The Global Noble Gas Market was estimated at US$2.73 billion in 2023 and is anticipated to reach US$3.78 billion by 2029 from US$2.89 billion in 2024, registering a CAGR of 5.56% during the forecast period 2024-2029.
Noble gases are considered nonflammable gases that are colourless, odourless, and tasteless. Because it was thought for decades after their discovery that they couldn't link to other atoms, their atoms couldn't combine with those of different elements to form chemical compounds; they were assigned the designation Group 0 in the periodic table. Group 18 is a more suitable designation based on their electrical structures and the discovery that some of them do indeed form compounds. The rare or inert gases were named when the members of the group were discovered and identified. They were assumed to be extremely rare as well as chemically inert. The noble gases are all members of group 0 of the periodic table. Except in the most extreme circumstances, noble gases usually are highly inert. The inertness property of Noble gases makes them ideal for applications when there are no desired reactions.
Moreover, with the utilization of the liquefaction of gases and fractional distillation process, neon, argon, krypton, and xenon are extracted from the air in an air separation unit. Radium is usually separated from the radioactive decay of dissolved radium, thorium, or uranium compounds. Helium is derived from natural gas fields with high concentrations of Helium in the natural gas using cryogenic gas separation techniques. These factors of noble gas tend to propel the global noble gas market growth.
The semiconductor industry, window insulations, laser technologies, energy-efficient lighting, and electronics comprise many applications. Noble gases are considered inflammable, colourless, tasteless, odourless, and volatile, and their features differ based on their applications. Due to major noble gas manufacturers, the United States accounted for a significant market share in 2023. The periodic table's group 18 is occupied by the chemical elements of a noble gas. Because noble gases comprise a vast number of valence electrons in their outer shell. As a result of their stability, they rarely react with other elements. Noble gases also conduct electricity, glow, are odorless and colourless, and are used in various situations where a stable element is required to ensure a safe and consistent atmosphere. Helium, neon, argon, krypton, xenon, and radon are all the major noble gases that enter the chemical group. Noble gases have low reactivity. They are, in fact, the elements on the periodic table with the least amount of reactivity. This is because they have an entire valence shell. Thus, they have a low proclivity for gaining or losing electrons. Noble gases have low electronegativities and high ionization energies. At room temperature, the noble gases have low boiling temperatures and are all gases.
Moreover, these elements appear in neon lights and krypton headlights, and also in lasers. On the other hand, Helium is utilized to cool superconducting magnets, as well as in balloons and deep-sea diving air tanks. In many aspects, inert gases are typical non-metals. They're odorless and colourless gases with low melting and boiling points. Even in a liquid state, they are poor heat and electricity conductors. There are clear patterns in inert gas melting and boiling points, just as there are in other periodic table groups. Although the boiling points grow down the group – even though the boiling point of radon is still only -62 degrees Celsius – the melting and boiling points increase down the group. Therefore, these factors tend to be responsible for the global noble gas market growth during 2024-2029.
Noble gas has been in high demand, especially in energy-efficient lighting systems. The price of ordinary gas heavily impacts the cost of noble gases. The price of noble gases is decided by their inherent supply, in which argon is of the lowest cost and xenon of high price. Therefore, this high-cost factor limits the global noble gas market growth.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
5.56% |
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Segments Covered |
By Type, End-User, Application, and Region. |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Air Liquide, Air Product And Chemicals, Inc, Airgas, Inc, Basf Se, Gazprom, Linde, Messer, Praxair, Ra Gas Company Limited, Taiyo Nippon Sanso, and Others. |
Based on type, Helium tends to dominate the global noble gas market because it is non-combustible, non-corrosive, non-toxic, colourless, and odourless properties; Helium had the most significant market revenue share of over 20% in 2019. Moreover, Helium has the lowest boiling point of any gas, making it ideal for cryogenic applications, including nuclear magnetic resonance, magnetic resonance imaging, particle physics, etc.
Due to its vast application base across the industrial sector, the argon category held the second biggest market revenue share in 2023. Argon gas is primarily utilized as a shielding gas in arc welding, as a filling mixture in filament lamps, as a carrier gas in chromatography, as a thermal insulator in multi-pane windows, and as a protective agent in the heat treatment industry.
In the end-user segment, the construction segment had the highest revenue share. Over the projection period, the growing number of large-scale manufacturing and construction businesses across many economies is expected to boost segment expansion. TIG and MIG welding, for example, are utilized in railroad construction, heavy machinery manufacturing, shipbuilding, and other industries.
Due to the extensive use of noble gases in the medical field, the healthcare segment is estimated to have the highest CAGR during 2024 - 2029. The healthcare industry, which includes applications for respiratory conditions, saw the most considerable demand for helium gas.
In 2023, cryogenics had the highest proportion of the Noble Gas market. Liquid gases like nitrogen, carbon dioxide, helium, and hydrogen are employed as refrigerants in industrial cryogenics to change the physical properties of materials or maintain temperature during process steps.
Europe occupied the second-largest market share in 2023 due to significant industry players and the second-largest noble gas market share. Over the projected period, rising demand for noble gases in energy efficiency applications and developments in noble gas extraction technologies are expected to fuel regional growth.
North America is expected to experience a significant CAGR from 2024 to 2029. The rising demand for noble gases like Helium and neon in medical, military, and aerospace applications is expected to propel market expansion in North America.
Companies playing a prominent role in the global noble gas market include Air Liquide, Air Product And Chemicals, Inc., Airgas, Inc., Basf Se, Gazprom, Linde, Messer, Praxair, Ra Gas Company Limited, Taiyo Nippon Sanso, and Others.
Air Liquide has decided to launch its company as the primary source of noble gas, namely Argon, in Mexico.
By Type
By End-User
By Application
By Region
Frequently Asked Questions
The Global Noble Gas Market is expected to grow with a CAGR of 5.6% between 2024-2029.
The Global Noble Gas Market size is expected to reach a revised size of US$ 3.78 billion by 2029.
Gazprom, Linde, and Messer are the three Noble Gas Market key players.
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