Rare gas market is anticipated to grow at a CAGR of 5.2% during the forecast period. Rare gases such as argon, krypton, neon, xenon, and helium are gaining immense popularity in various end-user applications which include healthcare, manufacturing, electronics, laser, lighting, and others owing to their unique physical and chemical properties. The increasing demand from electronics and automotive industries in emerging countries such as China and India is witnessing rapid economic growth. The healthcare industry is also serving new growth opportunities to the market as rare gases such as helium and oxygen are widely used in to treat various diseases, including emphysema, asthma, and other respiratory diseases. In addition, helium has been extensively used in MRI machines to cool superconductive magnets. It is also used in helium-neon eye surgeries. Moreover, the demand for rare gas is surging owing to increasing healthcare expenditure, rapid technological advancements, and the rising consumption of substantial volumes of specialty gas in therapies. This, in turn, drives the growth of the market.
Apart from these, the rising adoption of rare gases in high-temperature metallurgical procedures is also helping in widening the market growth. Growth in the welding and metallurgical sector is anticipated to spur demand for gases such as argon. In addition, rising investments in R&D for developing noble gas-based devices are expected to fuel market growth.
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Market Coverage
- Market number available for – 2023-2030
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Rare Gas Market Segmentation
By 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
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Advanced Specialty Gases, Inc
- Air Products and Chemicals, Inc.
- American Gas Products
- Axcel Gases
- Dakota Gasification, Co.
- Electronic Fluorocarbonsl, LLC
- Iceblick, Ltd.
- , Air Water, Inc.
- Iwatani Corp.
- Matheson Tri-Gas, Inc.
- Messer Group GmbH
- Nova Gas Technologies, Inc.
- Praxair, Inc
- Specgas, Inc.
- Specialty Chemical Products, Inc.
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