According to Future Market Insights (FMI), the global rare gas industry is expected to grow at a 5.1% CAGR, reaching USD 6.5 Billion by 2034.
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 are 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 the 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 the 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, the cylinders segment will dominate the market and will account for a share of 67.3% in 2024.
- In terms of applications, demand in the lighting segment will surge at a 4.8% CAGR over the forecast period.
- The USA rare gas market will expand at a CAGR of 2.9% through 2034.
- China will account for a dominant share in the East Asia rare gas market, with demand growing at a 5.7% CAGR through 2034.
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 2019 to 2023 and forecast statistics for the period 2024 to 2034. 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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