Rare Gas Market Size Will reaching US$ 6 Bn by 2032 as Demand from Medical, Construction and Lighting Industries Grows: FMI
The global rare gas market is projected to reach an estimated value of USD 3.6 billion in 2022 growing at a CAGR of 5.2% from 2022-2032. The demand for rare gases has been driven by the increased need for electronics and automotive industries in countries such as China and India that are witnessing rapid economic growth. This research report provides a comprehensive analysis of the global rare gas market including its dynamics, trends, competitive landscape, key players, and regional outlook. It also presents insights into various opportunities and challenges faced by this market.
NEWARK, Del, May 9, 2022 /PRNewswire/ -- According to Future Market Insights (FMI), the global rare gas market is expected to grow at a 5.2% CAGR, reaching US$ 6 Bn by 2032.
In the medical sector, helium gas is used in some of the most vital processes owing to its unique physical and chemical properties. Helium gas and oxygen is used to treat various diseases, including emphysema, asthma, and other respiratory diseases. It also finds applications in MRI scanners for generating images. This is anticipated to fuel sales of rare gases in the healthcare sector.
Similarly, argon is utilized as a surgical instrument in the healthcare sector. Coagulation of argon plasma is a non-contact technique that uses high-frequency stimulation of argon plasma to prevent bleeding through coagulation in surgical places.
Moreover, growing applications in aerospace and aircraft industries are anticipated to create opportunities for rare gas market players. Xenon is used as a propellant for ion thrusters. As the number of space missions is increasing all around the world, the need for xenon gas is expected to increase.
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Further, krypton is extensively used in construction industry because of its effective insulation and energy efficiency in high-end triple and double glass windows.
"Rare gas ionization provides a strong white light which is used in flashbulbs, fluorescent lamps, airport runway lights, and lasers. For brighter light, rare gas is effective for indoor light application. Growing demand for brighter light for various applications will fuel growth in the market over the forecast period," says an FMI analyst.
Key Takeaways:
- By supply mode, sales in the cylinders segment will increase at a 5.3% CAGR through 2032.
- In terms of applications, demand in the lighting segment will surge at a 4.8% CAGR over the forecast period.
- The U.S. rare gas market is anticipated to create an incremental opportunity of US$ 385.9 Mn over the forecast period.
- China will account for a dominant share in the East Asia rare gas market, with demand growing at a 5.3% CAGR through 2032.
Competitive Landscape
- Air Gas,
- Air Liquide,
- Matheson Tri-Gas, Inc.,
- Messer Group GmbH,
- American Gas Products,
- The Linde Group,
- Air Products & Chemicals, Inc., and
- Air Water Inc.
are some of the leading players operating in the global rare gas market.
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More Insights into the Rare Gas Market Report
In its latest report, FMI offers an unbiased analysis of the global Rare Gas Market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, its growth, and scope, the market is segmented based on gas type, application, supply mode, and region.
Key Segments Covered In Rare Gas Industry Research
By Rare Gas Type:
- Argon
- Krypton
- Neon
- Xenon
- Helium
By Supply Mode:
- Cylinders
- Bulk & Micro Bulk
- Drum Tanks
- On-Site
By Application:
- Healthcare
- Manufacturing
- Electronics
- Laser
- Lighting
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Rest of MEA
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About FMI – Chemicals and Materials
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling, and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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