Rare Gas Market To Grow With Over 6% CAGR During Forecast Period
Global Rare Gas Market is
driven by surging demand for rare gases by the end use industries in the
forecast period, 2023-2027.
According to TechSci Research
report, “Rare Gas Market - Global
Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027” Global rare gas market is
anticipated to grow with an impressive CAGR during the forecast period,
2023-2027 to achieve the market value over USD450 million by 2027F. The market
value was calculated to be USD340.26 million in the year 2021 and its is growing
on the backbone of the expansion of chemical industry. Growing specialty
chemicals demand along with the extended applications of the rare gases for
various purposes is driving the growth of the global rare gas market in the
upcoming five years. Demands for the rare gases are also rising from the
automotive industry, lightning and laser applications, and healthcare industry.
The physical property of the rare gases that is their high stability and higher
ionization gases enhances their capabilities and thus their applications in
various end use sector and industries. One of the wide applications of the rare
gas is that they are used as ion beam sources to clean, cut or weld materials,
thereby supporting their demands and the growth of the global rare gas market
in the next five years.
Increasing demands for the
semiconductor-based consumer electronics is also majorly driving the growth of
the global rare gas market in the future five years. During manufacturing of
the appliances using semiconductors, the photolithography process is used to
create patterns on silicon wafers that are used in the advanced electronic
devices. A mixture of rare gases with other chemical reactions are utilized for
the purpose. Moreover, noble gases like argon have distinctive application in
the healthcare industry. At hyperbaric pressures argon gas has potential
narcotic & protective capacities that can be utilized in the medical
practices. Various cases of brain injuries require argon gas for the treatment.
Ailments like asthma exacerbation, COPD, ARDS, croup, and bronchiolitis has
potential applications for helium.
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The global rare gas market
segmentation is based on type, application, mode of transport, regional
distribution, and competitive landscape. Based on type, the market is further
segmented into neon, krypton, and xenon. Neon gas is anticipated to hold the largest
revenue shares of the market and dominate the market segment in the upcoming
five years on the grounds of increasing sales of the neon gas for the
manufacturing of the silicon-based semiconductors. The demands for
semiconductors are increasing due to the expanding automotive industry and
electronics industry. In the Asia Pacific region, South Korea has emerged as a
new production sector for neon gases. In January 2022, South Korea’s top steel
maker POSCO has succeeded in producing neon, at its Gwangyang steel mill,
becoming the first South Korean firm to do so. The benefits of the new
production unit will be over the domestic semiconductor manufacturing
companies. Through this new development, the country aims at minimizing the
imports of the semiconductors from the countries like the United States,
Ukraine, and others.
By application, the market is
fragmented into automotive, electronics, consumer durables, manufacturing,
construction, and others. Electronics applications are anticipated to hold the
largest revenue shares of the market and dominate the market segment in the
upcoming five years on the account of increasing demand for the consumer
appliances and growing demand for semiconductors for the product manufacturing.
Also, the demands for the sophisticated, and technologically advanced products
are increasing and indirectly driving the growth of the global rare gas market
in the future five years. Automotive industry is also expected to register
significant growth in the next five years due to increasing investment in the
automotive industry and expansion of the industry in the recent years. Rising
demands for the technologically advanced automobiles are also aiding to the
growth of the market indirectly. Based on mode of transport, the market bifurcated
into cylinder, tanker, and tonnage.
Some of the market players,
dominating the global rare gas market are
·
Linde
Plc
·
Air
Liquide S.A.
·
TAIYO
NIPPON SANSO CORPORATION
·
smart-Gas
PTE Ltd.
·
Air
Products and Chemicals, Inc.
·
INGAS
LLC
·
Cryoin
Engineering Ltd.
·
The
Messer Group GmbH
·
POSCO
(Pohang Iron and Steel Company)
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“European and CIS region is
anticipated to dominate the market growth due to presence of the countries like
Russia & Ukraine in the region. Ukraine is the largest supplier of the rare
gases like neon, xenon, etc. The country has the capacity to satisfy 70% of the
neon demands from the world along with 40% of the krypton demands. Asia Pacific
may register fastest growing market for the rare gases. Expanding chemical
industry in the region and advancing automotive industry in the countries like
South Korea, Japan, China, etc. would further facilitate the growth of the
global rare gas market in the future five years,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Rare Gas Market - Global
Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Type (Neon,
Krypton and Xenon), By Application (Automotive, Electronics, Consumer Durables,
Manufacturing, Construction, Others), By Mode of Transport (Cylinder, Tanker, Tonnage),
By Region”, has evaluated the future growth
potential of global rare gas and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global rare gas
market.
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