Noble Gas Market 2022 Business Scenario | Top Factors that Will Boost the Acute Care Nurse Call Systems Market Trend
According to the latest report by Reports and Data, it is projected that the global noble gas market will reach a size of USD 13.19 Billion by 2028, with a revenue compound annual growth rate (CAGR) of 7.3% during the forecast period. The growth in revenue of the noble gas market can be attributed to the increasing utilization of these gases in the healthcare sector. Noble gases have extensive applications in the healthcare industry, including providing relief from respiratory conditions such as asthma exacerbation and airway obstruction through the use of helium. Additionally, helium is used in innovative scanning helium microscopes that prevent damage to delicate materials. Argon, another noble gas, is utilized as an anesthetic and neuroprotective agent in various healthcare facilities. The rising investments in the healthcare sector, particularly in countries like India, Japan, and China, are driving the demand for noble gases.
However, the availability of alternative technologies for various applications and the difficulty of obtaining noble gases in certain countries may hinder the growth of the market.
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Here are some key highlights from the report:
- The neon segment is expected to exhibit the fastest revenue CAGR over the forecast period, driven by its wide use in television tubes, plasma screens, and certain applications as a refrigerant.
- The krypton segment contributed the second-largest revenue share in 2020, primarily due to its use in energy-saving fluorescent lamps and high-speed photography.
- Radon is utilized in medical applications such as radiation therapy and the production of implantable seeds for brachytherapy in cancer treatment. It is also known to reduce autoimmune diseases.
- The noble gas market in North America accounted for a significant revenue share in 2020, driven by its widespread use in the oil and gas industry, technological advancements in the healthcare sector, presence of leading aerospace companies, and high demand from these industries.
- Argon and helium are commonly used in welding to prevent oxidation and reduce interaction between oxygen and molten metal, and the increasing number of infrastructure projects worldwide is driving the demand for noble gases.
- In November 2020, Messer announced the acquisition of entities of Air Liquide in Slovakia, which is expected to strengthen its position in the industrial gases market in Slovakia.
- Major companies profiled in the global market report include Messer Group, Linde PLC, Praxair Inc., Gulf Cryo, Buzwair Industrial Gases Factories, BASF SE, Gazprom, Airgas Inc., Air Products and Chemicals Inc., and Taiyo Nippon Sanso Corporation.
The global noble gas market has been segmented by type, application, end-use, distribution channel, and region in the report. The types of noble gases considered include helium, krypton, argon, neon, xenon, and radon. The applications encompass chemical analysis, working fluid, refrigerant, advertising, television tubes, lighting, insulation, welding, anesthetic, and picture projection. The end-use sectors include oil and gas, mining, healthcare, aerospace, building and construction, power, and others. The distribution channels considered are online and offline. The regional outlook covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, with specific countries mentioned within each region.
For a more detailed understanding of how the noble gas market report can benefit your business strategy, you can download the summary provided.
Noble Gas Market: Drive factors
Factors driving the noble gas market include:
1. Increasing use in the healthcare sector: Noble gases such as helium, argon, and radon find extensive applications in the healthcare industry. Helium is used to provide relief from respiratory conditions, argon is utilized as an anesthetic and neuroprotective agent, and radon is employed in radiation therapy and cancer treatment. The growing investments in the healthcare sector, particularly in developed and developing countries, are driving the demand for noble gases.
2. Technological advancements: The noble gas market is benefiting from technological advancements in various industries. For example, the use of helium in innovative scanning helium microscopes that prevent damage to delicate materials is gaining traction. Moreover, the utilization of noble gases in high-speed photography and energy-saving lighting products is driving their demand.
3. Growing infrastructure projects: Noble gases like argon and helium are crucial in welding processes, where they prevent oxidation and enhance the quality of welding. With the increase in infrastructure projects worldwide, there is a rising demand for noble gases in the construction and manufacturing sectors.
4. Expansion in the oil and gas industry: Noble gases are extensively used in the oil and gas industry for exploration and extraction purposes. They play a crucial role in processes such as well testing, pressure testing, and inerting. The growth of the oil and gas industry, particularly in regions like North America, is positively impacting the demand for noble gases.
It's important to note that while these factors drive the noble gas market, there are also challenges such as the availability of substitute technologies and the difficulty of obtaining noble gases in certain countries that may hinder market growth to some extent.
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