The global rare gas market size is on track for significant expansion in the upcoming years, presenting substantial opportunities for industry players. Forecasts suggest that the market will achieve a valuation of USD 3.9 billion by 2024, with further growth anticipated to propel its value to USD 6.5 billion by 2034.
The projections underscore an upward trajectory in global demand for rare gases, underscoring the growth potential of the market. Positioned for consistent advancement and evolution in the foreseeable future, the market will maintain a steady CAGR of 5.1%.
Ongoing research and development activities in fields like aerospace, materials science, and nanotechnology require rare gases for experimentation and product development. Advancements in the areas are likely to create new opportunities for rare gas suppliers.
Continuous advancements in gas purification and extraction technologies, as well as the development of novel applications for rare gases, can drive market growth by making the gases more accessible and cost effective.
There is growing demand for rare gases for applications like rocket propulsion, life support systems, and instrumentation, with the renewed interest in space exploration by both government agencies and private companies. The burgeoning space industry offers novel opportunities for rare gas utilization and innovation.
The liquefied natural gas industry utilizes rare gases for processes such as liquefaction, storage, and transportation. The expanding LNG market, driven by growing demand for cleaner energy sources and increased focus on natural gas as a transition fuel, presents significant opportunities for rare gas suppliers.
The development of a hydrogen economy, aimed at using hydrogen as a clean energy carrier, relies on rare gases for various applications such as hydrogen purification and storage. The demand for rare gases will rise, as countries invest in hydrogen infrastructure and fuel cell technology.
Increasing focus on renewable energy sources such as wind and solar power drives the demand for rare gases used in photovoltaic cells, wind turbines, and energy storage systems, presenting opportunities for market expansion.
| Attributes | Description |
|---|---|
| Estimated Global Rare Gas Market Size (2024E) | USD 3.9 billion |
| Projected Global Rare Gas Market Value (2034F) | USD 6.5 billion |
| Value-based CAGR (2024 to 2034) | 5.1% |
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Healthcare Sector Drives the Healing Power of Rare Gases
Rare gases play a crucial role in the healthcare sector, where the gases are utilized in a variety of medical applications ranging from diagnostic imaging to therapeutic procedures.
Medical imaging technologies including MRI heavily rely on helium and xenon for the unique magnetic and imaging properties. The gases are essential for producing high quality images that aid in the diagnosis and treatment planning of various medical conditions.
Rare gases like argon and carbon dioxide are utilized in laser surgeries for the precise cutting and coagulation capabilities, making them indispensable in ophthalmology, dermatology, and other surgical specialties.
Respiratory therapies, including helium oxygen mixtures for treating respiratory conditions like asthma and chronic obstructive pulmonary disease, further contribute to the demand for rare gases in the healthcare sector.
Industrial Applications are the New Catalysts of Advancements
Rare gases such as helium, neon, argon, krypton, and xenon, play a pivotal role in a myriad of industrial applications, spanning manufacturing, electronics, and healthcare sectors. The inert properties of gases including high thermal conductivity, and unique light emitting capabilities make them indispensable in various processes.
For instance, argon and neon, in semiconductor manufacturing are used for plasma etching and lithography, essential steps in producing microchips and electronic components.
The lighting industry relies on krypton and xenon for producing energy efficient and long lasting bulbs, contributing to both environmental sustainability and energy conservation efforts. The significance of rare gases in industrial applications will grow exponentially, as industries continue to evolve and demand for advanced technologies increases.
Rare Gases are Energizing Electronic Innovation
The electronics industry is experiencing rapid expansion globally, driven by technological advancements, increasing consumer demand for electronic devices, and the emergence of emerging economies as manufacturing hubs.
The growth trajectory will significantly impact the demand for rare gases, which are integral to various electronic manufacturing processes. For instance, rare gases such as argon, neon, and helium are used in critical processes like plasma etching, ion implantation, and chemical vapor deposition, in semiconductor manufacturing.
