A three-pronged approach was followed for deducing the noble gas market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for noble gas market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of noble gas market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The noble gas market was categorized into four segments, namely product (Helium, Neon, Argon, Krypton, Xenon), application (Healthcare, Electronics, Aerospace, Construction, Energy & Power), distribution (Bulk, Cylinder), and regions (North America, Europe, Asia Pacific, Central and South America, Middle East & Africa).
The noble gas market was segmented into product, application, distribution, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The noble gas market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central and South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; Egypt; South Africa; and Nigeria.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The noble gas market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Air Liquide -Air Liquide’s business divisions include healthcare, electronics, and engineering & construction. It carries out various processes such as carbonation, oxy-combustion, industrial cryogenics, and a few others. The company heavily invests in R&D activities to develop innovative and improved products in the fields of bio resources, medical, manufacturing, industrial, and food & beverages
BASF SE -BASF SE is the largest chemical producer in the world and has a presence in more than 80 countries. It operates in a wide range of segments such as agriculture, automotive & transportation, chemical, coating solutions, construction, energy & resources, electronics, etc. The company supplies various gases, such as argon, xenon, and krypton, through its industrial gases segment.
Linde plc - It is an industrial gas company, whose primary products comprise atmospheric gases, including oxygen, nitrogen, argon, and rare gases, and process gases including carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company is engaged in the design, engineering, and development of equipment for the production of industrial gases for internal use.
Messer - Messer is involved in the manufacturing and supply of oxygen, nitrogen, argon, carbon dioxide, and others for medicinal purposes. In addition, it serves various industries including food & beverage, electronics, rubber & plastics, paper & pulp, and others. The company’s product segment includes technical gases, welding & cutting gases, specialty gases, breathing gases, pharmaceutical gases, food gases, dry ice, cylinder gases, and others.
TAIYO NIPPON SANSO CORPORATION - TAIYO NIPPON SANSO CORPORATION (TNSC) is a supplier of bulk and noble gases, on-site gases, packaged gases, electronics gases, and LPG. The company is also engaged in plants & equipment installation. It operates through three business segments including industrial gases, electronics-related products, and energy-related products.
Norco Inc. - Norco Inc. distributes medical equipment & oxygen and industrial gases. Its product segment includes gases, janitorial products, chemicals, adhesives & lubricants, gas welding & cutting equipment, safety & security systems, tools & equipment, and welding products & consumables. Gases segment of the company includes welding & industrial gases, specialty & high purity gases, and bulk gases & services.
Iwatani Corporation - Iwatani Corporation primarily serves the energy sector that encompasses industrial gases such as hydrogen, portable gas stoves, LPG, and other segments. It has extended its business operations to several other segments including agri-bio & foods, materials, machinery, welding, and electronic equipment. The company’s industrial gases and machinery segment focuses on specialty gases, air-separation gases, welding materials, gas-supply facilities, pumps and compressors, manufacturing equipment, factory automation systems, industrial machinery and facilities, and environmental equipment
SHOWA DENKO K.K.-SHOWA DENKO K.K. operates through six major segments including chemicals, electronics, inorganics, aluminum, and others. Its chemical product segment manufactures and markets functional polymeric materials, basic chemicals, information electronic chemicals, and specialty gases, among others. Petrochemical division produces and sells olefins, organic chemicals, and others. The company’s industrial gases division supplies gases, such as oxygen, nitrogen, argon, fusing ethylene, hydrogen, and helium, from its air separation plant in Kawasaki.
MESA Specialty Gases & Equipment - MESA Specialty Gases & Equipment operates through business segments, namely disposable calibration gas, custom calibration gas, petrochemical & refinery gas standards, environmental gas standards, natural gas standards, instrument grade pure gas, specialty gas regulators, and gas detection & monitoring. Its service segment includes flexible options for buying custom gas mixtures, on-time delivery services, and technical & applications assistance.
Gulf Cryo - Gulf Cryo manufactures and distributes noble gases, industrial gases, medical gases, and specialty gases across the Middle East. It has a presence in 11 countries, mainly concentrated in the Middle East. The company supplies gases such as helium, argon, and neon primarily to medical applications through its various subsidiaries located in countries such as UAE, Kuwait, Turkey, Saudi Arabia, Qatar, Egypt, Jordan, Oman, Bahrain, and Iraq.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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