Global Rare Gase Market Overview
The Rare Gase Market Size was estimated at 16.48 (USD Billion) in 2022. The Rare Gase Industry is expected to grow from 17.39 (USD Billion) in 2023 to 28.15 (USD Billion) by 2032. The Rare Gase Market CAGR (growth rate) is expected to be around 5.5% during the forecast period (2024 - 2032).
Key Rare Gase Market Trends Highlighted
The rare gas sector is steadily experiencing growth owing to increasing industrial use scopes and progress in industries in general. The market is driven by the growing need for these gases in semiconductor fabrication, electronics, medicine and aerospace. The growing use of rare gases in several lasers, lights and medical imaging devices also augments the demand for these gases. Furthermore, the implementation of rare gases in energy-saving light and insulation applications due to the increasing need for energy-efficient and environmentally friendly designs is one of the factors boosting growth in the rare gas market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Rare Gase Market Drivers
Increasing Demand for Rare Gases in Electronics Industry
Rare gases, especially helium, argon, neon, and krypton, play a crucial role in various electronic applications. Helium is used as a cooling agent in high-power lasers and particle accelerators. Argon is utilized in plasma displays, fluorescent lighting, and semiconductor manufacturing. Neon is employed in lasers, advertising signs, and lighting systems. Krypton is used in high-intensity discharge lamps and lasers. The growing demand for electronic devices globally, such as smartphones, laptops, and televisions, is driving the consumption of rare gases in the electronics industry.As electronic devices become more sophisticated and require higher performance, the demand for rare gases is anticipated to rise further, propelling the growth of the Rare Gase Market Industry.
Growing Adoption of Rare Gases in Medical Applications
Rare gases, particularly xenon and nitrous oxide, have gained significant traction in the medical field. Xenon is used as an anesthetic agent during surgical procedures due to its low solubility in blood and rapid induction and recovery times. Nitrous oxide is widely employed as an analgesic and anesthetic in dental procedures and childbirth. The increasing prevalence of chronic diseases, the rising number of surgical interventions, and advancements in medical technologies are contributing to the growing adoption of rare gases in healthcare applications.The Rare Gase Market Industry is expected to witness a surge in demand from the medical sector in the coming years.
Expansion of Rare Gas Applications in Industrial and Scientific Research
Rare gases find diverse applications in industrial and scientific research domains. Helium, for instance, is utilized in leak detection, gas chromatography, and cryogenic applications. Argon is employed in welding, metalworking, and food preservation. Neon is used in analytical spectroscopy and laser systems. Krypton is utilized in lighting, lasers, and medical imaging. The growing demand for rare gases in these sectors is primarily driven by the need for high-purity gases, precise analytical techniques, and advanced research methodologies.The Rare Gase Market Industry is poised to benefit from the increasing adoption of rare gases in industrial and scientific applications.
Rare Gase Market Segment Insights
Rare Gase Market Type Insights
The Rare Gase Market is segmented by type into Helium, Neon, Argon, Krypton, Xenon, and Radon. Helium is the most abundant rare gas in the atmosphere, accounting for about 5.2 parts per million by volume. It is used in a variety of applications, including balloons, airships, and diving tanks. Neon is the second most abundant rare gas in the atmosphere, accounting for about 1.8 parts per million by volume. It is used in advertising signs, fluorescent lights, and lasers. Argon is the third most abundant rare gas in the atmosphere, accounting for about 0.9 parts per million by volume.It is used in incandescent light bulbs, fluorescent lights, and welding. Krypton is the fourth most abundant rare gas in the atmosphere, accounting for about 1.1 parts per million by volume. It is used in fluorescent lights, lasers, and incandescent light bulbs. Xenon is the fifth most abundant rare gas in the atmosphere, accounting for about 0.09 parts per million by volume. It is used in flash tubes, lasers, and medical imaging. Radon is the sixth most abundant rare gas in the atmosphere, accounting for about 0.004 parts per million by volume.It is a radioactive gas that is used in cancer therapy. The Helium segment is expected to account for the largest share of the Rare Gase Market in 2023, with a market value of 11.2 billion USD. The Neon segment is expected to be the second largest segment, with a market value of 3.5 billion USD. The Argon segment is expected to be the third largest segment, with a market value of 2.1 billion USD. The Krypton segment is expected to be the fourth largest segment, with a market value of 0.8 billion USD. The Xenon segment is expected to be the fifth largest segment, with a market value of 0.6 billion USD.The growth of the market is attributed to the increasing demand for rare gases in various applications, such as healthcare, electronics, and industrial manufacturing. The healthcare industry is the largest consumer of rare gases, accounting for about 50% of the demand. Rare gases are used in medical imaging, anesthesia, and cancer therapy. The electronics industry is the second largest consumer of rare gases, accounting for about 30% of the demand. Rare gases are used in semiconductors, transistors, and lasers. The industrial manufacturing industry is the third largest consumer of rare gases, accounting for about 20% of the demand.Rare gases are used in welding, cutting, and heat treatment. The Rare Gase Market is a highly competitive market, with a number of major players, including Air Products and Chemicals, Inc., Linde plc, and Messer Group GmbH. These companies are investing heavily in research and development to develop new applications for rare gases. The market is also expected to see increased competition from new entrants as the demand for rare gases continues to grow.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Rare Gase Market Application Insights
The application segment of the Rare Gase Market holds significant importance, driving the industry's growth. Medical applications account for a substantial share of the market, utilizing rare gases in medical imaging and therapeutic procedures. Scientific research also relies heavily on rare gases, particularly in high-energy physics and material science. Lighting applications, such as fluorescent and HID lamps, leverage rare gases for their unique spectral properties. Electronics, industrial, and automotive sectors also contribute to the demand for rare gases in various applications, including semiconductors, lasers, and welding processes.With the increasing adoption of advanced technologies across these industries, the application segment of the Rare Gase Market is poised for continued expansion in the coming years.
