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.
COVID-19 Impact:
As the oxygen demand increased dramatically during the pandemic, several gas companies fine-tuned their air separation divisions to generate oxygen rather than rare, inert gases. For example, on April 26th, 2021, the Colombian Chamber of Industrial and Medical Gases issued a notice, citing the strain on gas firms to satisfy the oxygen demand. As a consequence, the country's overall production has surpassed 105 percent of the installed capacity. On the other hand, total consumption increased by 74% from February 2020 to April 2021, from 330 to 575 tonnes per day. The noble gases market regional development was significantly impacted as a result of this move. Furthermore, owing to lockdowns, several major end-use sectors, including electronics, aeronautics, lighting, and healthcare, had to restrict their manufacturing processes, further affecting the market's performance.
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)
Driving Factor:
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.
Competitive Landscape:
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.
Segmentation:
By type, the market is divided into:
- Helium
- Neon
- Argon
- Krypton
- xenon.
Regional Insights:
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.
Key Development:
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.
Source:
https://www.fortunebusinessinsights.com/noble-gas-market-105657
