San Francisco, 21 March 2030: The Report Noble Gas Market Size, Share & Trends Analysis Report By Product (Helium, Neon, Argon, Krypton, Xenon), By Application (Healthcare, Electronics, Aerospace, Construction), By Distribution, By Region, And Segment Forecasts, 2023 - 2030

The global noble gas market size is expected to reach USD 4.03 billion by 2030, registering a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing application for noble gases in healthcare and industrial sectors and supportive government policies are expected to boost the market growth.

Noble gases are expected to gain preference in the manufacturing industry worldwide owing to their usage in metal melting applications due to their inertness at high temperatures. These gases are used for the distillation of highly pure oxygen by carrying out the cryogenic distillation of air. The flourishing display market worldwide plays a vital role in surging the consumption of noble gases in electronic applications. Improving economic conditions in China and India also contribute to the rising demand for electronic goods, thereby leading to increased consumption of noble gases in these countries.

Helium is required in healthcare due to its unique properties such as low reactivity with other elements and low molecular weight which is useful for various treatment applications in healthcare. Helium is given along with oxygen for respiratory ailments such as asthma exacerbation and bronchitis to make it easier for the patient to breathe. The use of noble gas in healthcare is expected to increase owing to the rising applications for noble gas in healthcare during the forecast period which is a major market opportunity.

Rapid growth in end-use industries such as healthcare, manufacturing, chemical, and electronics is expected to drive the growth of the noble gas industry. These gases have unique properties which benefit many end-use industries by improving yield, optimizing performance, and lowering cost.

The demand for noble gas has increased in the healthcare sector due to increased hospitalizations. The COVID-19 virus damaging a patient’s lungs has led to many serious patients needing respiratory support across the globe increasing the demand for noble gases in the sector. However, demand from industrial and commercial end-users saw a significant dip in 2020 owing to the lockdown imposed in the majority of countries around the globe.

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Increasing application areas for noble gases in the healthcare and industrial sectors and supportive government policies are expected to boost the growth. The helium gas segment is projected to lead the market during the forecast period owing to increasing demand for it from various end-use industries such as manufacturing, aerospace, and healthcare, as well as the growing application scope of helium gas in cryogenics and analytical applications. The surging demand for noble gases from the manufacturing and electronics industries is anticipated to contribute to the growth over the forecast period.

The U.S. emerged as the largest noble gas market in North America in 2022. The U.S. is the most significant market for noble gas in North America owing to the bulk production in the country. The production of high-purity noble gas is carried out on a large scale in the U.S. owing to their surged consumption in healthcare applications and the presence of large-scale manufacturers like BASF SE, Air Liquide, and MESA Specialty Gases & Equipment.

Noble gases are expected to gain preference in the manufacturing industry worldwide owing to their usage in metal melting applications due to their inertness at high temperatures. These gases are used for the distillation of highly pure oxygen by carrying out the cryogenic distillation of air. The flourishing display market worldwide plays a vital role in surging the consumption of noble gases in electronic applications.

The utilization of these gases is expected to bring about significant advancements in the areas of aerospace, electrical & electronics, manufacturing, and healthcare. Helium is making significant progress both in terms of commercialization and breakthroughs in research & development.

Noble gases are used as a vector for drugs administered by inhalation. These gases are non-reactive with other elements and non-toxic to humans which makes them ideal for use in health care applications. The growth of the healthcare sector is mounting on account of increasing life expectancy, rising population, and expanding urban wealth. Based on these factors, the demand for noble gases is expected to increase over the forecasted period.

The demand for noble gas has increased in the healthcare sector due to increased hospitalizations. The COVID-19 virus damaging a patient’s lungs has led to many serious patients needing respiratory support across the globe, thereby increasing the demand for noble gases in the sector. However, the demand from industrial and commercial end-users witnessed a significant dip in 2020 owing to the lockdown imposed in the majority of countries around the globe.