The global noble gas market size is expected to reach USD 13.19 Billion in 2028 and register a revenue CAGR of 7.3% over the forecast period, according to the latest report by Reports and Data. Revenue growth of the noble gas market can be attributed to growing emphasis on improving energy efficiency in residential and commercial buildings. Argon is used in thermal insulation windows to enhance energy by bringing interior window pane temperature closer to room temperature. Governments of various countries across the globe provide incentives to encourage consumers to replace old windows with energy-efficient ones, which in turn, is expected to drive adoption of noble gases.
In the healthcare industry, noble gas is being extensively used such as in Magnetic Resonance Imaging (MRI) scanners to cool superconducting magnets. Rapid expansion of the global healthcare industry, and high demand for noble gases in medical equipment are expected to boost market revenue growth. Noble gas such as xenon is used for ion thrust propulsion systems of spacecraft, which is also expected to drive market revenue growth.
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Some Key Highlights from the Report
- By type, the helium segment accounted for largest revenue share in 2020, owing to easy availability of helium gas, along with being economical. It is used in the healthcare sector for treatment of respiratory diseases such as asthma and emphysema. Liquefied helium is used as a cooling medium for magnets in MRI scanners and NMR spectrometers. It is also used for detecting leaks in car air conditioning systems, filling balloons, and barcode scanners.
- Noble gas is being used for applications in various industries such as working fluid to increase thermal efficiency, owing to higher specific heat ratio of these gases. In the advertising sector, neon gas is used in advertising signs for the purpose of illumination. Other noble gases such as krypton, xenon, and helium can also be used in signs, but in combination with some other gases.
- By end use, the building & construction segment accounted for largest revenue share in 2020. Noble gases such as argon and krypton are filled in the cavities of windows and between panes of a sealed glazed unit, which provides greater thermal efficiency in the buildings.
- Noble gas market in Asia Pacific accounted for largest revenue share in 2020 and is expected to register fastest revenue CAGR over forecast period. Increasing investments in construction and healthcare sectors in countries such as India, Japan, and China is leading to rising demand for noble gases in countries in the region. Increasing awareness regarding energy-efficient building solutions is also driving demand for noble gas in the region. In addition, increasing investments in space missions by organizations such as the Indian Space Research Organization (ISRO) is expected to drive revenue growth of the market in Asia Pacific.
- In January 2021, Air Liquide made an announcement about signing a joint venture agreement with Hefei Institutes of Physical Science of the Chinese Academy of Science for development and production of helium-based refrigeration systems. This joint venture is intended to support large-scale scientific research in China. Helium refrigerators are required in various scientific instruments, including superconducting accelerators, superconducting power equipment, fusion devices, superconducting magnets, or other scientific laboratories.
- Major companies profiled in the global market report include Messer Group, Linde PLC, Praxair Inc., Gulf Cryo, Buzwair Industrial Gases Factories, BASF SE, Gazprom, Airgas Inc., Air Products and Chemicals Inc., and Taiyo Nippon Sanso Corporation.
For the purpose of this report, Reports and Data has segmented the global noble gas market based on type, application, end-use, distribution channel, and region:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Helium
- Krypton
- Argon
- Neon
- Xenon
- Radon
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Chemical Analysis
- Working Fluid
- Refrigerant
- Advertising
- Television Tubes
- Lighting
- Insulation
- Welding
- Anesthetic
- Picture Projection
- End Use Outlook (Revenue, USD Billion; 2018–2028)
- Oil & Gas
- Mining
- Healthcare
- Aerospace
- Building & Construction
- Power
- Others
- Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
- Online
- Offline
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest Of MEA
- North America
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