Fairfield Market Research Noble Gas Market Size, Trends, Insights, Research Report 2030

Noble Gas Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Noble Gas Market: Overview

The market for Noble Gas was valued at USD 2319.5 million in 2021, and it is predicted to grow at a CAGR of 5.4 percent during the forecast period. Noble gases (historically also known as inert gases; sometimes known as aerogens) are a class of chemical elements with comparable features; under standard conditions, they are all odorless, colorless, monatomic gases with minimal chemical reactivity. Rising demand for noble gases in the healthcare and industrial sectors and favorable government policies are likely to drive market expansion. The helium gas sector is expected to lead the market throughout the forecast period due to rising demand from various end-use industries such as manufacturing, aerospace, and healthcare, as well as helium gas, expanding application scope in cryogenics analytical applications. The rising demand for noble gases from the manufacturing and electronics industries is expected to fuel growth. Noble gases are primarily created through a pressured separation process in which different gases in the air are separated based on physical qualities such as boiling point and critical pressure. These gas separation units separate and generate gases such as nitrogen, oxygen, inert gases, and even carbon dioxide.

On the other hand, the separation units are set to separate the desired gas from the mixture. As the oxygen demand skyrocketed during the epidemic, many gas companies fine-tuned their air separation divisions to create oxygen rather than rare, inert gases. For example, on April 2021, the Colombian Chamber of Industrial and Medical Gases published an advisory emphasizing the strain on gas companies to meet oxygen demand. Total consumption, on the other hand, climbed by 74% between February 2020 and April 2021, from 330 to 575 tonnes per day. The market was significantly affected as a result of this transition. Furthermore, many important end-use industries, including electronics, lighting, aeronautics, and healthcare, encountered manufacturing process restrictions due to lockdowns, limiting the noble gases market's development potential.

Noble Gas Market: COVID-19 Impact

The COVID-19  has increased the demand for noble gases widely used in the healthcare industry. To fulfill the demand during this period, industry manufacturers are establishing additional noble gas manufacturing facilities to boost the capacity production of noble gases. The COVID-19 virus destroying a patient's lungs has resulted in many critical patients worldwide requiring respiratory care, boosting the demand for noble gases in the industry. However, demand from commercial end-users and industrial is expected to fall significantly in 2020 due to the global lockdown implemented in most countries.

Noble Gas Market: Drivers

Growing Need for Steel to Drive Market Growth

With an increase in construction and car manufacturing following Covid-19, demand for steel and steel products will likely skyrocket in the next years. Global crude steel production increased by 1.75% year on year, from 1,814 million tonnes in 2018 to 1,878 million tonnes in 2020, according to the World Steel Association. Argon is employed in a variety of steel manufacturing processes. It is blasted under high pressure to homogenize the liquid steel mixture and dissipate unwanted gases such as N2, H2, and CO. In a similar vein, argon is often employed as a protective gas in welding and vacuum induction applications. Many steel-making materials, such as magnesium, chromium, titanium, and molybdenum, cannot tolerate the presence of oxygen and nitrogen because they quickly form oxides or nitrides. As a result, Argon protects the melted metals from deterioration.

However, in practise, low-pressure carburizing in a vacuum furnace followed by high-pressure gas quenching has become common for producing case-hardened steels. To cool the carburized components from 940-980 C to room temperature, gas combinations with high thermal conductivity, such as helium + nitrogen or argon, are used. As a result of the importance of these inert gases in steel manufacture, an increase in steel production activities supports market growth.

 Expanding Research to Create a Chemical Driving Market Growth

Noble gases are mostly unreactive because they are hesitant to share electrons from their filled outer electron shells. Furthermore, extreme circumstances such as highly reactive chemicals, low temperatures, and high pressure are required to synthesize these gas compounds. These chemicals, however, are either too volatile for practical usage. However, scientists worldwide have taken up the challenge of eliciting reactivity from these elements. McMaster University, for example, has been exploring the reactivity of xenon and krypton for many years. As a result, they were able to create stable chemicals such as XeF2, which can etch silicon, and KrF2, a powerful oxidizing agent.

Noble Gas Market: Restraints

Production Cost Fluctuation to Hamper Market Growth

The variable costs of these gases in the worldwide marketplace are a major factor limiting market expansion. Except for Helium, all inert gas pricing is individually negotiated between the user and the manufacturer. Regional competitiveness, contract duration, energy costs, air separation unit operational duration, and transportation distance are all factors that influence product costs. Helium auction pricing in the United States varied between USD 4.29/m3 in July 2017, USD 10.09/m3 in August 2018, and USD 6.31/m3 in September 2018. Similarly, in the fiscal year 2017-2018, argon prices ranged from USD 8.80 to USD 19.10/m3. Similar tendencies may be seen in the prices of various gases, which impact the worldwide market's growth prospects. Price changes, combined with increased energy costs, are undermining rare-earth element supply networks. This makes it challenging for manufacturers to offer high-quality products while remaining profitable.

