Noble Gas Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global Noble Gas market, historically known as inert gases, is projected to experience significant growth during the forecast period, according to a recent market report. The market, valued at USD 2319.5 million in 2021, is predicted to grow at a Compound Annual Growth Rate (CAGR) of 5.4 percent. Rising demand for noble gases in the healthcare and industrial sectors, along with favorable government policies, are expected to drive market expansion.

Helium Gas Sector to Lead the Market

The helium gas sector is set to dominate the market throughout the forecast period, primarily driven by increasing demand from end-use industries such as manufacturing, aerospace, and healthcare. Additionally, helium gas is finding expanded application scope in cryogenics analytical applications, further fueling its growth.

COVID-19 Impact on the Noble Gas Market

The COVID-19 pandemic has had a mixed impact on the noble gas market. On one hand, the demand for noble gases in the healthcare industry increased significantly, especially for respiratory care due to the virus's impact on patients' lungs. To fulfill this demand, industry manufacturers have been establishing additional noble gas manufacturing facilities to boost production capacity.

However, the pandemic also led to a drop in demand from commercial end-users and industries due to global lockdowns. Many important end-use sectors, including electronics, lighting, aeronautics, and healthcare, faced manufacturing process restrictions, hampering the noble gases market's development potential.

Drivers for Market Growth

The market's growth is supported by several factors. Firstly, the increasing need for steel, driven by a surge in construction and car manufacturing following the pandemic, is expected to boost demand for noble gases. Argon, in particular, plays a vital role in steel manufacturing processes, protecting the metals from deterioration.

Secondly, expanding research efforts to create new chemical compounds involving noble gases are driving growth. Despite their historical reputation for being unreactive, scientists are finding ways to elicit reactivity from these elements, leading to new chemical applications.

Challenges in the Market

The noble gas market faces challenges due to fluctuating production costs. Except for helium, all inert gas pricing is individually negotiated between users and manufacturers, leading to price fluctuations. Moreover, increased energy costs and price changes are affecting the supply networks for rare-earth elements, making it challenging for manufacturers to offer high-quality products while remaining profitable.

Segment Overview

Helium is projected to dominate the market due to its widespread applications in healthcare, aerospace, automotive, and manufacturing industries. Unlike other noble gases, helium cannot be extracted from the atmosphere and is produced as a byproduct of natural gas extraction.

The healthcare sector holds the largest market share among various end-use industries, with noble gases being extensively used in medical applications, including MRI equipment cooling and respiratory disorders treatment.

Regional Landscape

North America is expected to be the leading revenue contributor in the noble gas market. The region's significant demand for consumer and investment goods, particularly in the United States, drives its growth. Large-scale production and investments in air separation techniques and technologies further support the region's market dominance.

Key Market Players

Several prominent companies operate in the noble gas market, including Airgas Inc., Air-Liquide, Air products and chemicals Inc., BASF SE, American Gas, Gulf Cryo, Royal Dutch Shell PLC., Linde AG., Praxair Technology Inc., and RasGas Company Limited. These players are continuously investing in research and development to meet the increasing demand and stay ahead in the competitive market landscape.