Noble Gas Market Size Expected to Reach $14.0 Billion by 2030

According to a new report published by Allied Market Research, titled, "Noble gas market by Type, by Power Capacity and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global noble gas market was valued at $8.2 billion in 2020, and noble gas market forecast projected to reach $14.0 billion by 2030, with a CAGR of 5.4% from 2021 to 2030.

Increase in awareness regarding healthcare has positively impacted the development of highly efficient and cost-effective equipment, which is expected to act as a major driving factor of the noble gas market. In addition, the presence of top aerospace industries and institutes such as NASA, SpaceX, and Boeing and increase in applications of laser-based weapon systems & security systems are the major factor driving the growth of the market. The U.S. Department of Energy offers numerous incentives and rebates for the replacement of old windows with new energy-efficient ones, as the noble gas used in the production of glass, making them resistant to heat conductivity, hence reducing the demand for air conditioners. The presence of natural resources in Canada and Mexico has increased the demand for application of noble gases for detection of natural resources. Energy plays a vital role in the development of civilization. At present, most of the energy consumed by is produced from fossil fuels. Noble gases that are chemically inert and gases such as xenon and krypton are two noble gases produced during the nuclear fission reaction. Helium is used as a coolant in the nuclear reactors. In addition, helium is used as filling gas in nuclear fuel rods for nuclear reactors. Krypton is mixed with argon in energy-efficient fluorescent lamps, reducing the power consumption. In nuclear fusion reactor, especially the high-powered lasers, which are used for ignition are manufactured using noble gases as the raw material.

However, limited availability of noble gas in the earth’s crust or in atmosphere and high cost of extraction of noble gases from atmosphere compared to other gases are the major factors hampering the growth of noble gas market. The presence of less commercial applications of noble gases in the modern society is limiting the development of the market. Furthermore, rapid development and breakthrough in alternative materials to replace the noble gases with low cost and high efficiency act as key deterrent factors of the noble gas market. 

On the contrary, surge in increase in demand for power and rise in consumption of energy in the past decade have led to the development of new technologies such as nuclear fusion, which has positive impact on the demand for noble gases. Rapid development toward the highly stable and small-scale nuclear fission reactors will drive the demand for noble gases. In addition, huge investment of major countries across the globe and vision to ignite nuclear fusion technology by 2050 and the application of noble gas as a fuel and as a raw material to manufacture laser ignition systems drive the growth of the market. Surge in demand for power and rapid innovation & breakthrough in core technologies for nuclear fusion reactors are expected to provide lucrative opportunities for the growth of noble gas market.

The global noble gas is segmented into product, end user, and region.

On the basis of type of product, the global noble gas market is segregated into helium, neon, argon, xenon, krypton, and radon. Depending on end use, it is categorized into healthcare, electronics, aerospace, construction, energy & power, and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major companies profiled in this report include Air Liquide, Air Products and Chemicals Inc., Airgas Inc., American Gas, BASF SE, Gulf Cryo, Linde, Praxiar Technology, Royal Dutch Sell PLC, and Ra Gas Company Limited. The growth strategies such as acquisition, partnership, product launch, and business expansion are adopted to attain key developments in the noble gas market trends.

Impact Of Covid-19 On The Global Noble Gas Market

• The outbreak of COVID-19 has negatively impacted most of the markets.
•  Government steps to curb the spread of the virus led to complete lockdown across the globe, which has hampered the transportation system.
• The shutdown of various industries due to decline in the demand for the product and lack of workforce led to bankruptcy of many manufacturing industries around the globe.
• The COVID-19 pandemic has positively impact on the demand for noble gases, owing to the heavy usage of these gases in the healthcare sector. Industry manufacturers are setting up additional noble gas manufacturing facilities to increase the capacity production of noble gases to meet the demand during this period.
• In India during this period, large-scale transportation infrastructure activities in the developing countries have led to the demand for noble gases in the welding application.
• Thus, the abovementioned factors are expected to boost the global noble gas market growth in this forecast period.

Key findings of the study

• Region wise, the Asia-Pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
• As per noble gas market analysis, by product, the helium segment accounted for the largest share in 2020.
• On the basis of end use, the construction segment was the major share contributor in 2020.