Noble Gas Market: Segment Overview

Helium to Dominate Market due to Increased Demand from End User

The increased demand for use in healthcare, aerospace, automotive, deep-sea exploration, and manufacturing applications. Unlike other noble gases, Helium cannot be extracted from the atmosphere due to its low concentration. It is created as a byproduct of natural gas extraction. After natural gas is removed from the soil, the accumulated vent gas is kept in gas rejection units. This gas is subsequently processed to produce high-quality Helium. Helium has numerous applications in healthcare; for example, liquid Helium is utilized in MRI equipment to cool superconductive magnets. It is utilized in helium-neon eye operations. Helium is also utilized as a breathing gas.

With Increased Demand for Various Medical Equipment, Hospital Category Dominated Market

In the forecast period, the Hospital segment held the largest market share. Noble gases are used in a variety of applications. They are in significant demand in the medical sector because they are used to cool superconducting magnets in magnetic resonance imaging (MRI) scanners. Helium is beneficial in several respiratory disorders, including upper airway blockage, asthma exacerbation, and post-extubation strido. Microscopy has opened up new avenues for using helium gas in cutting-edge medical applications. Other noble gases, such as argon and xenon, are also employed in medicine. Argon is employed as an anesthetic and neuroprotective drug, and xenon is effective in neuroprotection and anesthesia.

Furthermore, countries such as China, the United States, Japan, and others are key contributors to the healthcare sector's revenue. Rising health concerns and a concentration on the medical sector in developing nations, particularly in Asia-Pacific, have resulted in high demand for such gases. In the predicted period, such good growth in the health care business is likely to raise demand for a noble gas.

Noble Gas Market: Regional Landscape

North America to Dominate Market due to Rising Demand in End User

it is anticipated that the North American market will account for the largest revenue share. North America has the biggest revenue market share due to rising demand for consumer and investment goods, particularly in the United States. Because of the region's large-scale production of these gases, North America is one of the world's most important markets for a noble gas. Massive expenditures in developing air separation techniques and production technologies in North America are expected to increase the region's demand for a noble gas. The noble gas market in the U.S. is expected to rise steadily, owing to growing demand from aerospace, oil & gas, health, and laser applications. The presence of big industrial businesses connected with construction, healthcare, autos, and semiconductors is likely to promote the expansion of the country's noble gases industry. Noble gas is frequently employed for crude oil exploration and production in the oil and gas sector. The noble gas data provide a realistic depiction of the complicated natural and technical processes involved in discovering and extracting oil and gas. The U.S. is the world's largest producer of crude oil. According to BP, crude production in the United States has recently averaged 15,311 thousand barrels per day. According to the EIA, crude oil production in the United States is expected to increase by 4% by 2024. Because of the considerations above, demand for noble gases is likely to rise in various industries over the forecast period.

Global Noble Gas Market: Competitive Landscape

In September 2020, Air Liquide announced a USD 63 million investment in China's Lingang Economic District of the Tianjin Port Free Trade Zone. The new ASU is planned to be operational by 2022 and will create more than 2,000 tonnes of a mixture of oxygen, nitrogen, and argon gases. Moreover, in December 2020, Messer Group said in a statement the installation of a new air separation unit in Adel, Georgia, with an expenditure of more than USD 40 million. The new plant is anticipated to deliver industrial gases to customers in the healthcare, metal, and welding industries in the Southeast United States.

A few of the Noble Gas Market players include Airgas Inc., Air-Liquide, Air products and chemicals Inc., BASF SE, American Gas, Gulf Cryo, Royal Dutch Shell PLC.,  Linde AG., Praxair Technology Inc., RasGas Company Limited.

