Noble Gas Market Size, Share & Trends Report

Noble Gas Market Size, Share & Trends Analysis Report By Product (Helium, Neon, Argon, Krypton, Xenon), By End User (Healthcare, Electronics, Aerospace, Construction, Energy & Power), And Segment Forecasts, 2020 - 2027

  • Published Date: Aug, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-969-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 100

Report Overview

The global noble gas market size was valued at USD 7.01 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2020 to 2027. Factors such as growing demand for noble gases across various industries and the increasing requirement for energy-efficient solutions are projected to drive the market growth. The diversified applications include the semiconductor industry, laser technologies, window insulations, energy-efficient lighting industry, and electronics. Noble gases are inflammable, colorless, tasteless, odorless, and volatile in nature, offering changes as per application that allows a competitive edge over other regular gases. The U.S. accounted for a prominent market share in 2019 owing to the presence of major noble gas manufacturers across the country. Moreover, the U.S. has some of the largest commercial supplies of helium in the world credited to its helium-bearing gas fields. Helium is produced as an end-product when the condensable components of natural gas are liquefied.

U.S. noble gases market size

Noble gases have an inert nature wherein they do not react with other elements thereby increasing their demand in applications where reactions such as oxidation are undesirable. Moreover, reactive resistance to heat makes these gases an ideal substance for use in tubes and bulbs, which is anticipated to bolster the growth of the noble gas market over the forecast period. The COVID-19 pandemic has stimulated the demand for noble gases owing to the heavy usage of these gases in the healthcare sector. Industry participants are setting up additional noble gas manufacturing facilities in order to increase the capacity production of noble gases. This trend is expected to generate heavy demand for noble gases over the forecast period.

Product Insights

The helium segment accounted for the largest market revenue share of over 20% in 2019 owing to its non-combustible, non-corrosive, non-toxic, colorless, and odorless nature. Helium has the lowest boiling point of any gas that makes it suitable for cryogenic applications including superconductivity in nuclear magnetic resonance, magnetic resonance imaging, particle physics, and others.

Argon segment occupied the second largest market revenue share in 2019 owing to a wide application base across the industrial sector. The applications include argon gas being used as a shielding gas for arc welding, filling mixture for filament lamps, carrier gas in chromatography, thermal insulator in multi-pane windows, and protective agents in heat treatment industries.

Rare gases such as neon, xenon, and krypton are witnessing high demand despite their high prices. These gases are used in various industries ranging from aerospace and automotive to electronics and lighting. Advancements in gas capturing technology are estimated to boost the commercialization of rare gases across several industries.

End-user Insights

The construction segment accounted for the largest revenue share of over 20.5% in 2019 in the end-use segment. The growing number of large-scale manufacturing and construction industries across several economies is projected to fuel the segment growth over the forecast period. For instance, argon gas is used for TIG and MIG welding used in railroad construction, production of heavy machinery, shipbuilding, and others.

The healthcare segment is expected to expand at the fastest CAGR over the forecast period owing to the heavy usage of noble gases in the medical field. Helium gas witnessed the highest demand from the healthcare sector including respiratory condition applications such as post-extubation stridor, asthma exacerbation, upper airway obstruction, and others. Technological advancements in the medical field such as the development of microscopy have further propelled the use of helium gas in the segment.

Global noble gases market share

The aerospace segment occupied a significant market share in 2019 owing to the requirement of noble gases majorly as a coolant for highly sensitive infrared imaging and detection equipment. The electronics segment is estimated to expand at a prominent CAGR over the forecast period. The growth can be attributed to the wide application base including the use of noble gases to generate laser gas mixtures that are used in various semiconductor operations.

Regional Insights

Asia Pacific accounted for the largest revenue share of over 30% in 2019, with China being the largest revenue contributor to regional growth. China is anticipated to hold the leading market share owing to the fact that major industrial players have set up their noble gas manufacturing facilities across the country due to the availability of low-cost factors of production.

The booming healthcare industry across developing economies such as India is expected to further boost the market growth. Asia Pacific economies witness a surge in industrial, construction, and manufacturing activities, thereby directly influencing the rising demand for noble gases across these end-user industries.

Europe accounted for the second-largest market share in 2019 owing to the presence of major industry players such as Linde and Air Liquide headquartered across the region. Growing demand for noble gases in energy efficiency applications along with advancements in noble gas extraction technologies is expected to drive the regional growth over the forecast period.

North America is anticipated to register a prominent CAGR over the forecast period, with the U.S. majorly contributing to regional growth. Increasing the requirement of noble gases such as helium and neon across medical, military, and aerospace applications is anticipated to provide a major boost to the market growth across North America. The growth can also be attributed to the increasing number of industries associated with the electronics, automotive, and construction sectors.

Key Companies & Market Share Insights

The noble gas industry has a consolidated dynamic with few large players accounting a major share of the market. Industry participants are focusing on technological advancements regarding commercialized extraction of noble gases in order to become more supply intensive. In addition, market players are following strategic initiatives such as global expansion, establishing manufacturing facilities across several economies to gain an enhanced market share. Some of the prominent players in the noble gas market include:

  • Linde

  • Air Liquide

  • Air Products and Chemicals

  • Neon Gas

  • Matheson Tri-Gas, Inc.

Noble Gas Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 7.53 billion

Revenue forecast in 2027

USD 12.62 billion

Growth Rate

CAGR of 7.6% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Product, end-user, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; Russia; U.K.; Spain; Italy; France; China; Japan; South Korea; India; Australia; Brazil; Colombia; Paraguay; Saudi Arabia; UAE; South Africa; Egypt

Key companies profiled

Linde; Air Liquide; Air Products and Chemicals, Inc.; Neon Gas; Matheson Tri-Gas, Inc.; BASF SE; ITM Power; Messer; Royal Dutch Shell PLC; Taiyo Nippon Sanso

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global noble gas market report on the basis of product, end-user, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Helium

    • Neon

    • Argon

    • Krypton

    • Xenon

    • Others

  • End-user Outlook (Revenue, USD Million, 2016 - 2027)

    • Healthcare

    • Electronics

    • Aerospace

    • Construction

    • Energy & Power

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Russia

      • The U.K.

      • Spain

      • Italy

      • France

    • Asia Pacific

      • China

      • Japan

      • South Korea

      • India

      • Australia

    • Central and South America

      • Brazil

      • Colombia

      • Paraguay

    • The Middle East and Africa

      • Saudi Arabia

      • UAE

      • South Africa

      • Egypt

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