Rare Gas Market is estimated to top US$ 6 Bn by the end of 2032

According to Future Market Insights (FMI), the global rare gas market is expected to grow at a 5.2% CAGR, reaching US$ 6 Bn by 2032.  

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.

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.

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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

Have a Look at Related Research Reports of Chemicals & Materials

Xenon Gas Market: The global xenon gas market is estimated to grow at a CAGR of 5.0% during the forecast period (2022-2032) and is projected to reach US$ 239.6 Mn by the end of 2032.

Argon Gas Market: The argon gas market is projected to total US$ 220 Mn in 2022. With sales growing at a CAGR of 5.4%, the market valuation will reach US$ 372.2 Mn by 2032.

Neon Gas Market: The global neon gas market is anticipated to be worth US$ 222.9 Mn in 2022. With sales growing at a healthy 7% CAGR, the market valuation will reach US$ 439.1 Mn by 2032.