The processes are essential for creating microchips and integrated circuits that power a wide range of electronic devices, from smartphones and laptops to automotive electronics and IoT devices.
The need for rare gases in semiconductor manufacturing is poised to escalate accordingly, as the demand for semiconductors continues to surge, particularly in emerging economies like India, China, and Southeast Asia.
The scope for rare gas rose at a 2.2% CAGR between 2019 and 2023. The global market is achieving heights to grow at a significant CAGR of 5.1% over the forecast period 2024 to 2034.
The market experienced a significant demand during the historical period, owing to electronics, healthcare, and energy. The expansion had driven demand for rare gases in semiconductor manufacturing, medical imaging, and energy related applications.
Rapid technological advancements, especially in areas like electronics, aerospace, and renewable energy, increased the demand for rare gases for various advanced applications such as LED lighting, satellite technology, and solar panel manufacturing.
Advances in healthcare technology and increased healthcare spending globally had also fuelled the demand for rare gases in medical imaging, diagnostic equipment, and therapeutic applications, supporting market growth during the historical period.
The forecast period will experience continued growth, attributed to the space exploration and satellite technology. The forecast period projects increased investment in space exploration and satellite technology, leading to growing demand for rare gases for spacecraft propulsion, thermal control, and communication systems.
Ongoing advancements in biotechnology and regenerative medicine will accelerate the demand for rare gases in cryopreservation, cell culture, and biomedical research applications, supporting market growth in the healthcare sector.
The transition towards clean energy sources and technologies, coupled with increasing focus on sustainability, will be a significant driver of growth for the rare gas market during the forecast period.
Principal Consultant
Below is a comparison between two sectors within the chemicals and materials division: the helium gas industry and argon gas industry. Both the industries have the chance to leverage investments in tailored programs to set themselves apart in highly competitive markets.
The strategic endeavors not only fuel growth but also enhance profitability, underscoring the significance of prioritizing customer needs and preferences across different segments of the chemicals and materials division.
Helium is essential for cooling semiconductor manufacturing equipment, such as MRI machines, particle accelerators, and semiconductor fabrication plants. The increasing demand for electronics and semiconductors will augment the growth of the helium market.
Argon is widely used as a shielding gas in welding and metal fabrication processes, particularly in industries such as automotive, construction, and aerospace. The growing demand for fabricated metal products will stimulate the demand for argon gas.
Helium Gas Industry Assessment:
Advances in helium extraction and purification technologies, as well as the development of new helium applications, will make helium more accessible and cost effective, thereby fuelling the market growth.
Helium is used in energy related applications, such as gas chromatography for oil and gas exploration and cryogenic cooling in energy storage systems. The expanding energy sector, particularly in LNG production and hydrogen storage, will drive the demand for helium gas.
| Attributes | Description |
|---|---|
| Related Market | Helium Gas Market |
| CAGR (2024 to 2034) | 4.4% |
| Growth Factor | Continually expanding industrial sector, particularly in emerging economies will drive the demand for helium. |
| Opportunity | The growing aerospace industry, driven by commercial space exploration and defense spending, will create new opportunities for helium. |
| Key Trends | Research and development in fields including materials science, cryogenics, and superconductivity to contribute to the demand for helium. |
Argon Gas Industry Assessment:
Argon is used in various energy related applications, such as gas chromatography for oil and gas exploration and as a coolant in nuclear reactors. The expanding energy sector, particularly in LNG production as well as nuclear power generation will drive the demand for argon.
