Rare Gas Market Forecast and Trends
The global rare gas market
has reached USD 355.1 Million and 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 health care and
automobile industries are the major factors that drive the growth of the rare
gas market across the globe. Electronic application for rare gases is expected
to rise at the highest rate in the end-use market.
Rare gasses such as xenon
are used in major medical and health-care applications such as hyperpolarized
magnetic resonance imaging (HPMRI) and computed tomography enhanced with xenon.
Besides, pricing is highly dependent upon the worldwide supply, competition,
and demand balance. Acquisitions and mergers are one of the main strategies
adopted by the companies producing rare gas. Companies are actively spending on
research and development actions to develop new ways of increasing the rare gas
market to meet the rising technical requirements in different applications.
Companies are pursuing inorganic growth strategies such as acquisitions to cope
with the increasing demand for rare gas in key emerging markets. Such tactics
have helped companies build a broad customer and partner base in key markets.
Rare Gas Market Overview:
Rare gases are also called
noble gases. These noble gases are neon, helium, krypton, argon, the
radioactive radon, and xenon. When these gases are inert, then it called ‘rare
gases’ as they constitute a minuscule percentage of atmospheric air. They are a
few elements with similar characteristics. They are odorless, colorless,
monatomic gases with very less reactivity to the chemicals. The noble gases are
the members of the group 18 in the periodic table. Oganesson is said to be a
rare gas as well. Krypton, Xenon, and Neon are the major rare gases, which form
part of the noble gases group in the periodic table. Rare gases have been known
for their light-emitting properties as they emit different colors upon being
electrically charged. Only a handful of facilities in the US produce these
gases since large ASUs (Atmospheric Separation Units) such as those with a
liquid oxygen production capacity of more than 2,000 TPD (Tons per Day) are
required for rare gas production.
The Increasing price of
Nitrogen and Hydrogen gas
The rising cost of hydrogen
and nitrogen is helping in the growth of noble gases in the rare gas market.
Noble gases are majorly used in the aerospace and aviation industry to provide
the propulsion for spacecraft. The conventional gas prices profoundly
influenced noble gas prices. Rising nitrogen and hydrogen gas prices are
estimated to aid in the decline of noble gas prices and providing incentives to
market growth from a consumption point of view.
Inert nature of Noble gases
The demand for noble gases
is increasing in applications where oxidation or other reactions are
undesirable due to its inert nature and also non-reaction with the other
elements. Non-reaction to heat makes the noble gases an ideal substance for
Application in tubes and bulbs, which is estimated to boost their demand during
the forecast period of 2026. To increase capacity production, various new noble
gas manufacturing plants are estimated to be set up to meet the current market
demand, which is projected to increase demand for noble gases across the globe.
Maintenance Cost of Rare gas
Maintenance and installation
cost are the major reason which is hindering the growth of the rare gas market
across the globe, due to which alternative gas is considered over the rare
gases because of their low installation and maintenance cost.
Rare Gas Market: Type
Based on type, the rare gas
market segmented into Helium, Krypton, Argon, Neon, Xenon, and Radioactive
Radon. The helium market is estimated to dominate the market during the
forecast period. Helium has achieved the highest potential for growth due to
its economic costs and the abundant availability of natural gas in the air.
Neon, krypton, and argon are estimated to be experiencing average increases
during the forecast period due to their increasing use in niche markets. Argon
is widely used in thermal insulation windows, which lead to the high demand for
argon gases in this Application. Xenon gas is used in medical anesthetic, which
is also expected to increase the demand for rare gases during the forecast
period. Xenon is also used in plasma televisions, which has contributed mainly
to the demand for noble gases in upcoming years.
Rare Gas Market: Application
Based on Application, the
rare gas market segmented into Picture Projection, Anesthetic, Welding,
Insulation, Lighting, Television Tubes, Advertising, Refrigerant, Working
Fluid, Chemical Analysis, and Others. The lighting segment is dominating in the
rare gas market during the forecast period. Rare gasses are of significant use
in lighting applications as they emit light when an electrical field is
applied. Rare gases, such as krypton, xenon, and neon, are used in lighting
applications such as LEDs and design lights used in vehicles. With the number
of automotive vehicles growing during the forecast period, it is estimated that
the lighting segment is increasing. LEDs used in automotive vehicles like heavy
vehicles and SUVs will have huge demand because of power-saving ability and low
cost of these products.
Rare Gas Market: End-User
Based on End-User, the rare
gas market segmented into Oil and Gas, Mining, Healthcare, Aerospace, Energy
Efficient, Power, and Others. The Energy-efficient is dominating in the rare
gas market during the forecast period. Rare gases are used in lighting since
they emit light when an electric field is applied. Rare gasses are used in
compact fluorescent lamps (CFLs), high-intensity discharge lamps (HIDs), and
other applications for lighting. The rapid advancement of semiconductor
technology has led to the development of light-emitting diode (LED) lamps that
emit light without using any glasses using semiconductor diodes.
Rare Gas Market: Regional insights
Based on the region, the
rare gas market is segmented into North America, Europe, the Asia Pacific,
Latin America, and Middle East & Africa. North America is estimated to
dominate the rare gas market across the globe, and European markets are estimated
to witness significant growth during the forecast period due to growing noble
gas consumption in aerospace and lasers applications. Asia-Pacific is expected
to be driven by the growing aerospace industry and the increasing noble gas
market demand in energy efficiency applications.
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
February 2020, Air Liquide has entered into a new 15-year
agreement to renew its Airgas supply to existing installations and provide
additional oxygen to a new Ethylene Oxide plant to be built by BASF.
January 2020, Grand Opening of Nation’s Largest Fast-Fill
Hydrogen Bus Fueling Station for Orange County Transportation Authority Fleet
objective of the Study:
To analyze and forecast the global
rare gas market size of the market in terms of value.
To examine the careful
market segmentation and forecast the market size, in terms value, based on the
region by segmenting the Global rare gas market into five regions, namely,
North America, Europe, Asia Pacific, Middle East, South America, and their
To outline, categorized, and
forecast the global rare gas market based on the Type, Application, End-user,
To examine competitive
developments like technological advancement, services, and regulative framework
within the global rare gas Market.
To highlight the impact
analysis of the factors affecting the market dynamics such as drivers,
restraints, opportunities, and challenges.
To strategically profile the
key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
of the Report
Historical data – 2016-2019
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Million/Billion
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico,
Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
By Type, Application, and End User
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
Oil and Gas
Energy Efficient Buildings
Middle East & Africa
Questions answered by the report
How will the market drivers,
restraints, and opportunities affect the market dynamics?
What will be the market size
in terms of value and volume and market statistics with a detailed
Which segment dominates the
market or region, and one will be the fastest-growing, and why?
A comprehensive survey of
the competitive landscape and the market participant players
Analysis of strategy adopted
by the key player and their impact on other players.
Customization Scope for the
Client satisfaction is our
first and last priority, and that is why BlueWeave Consulting offers
customization according to Company’s specific needs. The following
customization options are available for the report:
With five additional company
Additional country analysis
Detailed segment analysis