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
- Published Date: March 2020
- Report ID: BWC19423
- Available Format: PDF
- Page: 180
Global 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.
Global 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.
Global 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.
Global 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.
Global 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.
Global 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.
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.
In 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.
In January 2020, Grand Opening of Nation’s Largest Fast-Fill Hydrogen Bus Fueling Station for Orange County Transportation Authority Fleet in California.
The 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 leading countries.
To outline, categorized, and forecast the global rare gas market based on the Type, Application, End-user, and region.
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.
Scope 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 Players.
· Radioactive Radon
· Picture Projection
· Television Tubes
· Working Fluid
· Chemical Analysis
· Oil and Gas
· Energy Efficient Buildings
· North America
· Asia Pacific
· Latin America
· Middle East & Africa
Business 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 classification?
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
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:
Additional Company Information
With five additional company detail analysis
Additional country analysis
Detailed segment analysis
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