Regional Classification of the Global Noble Gas Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

1. Executive Summary
     1.1. Global Noble Gas Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                  2.2.1.1. Driver A
                  2.2.1.2. Driver B
                  2.2.1.3. Driver C
            2.2.2. Restraints
                  2.2.2.1. Restraint 1
                  2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Pre-Covid and Post-Covid Scenario
            2.5.2. Supply Impact
            2.5.3. Demand Impact
     2.6. Impact of Russia-Ukraine Conflict on the Global Noble Gas Market
     2.7. Government Regulations
     2.8. Technology Landscape
     2.9. Economic Analysis
     2.10. PESTLE

3. Production Output and Trade Statistics, 2018 - 2022
     3.1. Regional Production Statistics
            3.1.1. North America
            3.1.2. Europe
            3.1.3. Asia Pacific
            3.1.4. Latin America
            3.1.5. Middle East & Africa
     3.2. Trade Statistics
     3.3. Supply Impact Russia-Ukraine Conflict

4. Price Trends Analysis and Future Projects, 2018 - 2030
     4.1. Key Highlights
     4.2. Prominent Factors Affecting Prices
     4.3. By Gas Type
     4.4. By Region

5. Global Noble Gas Market Outlook, 2018 - 2030
     5.1. Global Noble Gas Market Outlook, by Agriculture Method, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            5.1.1. Key Highlights
                  5.1.1.1. Helium
                  5.1.1.2. Argon
                  5.1.1.3. Krypton
                  5.1.1.4. Neon
                  5.1.1.5. Xenon
                  5.1.1.6. Misc.
     5.2. Global Noble Gas Market Outlook, by Application Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            5.2.1. Key Highlights
                  5.2.1.1. Medical Devices
                  5.2.1.2. Electronics
                  5.2.1.3. Metallurgy
                  5.2.1.4. Welding Consumables
                  5.2.1.5. Construction
                  5.2.1.6. Lighting and Imaging
                  5.2.1.7. Glass Insulation
                  5.2.1.8. Satellites
                  5.2.1.9. Misc.
            5.2.2. BPS/Market Attractiveness Analysis
     5.3. Global Noble Gas Market Outlook, by Region, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            5.3.1. Key Highlights
                  5.3.1.1. North America
                  5.3.1.2. Europe
                  5.3.1.3. Asia Pacific
                  5.3.1.4. Latin America
                  5.3.1.5. Middle East & Africa
            5.3.2. BPS/Market Attractiveness Analysis

6. North America Noble Gas Market Outlook, 2018 - 2030
     6.1. North America Noble Gas Market Outlook, by Agriculture Method, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            6.1.1. Key Highlights
                  6.1.1.1. Helium
                  6.1.1.2. Argon
                  6.1.1.3. Krypton
                  6.1.1.4. Neon
                  6.1.1.5. Xenon
                  6.1.1.6. Misc.
     6.2. North America Noble Gas Market Outlook, by Application Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            6.2.1. Key Highlights
                  6.2.1.1. Medical Devices
                  6.2.1.2. Electronics
                  6.2.1.3. Metallurgy
                  6.2.1.4. Welding Consumables
                  6.2.1.5. Construction
                  6.2.1.6. Lighting and Imaging
                  6.2.1.7. Glass Insulation
                  6.2.1.8. Satellites
                  6.2.1.9. Misc.
     6.3. North America Noble Gas Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            6.3.1. Key Highlights
                  6.3.1.1. U.S.
                  6.3.1.2. Canada
            6.3.2. BPS/Market Attractiveness Analysis

7. Europe Noble Gas Market Outlook, 2018 - 2030
     7.1. Europe Noble Gas Market Outlook, by Agriculture Method, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            7.1.1. Key Highlights
                  7.1.1.1. Helium
                  7.1.1.2. Argon
                  7.1.1.3. Krypton
                  7.1.1.4. Neon
                  7.1.1.5. Xenon
                  7.1.1.6. Misc.
     7.2. Europe Noble Gas Market Outlook, by Application Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            7.2.1. Key Highlights
                  7.2.1.1. Medical Devices
                  7.2.1.2. Electronics
                  7.2.1.3. Metallurgy
                  7.2.1.4. Welding Consumables
                  7.2.1.5. Construction
                  7.2.1.6. Lighting and Imaging
                  7.2.1.7. Glass Insulation
                  7.2.1.8. Satellites
                  7.2.1.9. Misc.
     7.3. Europe Noble Gas Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            7.3.1. Key Highlights
                  7.3.1.1. Germany
                  7.3.1.2. France
                  7.3.1.3. U.K.
                  7.3.1.4. Italy
                  7.3.1.5. Spain
                  7.3.1.6. Russia
                  7.3.1.7. Rest of Europe
            7.3.2. BPS/Market Attractiveness Analysis