Argon is used in metal processing and heat treatment applications, such as annealing and quenching, due to its inert properties and high thermal conductivity. The growth of the metal processing industry will boost the demand for argon gas.
| Attributes | Description |
|---|---|
| Related Market | Argon Gas Market |
| CAGR (2022 to 2032) | 5.4% |
| Growth Factor | The continual expansion of the electronics industry will accelerate the demand for argon. |
| Opportunity | The growth of research and development activities across various industries will fuel the demand for argon gas. |
| Key Trends | The expanding food and beverage sector will open up new avenues for argon gas. |
The following table shows the estimated growth rates of the top three markets. India and China are set to exhibit high demand in rare gas, recording CAGRs of 7.6% and 5.7%, respectively, through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| The United States | 2.9% |
| The United Kingdom | 2% |
| Japan | 2.1% |
| China | 5.7% |
| India | 7.6% |
The rare gas market in the United States will expand at a CAGR of 2.9% through 2034.
The country is a hub for technological innovation, particularly in industries such as electronics, aerospace, and healthcare. Technological advancements drive the development of new applications for rare gases and increase the demand in emerging technologies like renewable energy, quantum computing, and space exploration.
The United States has a diverse industrial base, including sectors such as manufacturing, electronics, healthcare, and energy. The demand for rare gases for various applications such as welding, semiconductor manufacturing, medical imaging, and energy production will increase, as the industries continue to expand.
The energy sector in the country, including oil and gas exploration, LNG production, and renewable energy development, utilizes rare gases for various applications such as gas chromatography, cryogenics, and energy storage. The demand for rare gases increases, as the energy sector continues to grow and diversify.
The rare gas market in the United Kingdom to expand at a CAGR of 2% through 2034.
The country is committed to transitioning to clean energy sources and reducing greenhouse gas emissions. Rare gases such as helium and argon are used in renewable energy technologies like solar panels and wind turbines, as well as in carbon capture and storage systems. Government support for clean energy initiatives will boost the demand for rare gases in the United Kingdom.
The country is known for its strong research and development capabilities across various industries, including pharmaceuticals, biotechnology, and materials science, where rare gases are used for experimentation and product development. Investment in research and development activities drives innovation and creates new opportunities for rare gas utilization.
The semiconductor industry in the country relies on rare gases for processes such as CVD, plasma etching, and lithography. The demand for rare gases in semiconductor manufacturing will rise, with the increasing demand for semiconductors in electronics and telecommunications sectors.
Rare gas trends in India are taking a turn for the better. A 7.6% CAGR is forecast for the country from 2024 to 2034.
The automotive industry in India is expanding, driven by rising disposable incomes, urbanization, and government incentives for electric vehicles. Rare gases are used in automotive manufacturing processes such as welding, airbag inflation, and tire inflation, supporting the market growth.
The country is investing in infrastructure development projects, including transportation networks, renewable energy installations, and advanced manufacturing facilities. The projects create demand for rare gases used in construction materials, energy production, and industrial processes.
India faces water scarcity challenges, driving demand for water treatment and desalination technologies. Rare gases such as argon and oxygen are used in water treatment processes like ozone generation and membrane filtration, contributing to market growth in the water treatment sector.
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| Segment | Cylinders (Supply Mode) |
|---|---|
| Value Share (2024) | 67.3% |
In terms of supply mode, the cylinders segment will dominate the market, and will account for a share of 67.3% in 2024.
Cylinders are designed for easy handling and storage, with standardized sizes and safety features to ensure proper handling practices. The ease of handling and storage makes cylinders a preferred choice for small to medium scale users of rare gases.
Cylinders provide flexibility in gas usage, allowing customers to adjust the consumption based on the specific requirements. The flexibility makes cylinders an ideal choice for applications with varying demand levels or intermittent usage patterns.
Cylinders cater to a wide range of applications across industries, including welding, metal fabrication, electronics manufacturing, healthcare, and scientific research. The versatility of cylinders makes them suitable for fulfilling the diverse needs of customers across different sectors.
Cylinders are readily available from gas suppliers and distributors, ensuring consistent availability of rare gases to customers. The accessibility makes cylinders a convenient option for businesses and laboratories requiring regular supplies of rare gases.
| Segment | Manufacturing (End Use) |
|---|---|
| Value Share (2024) | 38.7% |
In terms of end use, the manufacturing segment will dominate the rare gas market, and will account for a share of 38.7% in 2024.
