Noble Gas Market Trends and Chemical Industry in Japan and Outlook by 2028
The global noble gases market size is expected to reach USD 53.71 billion by 2028, exhibiting a CAGR of 3.89% during the forecast period. The surging demand for helium will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report titled “Noble Gases Market, 2021-2028.” The noble gases market size stood at USD 40.34 billion in 2020.
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The Report Lists the Key Companies in the Noble Gases Market:
- Air Liquide (France)
- Air Products, Inc. (U.S.)
- Linde Group plc (Ireland)
- Praxair Technology, Inc. (U.S.)
- Matheson Tri-Gas, Inc. (U.S.)
- Noble Gas Solutions (U.S.)
- Cryoin Engineering (Ukraine)
- BASF (Germany)
- Messer Group (Germany)
- Taiyo Nippon Sanso Corporation (Japan)
Booming Steel Production to Benefit Noble Gases Industry
With the uptick in construction and car manufacturing activity following Covid-19, demand for steel and steel products is expected to rise significantly in the coming years. According to the World Steel Association, global crude steel output grew by 1.75 percent year over year from 1,814 million tonnes in 2018 to 1,878 million tonnes in 2020. Argon is utilized in a variety of steel-making processes. It is blasted at high pressure to homogenize the liquid steel mixture and disperse unwanted gases like N2, H2, and CO from the mixture. In welding and vacuum induction applications, argon is utilized in large amounts as a protective gas. Many materials used in steel manufacturing, such as magnesium, chromium, titanium, and molybdenum, are sensitive to oxygen and nitrogen and quickly produce oxides or nitrides when exposed to them. As a result, argon shields molten metals from deterioration.
Companies Focus on Capacity Expansion to Strengthen Position
Because the production of individual gas components from air necessitates large air separation units and a high level of technical expertise, as well as large, specialized state-of-the-art storage units, the market is largely consolidated, with the top ten companies accounting for roughly 70% of the noble gases market Analysis. It now operates in over 78 countries and generates over USD 22 billion in sales. In September 2020, the business bolstered its expertise in extreme cryogenics by purchasing a controlling interest in Cryoconcept.
By type, the market is divided into:
By application the market is categorized into:
- MRI & medical applications
- fiber optics
- carrier & lifting gas
By region: the market is classified
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing R&D for Noble Gases to Promote Growth in Europe
Europe is likely to be a major area for doing more research into the use of noble gases. For example, helium’s superfluidity at temperatures below -271 C makes it a good coolant for particle accelerators like the S-DALINAC electron linear accelerator in Darmstadt, Germany, the German electron synchrotron DESY in Hamburg, and the LHC Large Hadron Storage Ring at CERN in Geneva, Switzerland. Furthermore, helium is used extensively to cool the region’s MRI and NMR devices. As the prevalence of cancer rises due to a variety of factors like pollution and unhealthy living, the use of these machines is expected to rise, pushing up demand for helium in the region. The presence of high purity ores mines in South American countries will boost the noble gases market growth in Latin America. North America is expected to hold a significant noble gases market share during the forecast period due to the utilization of gas-based fluorescent tubes for lighting, especially in Las Vegas.
March 2021: Noble Gas Solutions, a major supplier of industrial gases to hospitals and welding contractors, announced the inauguration of its new 6,000 sq. ft. store and warehousing capacity in South Glenn Falls. The company will supply nitrogen, oxygen, argon, and carbon dioxide to its customers in Northern U.S.
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