, Power,
Other) and, By Region (North America, Europe, Asia Pacific, Latin America, and
Middle East & Africa); Trend Analysis, Competitive Market Share &
Forecast, 2016-26”
AT
Rare
Gas Market: Competitive Landscape
The major market players in
the rare gas are Air Liquide, Air Products and Chemicals Inc., Airgas Inc.,
American Gas, BASF SE, Proton Gases, Buzwair Industrial Gases Factories, Gulf
Cryo, ITM Power, Linde, Iceblick Ltd., Ellenbarrie Industrial Gases Ltd., Noble
Energy Inc., Messer, Praxair Technology, Inc., Ras Gas Company Limited, Royal
Dutch Shell PLC, Taiyo Nippon Sanso, Yingde Gases, and Other Prominent Players
are expanding their presence in the market by implementing various innovations
and technology.
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