The global rare gas market is anticipated to develop at a 5.2% CAGR, reaching US$ 6 Bn by 2032, according to Future Market Insights (FMI).
Due to its special physical and chemical characteristics, helium gas is utilized in some of the most important medical procedures. Emphysema, asthma, and other respiratory illnesses can all be treated with helium gas and oxygen. For producing images, it also finds use in MRI scanners. This is expected to increase rare petrol sales in the healthcare industry.
Similarly to this, argon is used in the medical industry as a surgical tool. A non-contact method of stopping bleeding in surgical areas by coagulation, argon plasma coagulation involves high-frequency activation of argon plasma.
Additionally, it is anticipated that expanding aerospace and aircraft industry applications will present opportunities for market participants in rare gases. Ion thrusters employ xenon as a propellant. The demand for xenon gas is anticipated to rise as the number of space missions rises globally.
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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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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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