Sep 6, 2022   SOURCE: BusinessWire

Noble Gas Market Size, Share & Trends Analysis Report 2022-2030: Helium, Neon, Argon, Krypton, Xenon - Noble Gases Gaining Preference in Healthcare - ResearchAndMarkets.com

The "Noble Gas Market Size, Share & Trends Analysis Report by Product (Helium, Neon, Argon, Krypton, Xenon, Others), by Application (Healthcare, Electronics, Aerospace, Construction, Energy & Power, Others), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global noble gas market is expected to reach USD 4.03 billion by 2030, registering a CAGR of 5.6% from 2022 to 2030.

Increasing application cases for noble gases in healthcare and industrial sectors and supportive government policies is expected to boost the market growth.

Noble gases are expected to gain preference in the manufacturing industry worldwide owing to their usage in metal melting applications due to their inertness at high temperatures. These gases are used for the distillation of highly pure oxygen by carrying out the cryogenic distillation of air.

The flourishing display market worldwide plays a vital role in surging the consumption of noble gases in electronic applications. Improving economic conditions in China and India also contribute to the rising demand for electronic goods, thereby leading to increased consumption of noble gases in these countries.

Helium is required in healthcare due to its unique properties such as low reactivity with other elements and low molecular weight which is useful for various treatment applications in healthcare. Helium is given along with oxygen for respiratory ailments such as asthma exacerbation and bronchitis in order to make it easier for the patient to breathe.

The use of noble gas in healthcare is expected to increase owing to the rising applications for noble gas in healthcare during the forecast period which is a major market opportunity.

Rapid growth in end-use industries such as healthcare, manufacturing, chemical, and electronics is expected to drive the noble gas market. These gases have unique properties which benefit many end-use industries by improving yield, optimizing performance, and lowering cost.

The demand for noble gas has increased in the healthcare sector due to the increased hospitalizations. The COVID-19 virus damaging a patient's lungs has led to many serious patients needing respiratory support across the globe increasing the demand for noble gases in the sector.

However, demand from industrial and commercial end-users saw a significant dip in 2020 owing to the lockdown imposed in the majority of the countries around the globe.

Noble Gas Market Report Highlights

  • In 2021, the Helium segment emerged as the largest segment and accounted for 47.81% share owing wide application range in healthcare, manufacturing, and aerospace increasing its demand.
  • The U.S. emerged as the largest noble gas market in North America in 2021 The U.S. is the most significant market for noble gas in North America owing to the bulk production of these gas in the country. The production of high-purity noble gas is carried out on a large scale in the U.S. owing to their surged consumption in healthcare applications.
  • The healthcare application segment is expected to account for the largest share of the market from 2027 to 2030. Increased preference for noble gas in healthcare facilities owing to their risen applicability rate in medical applications is a factor driving the growth of the healthcare application segment of the market.

Market Dynamics

Market Driver Analysis

  • Noble gases gaining preference in the healthcare industry
  • Rising end-use industry growth

Market Restraint Analysis

  • Declining use of noble gas in lighting

Business Environment Analysis

  • Industry Analysis-Porter's Five Forces
  • PESTEL analysis

Impact of COVID-19 on Noble Gas Market

Company Profiles

  • Air Liquide
  • Air Products Inc.
  • Basf Se
  • Linde plc
  • Messer
  • Taiyo Nippon Sanso Corporation
  • Norco Inc.
  • Iwatani Corporation
  • Showa Denko K.K.
  • Mesa Specialty Gases & Equipment
  • Gulf Cryo

For more information about this report visit https://www.researchandmarkets.com/r/ij7d0i