According to a report by Future Market Insights (FMI), the global rare gas industry is projected to exhibit robust growth with a compound annual growth rate (CAGR) of 5.2%. This growth is expected to drive the industry’s total worth to approximately US$ 6 billion by the year 2032. The increasing demand for rare gases in various industrial applications, such as electronics, healthcare, and manufacturing, is anticipated to fuel this substantial expansion, presenting promising opportunities for market players in the coming decade.
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.
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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.
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 industry, with demand growing at a 5.3% CAGR through 2032.
Competitive Landscape
Top Key Players in the Industry
- Air Gas
- Air Liquide,
- Matheson Tri-Gas, Inc.
- Messer Group GmbH
- American Gas Products
- The Linde Group
- Air Products & Chemicals
- Inc., Air Water Inc.
- Axcel Gases
- Specialty Chemical Products Inc
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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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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