Noble Gases Market Share, Analysis and Opportunities Forecast to 2028, Fortune Business Insights

The global noble gases market size is expected to reach USD 53.71 billion by 2028, exhibiting a CAGR of 3.89% during the forecast period. The surging demand for helium will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report titled “Noble Gases Market, 2021-2028.” The market size stood at USD 40.34 billion in 2020.



Based on type, the market is categorized into helium, neon, argon, krypton, and xenon. Argon gas is expected to hold the largest noble gas share during the forecast period due to the large-scale application as a protective gas in the metal manufacturing process. Neon gas is expected to gain considerable share due to its utilization in the production of excimer lasers.

Based on application, the market is categorized into MRI medical applications, electronics, fiber optics, carrier lifting gas, cryogenics, and others. Krypton is categorized into lighting, window insulation, laser, and other applications. Xenon lastly is categorized into imaging lighting, satellites, electronics semiconductors, medical, and others.

Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.



Driving Factor:

Booming Steel Production to Benefit Noble Gases Industry

With the uptick in construction and car manufacturing activity following Covid-19, demand for steel and steel products is expected to rise significantly in the coming years. According to the World Steel Association, global crude steel output grew by 1.75 percent year over year from 1,814 million tonnes in 2018 to 1,878 million tonnes in 2020. Argon is utilized in a variety of steel-making processes. It is blasted at high pressure to homogenize the liquid steel mixture and disperse unwanted gases like N2, H2, and CO from the mixture. In welding and vacuum induction applications, argon is utilized in large amounts as a protective gas. Many materials used in steel manufacturing, such as magnesium, chromium, titanium, and molybdenum, are sensitive to oxygen and nitrogen and quickly produce oxides or nitrides when exposed to them. As a result, argon shields molten metals from deterioration.


Regional Insights:

Increasing RD for Noble Gases to Promote Growth in Europe

Europe is likely to be a major area for doing more research into the use of noble gases. For example, helium's superfluidity at temperatures below -271 C makes it a good coolant for particle accelerators like the S-DALINAC electron linear accelerator in Darmstadt, Germany, the German electron synchrotron DESY in Hamburg, and the LHC Large Hadron Storage Ring at CERN in Geneva, Switzerland. Furthermore, helium is used extensively to cool the region's MRI and NMR devices. As the prevalence of cancer rises due to a variety of factors like pollution and unhealthy living, the use of these machines is expected to rise, pushing up demand for helium in the region. The presence of high purity ores mines in South American countries will boost the noble gases market growth in Latin America. North America is expected to hold a significant market share during the forecast period due to the utilization of gas-based fluorescent tubes for lighting, especially in Las Vegas.


Competitive Landscape:

Companies Focus on Capacity Expansion to Strengthen Position

Because the production of individual gas components from air necessitates large air separation units and a high level of technical expertise, as well as large, specialized state-of-the-art storage units, the market is largely consolidated, with the top ten companies accounting for roughly 70% of the market. It now operates in over 78 countries and generates over USD 22 billion in sales. In September 2020, the business bolstered its expertise in extreme cryogenics by purchasing a controlling interest in Cryoconcept.


Key Development:

March 2021: Noble Gas Solutions, a major supplier of industrial gases to hospitals and welding contractors, announced the inauguration of its new 6,000 sq. ft. store and warehousing capacity in South Glenn Falls. The company will supply nitrogen, oxygen, argon, and carbon dioxide to its customers in Northern U.S.


The Report Lists the Key Companies in this Market:


•          Air Liquide (France)

•          Air Products, Inc. (U.S.)

•          Linde Group plc (Ireland)

•          Praxair Technology, Inc. (U.S.)

•          Matheson Tri-Gas, Inc. (U.S.)

•          Noble Gas Solutions (U.S.)

•          Cryoin Engineering (Ukraine)

•          BASF (Germany)

•          Messer Group (Germany)

•          Taiyo Nippon Sanso Corporation (Japan)


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