Noble Gas Market Size, Share & Trends Analysis Report By Product (Helium, Neon, Argon, Krypton, Xenon), By Application (Healthcare, Electronics, Aerospace, Construction), By Distribution, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global noble gas market size was valued at USD 2.60 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. Increasing application areas for noble gases in the healthcare and industrial sectors and supportive government policies are expected to boost the growth. The helium gas segment is projected to lead the market during the forecast period owing to increasing demand for it from various end-use industries such as manufacturing, aerospace, and healthcare, as well as the growing application scope of helium gas in cryogenics and analytical applications. The surging demand for noble gases from the manufacturing and electronics industries is anticipated to contribute to the growth over the forecast period.

The U.S. emerged as the largest noble gas market in North America in 2022. The U.S. is the most significant market for noble gas in North America owing to the bulk production 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 and the presence of large-scale manufacturers like BASF SE, Air Liquide, and MESA Specialty Gases & Equipment.

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.

The utilization of these gases is expected to bring about significant advancements in the areas of aerospace, electrical & electronics, manufacturing, and healthcare. Helium is making significant progress both in terms of commercialization and breakthroughs in research & development. 

Noble gases are used as a vector for drugs administered by inhalation. These gases are non-reactive with other elements and non-toxic to humans which makes them ideal for use in health care applications. The growth of the healthcare sector is mounting on account of increasing life expectancy, rising population, and expanding urban wealth. Based on these factors, the demand for noble gases is expected to increase over the forecasted period. 

The demand for noble gas has increased in the healthcare sector due to increased hospitalizations. The COVID-19 virus damaging a patient’s lungs has led to many serious patients needing respiratory support across the globe, thereby increasing the demand for noble gases in the sector. However, the demand from industrial and commercial end-users witnessed a significant dip in 2020 owing to the lockdown imposed in the majority of countries around the globe. 

Product Insights

Helium dominated the market with a revenue share of more than 47% in the year 2022, owing to the rising demand for use in healthcare, aerospace, automotive, deep-sea exploration, and manufacturing applications.

Unlike other noble gases, it is unfeasible to extract helium from the atmosphere owing to its low concentration in the atmosphere. It is generated as a byproduct during natural gas extraction. After the natural gas is extracted from the earth, the vent gas built up is stored in gas rejection units.

This gas is then treated to develop high-quality helium. Helium has extensive applications in the healthcare industry; for instance, liquid helium is used in MRI machines to cool superconductive magnets. It is used in helium-neon eye surgeries. Helium is also used as a breathing gas.

Application Insights

Construction dominated the market with a revenue share of more than 22% in 2022, on account of rising construction and infrastructure activities on a global scale and especially in the developing economies of the world such as India, Japan, Argentina, China, Brazil, Russia, Kuwait, Saudi Arabia, and many more.

The growth of the healthcare segment can be attributed to versatile properties offered by noble gases in the form of low chemical reactivity, fewer impurities, inertness, etc. that reduce the potential complications and make them safe for use by patients. Noble gases are also increasingly used in analytical applications in manufacturing, energy & power, aerospace, and construction industries in the Asia Pacific and North America. 

The demand for noble gas is surging owing to increasing healthcare expenditure, ongoing technological advancements, and the rising consumption of substantial volumes of specialty gas in therapies. This, in turn, drives the growth of the healthcare application segment of the market from 2023 to 2030. 

Distribution Insights

Cylinder dominated with the largest revenue share of more than 36% in the year 2022, as it provides a safe and efficient way to store and transport these valuable and useful elements. The cylinders used to store noble gases are typically made of high-strength materials such as steel or aluminum to withstand the high pressure required to store the gases. The cylinders are designed to safely contain the gas and prevent it from leaking out.

Noble gases can also be distributed in bulk in addition to being stored in cylinders. Bulk distribution is often used when large quantities of gas are required for industrial or commercial applications. The main advantage of bulk distribution is that it allows for a continuous supply of gas without the need for frequent cylinder replacements. This can be particularly important for applications that require a constant and uninterrupted supply of noble gas.

The other alternative method is through cryogenic distribution. This involves storing the noble gas at extremely low temperatures, typically below -150°C, which allows for a high storage density. Cryogenic distribution is often used for applications that require very large quantities of gas, such as in the production of semiconductors or in medical applications.

Regional Insights

Asia Pacific dominated the market with a revenue share of 32.84% in 2022, due to the initiatives are undertaken by governments of different countries of Asia Pacific to strengthen their manufacturing and electronics industries in the form of subsidies, trade promotion, and supportive policies, as well as increasing foreign investments, are expected to expand product demand over the forecast period.

North America is one of the significant markets for noble gas in the world owing to the large-scale production of these gas in the region. Massive investments for developing air separation techniques and production technologies in North America are anticipated to surge the demand for noble gas in the region in the coming years.

Increasing demand for noble gas in Europe is positively influencing the growth of the market in this region owing to the high rate of facility establishment, technological advancements, high disposable income, and improved standard of living of the masses. Supportive government investments for noble gas production in Europe are projected to fuel the growth of the market for noble gas in this region from 2023 to 2030.

Key Companies & Market Share Insights

The market is competitive in nature, with key participants involved in R&D activities and constant innovation by vendors, which has become one of the most important factors for companies to perform in this industry. Acquisitions and joint ventures are an integral part of this market as they enable companies to enhance their position in the market. For instance, in May 2022, Air Water America, Inc., a subsidiary of Air Water Inc., announced the acquisition of Noble Gas Solutions, Inc.

Prevailing trends in the market signify that companies manufacturing noble gases are acquiring companies possessing technologies and patents for producing these gases. Increasing usage of renewable sources and recycling and reusing byproducts are strategic initiatives adopted by companies in the market.

The competitive landscape among suppliers is based on offering superior service and delivery to end-users. R&D into more applications for noble gases R&D in various sectors such as healthcare aerospace and manufacturing is projected to contribute to the market growth in the coming years. Some prominent players in the global noble gas market include:

• 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

Noble Gas Market Report Scope

Global Noble Gas Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global noble gas market report based on product, application, distribution, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Helium

  • Neon

  • Argon

  • Krypton

  • Xenon

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Healthcare

  • Electronics

  • Aerospace

  • Construction

  • Energy & Power

  • Others

• Distribution Outlook (Revenue, USD Million, 2018 - 2030)

  • Bulk

  • Cylinder

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Russia

    • Italy

    • Spain

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central and South America

    • Brazil

    • Colombia

  • Middle East and Africa

    • South Africa

    • UAE

    • Egypt