Noble Gas Market Size
is forecast to reach $5.6 billion by 2025, after growing at a CAGR of 5.3% during 2020-2025. The Noble Gas industry is projected to augment due to increasing adoption in industrial verticals such as lighting, welding, and space exploration, blimps and balloons, and others. The demand of noble gas has been rising particularly in energy-efficient lighting systems and in window insulation. Noble gases have the largest ionization potential among the elements of each period, which reflects the stability of their electron configuration and is related to their relative lack of chemical reactivity.
Type – Segment Analysis
Helium held the largest share in the Noble Gas market in 2019. Helium is biologically inert, has been recently shown to be beneficial in medical industry. Because of its effectiveness in preventing respiratory acidosis in patients with comorbid conditions that cause carbon dioxide retention, surgeons are considering using helium instead of carbon dioxide to insufflate the abdomen of patients undergoing laparoscopic abdominal procedures. Moreover, Microscopy has opened new possibilities for the use of helium gas in the technologically advanced fields of medicine.
Application – Segment Analysis
Cryogenics held the largest share in the Noble Gas market in 2019. Industrial cryogenics uses liquid gases such as nitrogen, carbon dioxide, helium, and hydrogen are used as refrigerants to modify the physical properties of materials or to maintain temperature during process steps. Industrial cryogenic are also used in power applications such as fuel cell vehicles and microelectronics. Cryogenics has transformed a number of modern industries from aerospace to coal. Cryogenics allow more reliable and cost-effective transport, processing, and storage of bulk liquids and gas for applications in natural gas and fueling than ever before.
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End-Use – Segment Analysis
Medical dominates the largest share in the Noble Gas market in 2019. Noble gas such as Argon which is useful for cryotherapy, where tissue for medical purposes is exposed to sub-zero temperatures. Xenon has been shown to be more effective than previous methods for anesthetic use. Helium enhances respiratory drug delivery by increasing the deposition of nebulized drugs in the distal airways. Furthermore, helium is used in magnetic reasoning imaging to maintain a state of superconductivity, the electromagnet used in MRI scanners must be kept under conditions of intense cold.
Geography – Segment Analysis
Asia Pacific dominates the Noble Gas market with a share of more than 39%, followed by North America and Europe. Asia Pacific is expected to be powered by rising aerospace industry and increasing demand in energy-efficiency applications on the market for noble gases. The other end use industry responsible for growth of noble gas in APAC is automobiles, construction, mining, and transportation. Noble gas market in North America will be experiencing a healthy growth due to the strong demand from the United States and Canada for aerospace and laser applications.
Drivers – Noble Gas Market
Increasing demand in the Medical Industry will drive the Noble Gas market:
Noble gas has highest demand in the medical industry as they are used in the cooling of superconducting magnets in the magnetic resonance imaging (MRI) scanners. Helium has been effective in a variety of respiratory conditions, including protecting the myocardium from ischemia by various mechanisms.
Challenges – Noble Gas Market
- High Prices can restrict the market:
The price per m3 of the other noble gases is considerably higher and this tends to restrict their usage to specialist applications only. Demand for noble gas has been rising particularly in energy-efficient lighting systems. Noble gases prices are highly influenced by conventional gas prices. The prices of the noble gases are determined by their inherent supply, with the cheapest being argon and the most expensive being xenon.
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- Asia Pacific dominates the Noble Gas market owing to higher consumption across various industry verticals.
- Increasing hydrogen and nitrogen prices are expected to aid in decline of noble gas prices, providing incentives to market growth from consumption point of view.
- The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
- The other key areas of focus include the various applications in Noble Gas Market and their specific segmented revenue.
Related Reports :
1. Specialty Gas Market
2. Noble Ferroalloys Market
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