According to Future Market Insights (FMI), the global rare gas market is expected to grow at a 5.2% CAGR, reaching US$ 6 Bn by 2032.
In the medical sector, helium gas is used in some of the most vital processes owing to its unique physical and chemical properties. Helium gas and oxygen is used to treat various diseases, including emphysema, asthma, and other respiratory diseases. It also finds applications in MRI scanners for generating images. This is anticipated to fuel sales of rare gases in the healthcare sector.
Similarly, argon is utilized as a surgical instrument in the healthcare sector. Coagulation of argon plasma is a non-contact technique that uses high-frequency stimulation of argon plasma to prevent bleeding through coagulation in surgical places.
Industrial rare gases are a group of six inert gases found in the Earth’s atmosphere, namely helium, neon, argon, krypton, xenon, and radon. These gases have unique properties that make them useful in a wide range of industrial applications. Helium is commonly used in gas chromatography and as a coolant in nuclear reactors. Neon is used in lighting applications and as a coolant in cryogenics. Argon is widely used in welding, metal fabrication, and as a protective atmosphere for various industrial processes. Krypton and xenon are used in lighting, plasma displays, and as propellants in ion thrusters. Radon is a radioactive gas that is used in cancer treatment and as a tracer gas in geology and hydrology.
Moreover, growing applications in aerospace and aircraft industries are anticipated to create opportunities for rare gas market players. Xenon is used as a propellant for ion thrusters. As the number of space missions is increasing all around the world, the need for xenon gas is expected to increase.
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Further, krypton is extensively used in construction industry because of its effective insulation and energy efficiency in high-end triple and double glass windows.
“Rare gas ionization provides a strong white light which is used in flashbulbs, fluorescent lamps, airport runway lights, and lasers. For brighter light, rare gas is effective for indoor light application. Growing demand for brighter light for various applications will fuel growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- By supply mode, sales in the cylinders segment will increase at a 5.3% CAGR through 2032.
- In terms of applications, demand in the lighting segment will surge at a 4.8% CAGR over the forecast period.
- The U.S. rare gas market is anticipated to create an incremental opportunity of US$ 385.9 Mn over the forecast period.
- China will account for a dominant share in the East Asia rare gas market, with demand growing at a 5.3% CAGR through 2032.
Competitive Landscape
Air Gas, Air Liquide, Matheson Tri-Gas, Inc., Messer Group GmbH, American Gas Products, The Linde Group, Air Products & Chemicals, Inc., and Air Water Inc. are some of the leading players operating in the global rare gas market.
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Key Segments Covered In Rare Gas Industry Research
By Rare Gas Type:
- Argon
- Krypton
- Neon
- Xenon
- Helium
By Supply Mode:
- Cylinders
- Bulk & Micro Bulk
- Drum Tanks
- On-Site
By Application:
- Healthcare
- Manufacturing
- Electronics
- Laser
- Lighting
- Others
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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