Rare gases, particularly argon and helium, are widely used as shielding gases in welding and metal fabrication processes. The growing demand for fabricated metal products across industries such as automotive, construction, and aerospace boosts the demand for rare gases in the applications.
The manufacturing sector is experiencing significant expansion globally, driven by economic growth, technological advancements, and increasing consumer demand. The expansion drives the demand for rare gases, such as argon, helium, and neon, which are essential in various manufacturing processes.
Rare gases are used in electronics and optics manufacturing for applications such as laser cutting, fiber optic production, and LED lighting. The demand for rare gases increases, as the demand for consumer electronics, telecommunications equipment, and energy efficient lighting systems rises.
Rare gases are used in glass and ceramics production for processes such as glass blowing, annealing, and inert atmosphere furnaces. The demand for rare gases in glass and ceramics manufacturing also increases, with increasing demand for glass products in construction, automotive, and electronics industries.
The competitive landscape of rare gas market is characterized by the presence of several key players operating globally and regionally, each competing based on factors such as product portfolio, technological expertise, distribution network, and market presence.
The players engage in various strategies to maintain and enhance the market position, including product innovation, mergers and acquisitions, strategic partnerships, and expansion into emerging markets.
Mergers and acquisitions in rare gas market, along with strategic partnerships among key players reshape the competitive landscape, leading to increased market concentration and potential barriers to entry for new entrants.
Strong customer relationships and service capabilities play a crucial role in maintaining a competitive edge in the rare gas market, with companies focusing on providing value added services and customized solutions to meet customer needs.
Air Products and Chemicals, Inc. is a major player in the rare gas market, providing helium, argon, and other rare gases for various industrial applications. The company emphasizes technology driven solutions and has a global distribution network to serve its customers.
Linde plc. is one of the leading players in the global rare gas market, offering a wide range of rare gases including helium, neon, argon, krypton, and xenon. The company has a strong presence across industries such as manufacturing, healthcare, electronics, and energy, with a focus on innovation and sustainability.
The report consists of key types of rare gas including argon, krypton, neon, xenon, and helium.
The market is classified into cylinders, bulk and micro bulk, drum tanks, and on site.
The market is classified into healthcare, manufacturing, electronics, laser, lighting, and others.
The analysis of the rare gas market has been carried out in key countries North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa.
The market is projected to reach a valuation of USD 3.9 billion in 2024.
The rare gas industry is set to expand by a CAGR of 5.1% through 2034.
The market is forecast to reach USD 6.5 billion by 2034.
India is set to be the top performing market, exhibiting a CAGR of 7.6% through 2034.
Cylinders are preferred, and will account for a share of 67.3% in 2024.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Type 6.2. Supply Mode 6.3. End Use 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 7.1. Argon 7.2. Krypton 7.3. Neon 7.4. Xenon 7.5. Helium 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Supply Mode 8.1. Cylinders 8.2. Bulk & Micro Bulk 8.3. Drum Tanks 8.4. On-Site 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use 9.1. Healthcare 9.2. Manufacturing 9.3. Electronics 9.4. Laser 9.5. Lighting 9.6. Others 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. South Asia 10.5. East Asia 10.6. Eastern Europe 10.7. Middle East & Africa 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 by Type, Supply Mode, and End Use for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Air Liquide 20.2. Air Product Inc. 20.3. Linde Group plc. 20.4. Praxair Technology Inc. 20.5. Matheson Tri-Gas Inc 20.6. Noble Gas Solution 20.7. Cryoin Engineering 20.8. BASF 20.9. Messer Group 20.10. Taiyo Nippon Sanso 20.11. Airgas 20.12. Iwantani 20.13. Iceblick Ltd 20.14. Advance Specialty Gases Inc
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Rare Gas Market