8. Asia Pacific Noble Gas Market Outlook, 2018 - 2030
     8.1. Asia Pacific Noble Gas Market Outlook, by Agriculture Method, Volume (Tons) and Value (US$ Mn), 2018-2030
            8.1.1. Key Highlights
                  8.1.1.1. Helium
                  8.1.1.2. Argon
                  8.1.1.3. Krypton
                  8.1.1.4. Neon
                  8.1.1.5. Xenon
                  8.1.1.6. Misc.
     8.2. Asia Pacific Noble Gas Market Outlook, by Application Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            8.2.1. Key Highlights
                  8.2.1.1. Medical Devices
                  8.2.1.2. Electronics
                  8.2.1.3. Metallurgy
                  8.2.1.4. Welding Consumables
                  8.2.1.5. Construction
                  8.2.1.6. Lighting and Imaging
                  8.2.1.7. Glass Insulation
                  8.2.1.8. Satellites
                  8.2.1.9. Misc.
     8.3. Asia Pacific Noble Gas Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            8.3.1. Key Highlights
                  8.3.1.1. China
                  8.3.1.2. Japan
                  8.3.1.3. South Korea
                  8.3.1.4. India
                  8.3.1.5. Southeast Asia
                  8.3.1.6. Rest of Asia Pacific
            8.3.2. BPS/Market Attractiveness Analysis

9. Latin America Noble Gas Market Outlook, 2018 - 2030
     9.1. Latin America Noble Gas Market Outlook, by Agriculture Method, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            9.1.1. Key Highlights
                  9.1.1.1. Helium
                  9.1.1.2. Argon
                  9.1.1.3. Krypton
                  9.1.1.4. Neon
                  9.1.1.5. Xenon
                  9.1.1.6. Misc.
     9.2. Latin America Noble Gas Market Outlook, by Application Type, Volume (Tons) and Value (US$ Mn), 2018-2030
            9.2.1. Key Highlights
                  9.2.1.1. Medical Devices
                  9.2.1.2. Electronics
                  9.2.1.3. Metallurgy
                  9.2.1.4. Welding Consumables
                  9.2.1.5. Construction
                  9.2.1.6. Lighting and Imaging
                  9.2.1.7. Glass Insulation
                  9.2.1.8. Satellites
                  9.2.1.9. Misc.
     9.3. Latin America Noble Gas Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            9.3.1. Key Highlights
                  9.3.1.1. Brazil
                  9.3.1.2. Mexico
                  9.3.1.3. Rest of Latin America
            9.3.2. BPS/Market Attractiveness Analysis

10. Middle East & Africa Noble Gas Market Outlook, 2018 - 2030
     10.1. Middle East & Africa Noble Gas Market Outlook, by Agriculture Method, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            10.1.1. Key Highlights
                  10.1.1.1. Helium
                  10.1.1.2. Argon
                  10.1.1.3. Krypton
                  10.1.1.4. Neon
                  10.1.1.5. Xenon
                  10.1.1.6. Misc.
     10.2. Middle East & Africa Noble Gas Market Outlook, by Application Type, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            10.2.1. Key Highlights
                  10.2.1.1. Medical Devices
                  10.2.1.2. Electronics
                  10.2.1.3. Metallurgy
                  10.2.1.4. Welding Consumables
                  10.2.1.5. Construction
                  10.2.1.6. Lighting and Imaging
                  10.2.1.7. Glass Insulation
                  10.2.1.8. Satellites
                  10.2.1.9. Misc.
     10.3. Middle East & Africa Noble Gas Market Outlook, by Country, Volume (Tons) and Value (US$ Mn), 2018 - 2030
            10.3.1. Key Highlights
                  10.3.1.1. GCC
                  10.3.1.2. South Africa
                  10.3.1.3. Rest of Middle East & Africa
            10.3.2. BPS/Market Attractiveness Analysis

11. Competitive Landscape
     11.1. Company Market Share Analysis, 2021
     11.2. Competitive Dashboard
     11.3. Company Profiles
            11.3.1. Air Products and Chemicals Inc.
                  11.3.1.1. Company Overview
                  11.3.1.2. Product Portfolio
                  11.3.1.3. Financial Overview
                  11.3.1.4. Business Strategies and Development
            11.3.2. Cryoin Engineering Ltd.
            11.3.3. Ingas LLC
            11.3.4. Linde Plc
            11.3.5. Taiyo Nippon Sanso Group
            11.3.6. Air Liquide SA
            11.3.7. Praxair, Inc.
            11.3.8. Guanggang Gases & Energy
            11.3.9. BASF SE
            11.3.10. Gazprom
            11.3.11. Yingde Gases Group Co. Ltd.
            11.3.12. AZOVSTAL IRON & STEEL WORKS
            11.3.13. Norco Inc.
            11.3.14. Messer
            11.3.15. Iwatani Corporation

12. Appendix
     12.1. Research Methodology
     12.2. Report Assumptions
     12.3. Acronyms and Abbreviations

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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