Rare Gase Market Grade Insights
The Rare Gase Market is segmented by Grade into Commercial Grade, Research Grade, and Ultra-High Purity Grade. The Commercial Grade segment accounted for the largest share of the market in 2023 and is expected to continue to dominate the market over the forecast period. The Research Grade segment is expected to grow at the highest CAGR over the forecast period due to increasing demand from the research and development sector. The Ultra-High Purity Grade segment is expected to witness moderate growth over the forecast period due to its use in high-end applications such as semiconductors and aerospace.
Rare Gase Market Production Method Insights
The Rare Gase Market is segmented by Production Method into Air Separation, Natural Gas Processing, and Uranium Mining. Air Separation held the largest market share in 2023, accounting for over 55% of the Rare Gase Market revenue due to its cost-effectiveness. Natural Gas Processing is expected to register a significant CAGR during the forecast period, owing to the increasing demand for natural gas and the presence of rare gases in natural gas reserves. Uranium Mining is projected to witness moderate growth, driven by the rising demand for nuclear energy.
Rare Gase Market Regional Insights
The Rare Gase Market revenue was valued at USD 17.39 billion in 2023 and is projected to reach USD 28.15 billion by 2032, exhibiting a CAGR of 5.5% during the forecast period. Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share, followed by Europe and APAC. The growth in the North American market can be attributed to the increasing demand for rare gases from the electronics and semiconductor industries. Europe is also expected to witness significant growth, owing to the growing demand for rare gases from the automotive and aerospace industries.The APAC region is anticipated to be the fastest-growing market due to the increasing demand for rare gases from the electronics and manufacturing industries. South America and MEA are expected to experience moderate growth, owing to the increasing demand for rare gases from various industries.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Rare Gase Market Key Players And Competitive Insights
Major players in the Rare Gase Market industry are continuously focusing on the development of new products to attract potential customers. Leading Rare Gase Market players are aiming for expansion and acquisition of new customers by offering additional services. Rare Gase Market development is attributed to increasing demand from various industries, government regulations regarding environmental safety, and a surge in research and development activities. Rare Gase Market Competitive Landscape is expected to witness several collaborations and partnerships among players to gain a competitive advantage. Linde is a leading company in the Rare Gase Market industry, offering various products and services, including industrial gases, medical gases, and engineering services. The company has a presence and serves customers in the Americas, Europe, Asia, and the Middle East. Linde focuses on growth through innovation and expansion of its product portfolio. The company also emphasizes sustainability and invests in green technologies to reduce its environmental impact.Air Liquide is a competitor in the Rare Gase Market industry, providing a wide range of products and services to customers in various sectors. The company has a strong presence and is committed to innovation and, research and development. Air Liquide focuses on developing new technologies and solutions to meet the evolving needs of its customers. The company also emphasizes sustainability and environmental responsibility in its operations.
Key Companies in the Rare Gase Market Include
- Air Water Inc
- Air Liquide
- Showa Denko K K
- Evonik Industries AG
- Solvay S A
- Linde
- Tokyo Sangyo
- Iwatani Corporation
- Taiyo Nippon Sanso Corporation
- Rare Element Resources
- Jordan Phosphate Mines Company
- Praxair Inc
- Messer Group
- ICL Group Ltd
- The Chemours Company
Rare Gase Market Industry Developments
The Rare Gas Market is projected to reach USD 28.15 billion by 2032, exhibiting a 5.5% CAGR from 2024 to 2032. Rising demand for rare gases in electronics, healthcare, and aerospace industries is driving market growth. For instance, in August 2023, Air Liquide announced a new rare gas production unit in the U.S., catering to the growing demand from the semiconductor industry. Furthermore, helium, a key rare gas, is witnessing increased usage in medical imaging and cryogenic applications, fueling market expansion. However, stringent regulations and high production costs may restrain market growth. Key players include Praxair, Air Liquide, and Iwatani Corporation, focusing on strategic partnerships and capacity expansions to meet growing demand.
Rare Gase Market Segmentation Insights
- Rare Gase Market Type Outlook
- Helium
- Neon
- Argon
- Krypton
- Xenon
- Radon
- Rare Gase Market Application Outlook
- Medical
- Scientific Research
- Lighting
- Electronics
- Industrial
- Automotive
- Rare Gase Market Grade Outlook
- Commercial Grade
- Research Grade
- Ultra-High Purity Grade
- Rare Gase Market Production Method Outlook
- Air Separation
- Natural Gas Processing
- Uranium Mining
- Rare Gase Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
16.48 (USD Billion) |
| Market Size 2023 |
17.39 (USD Billion) |
| Market Size 2032 |
28.15 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.5% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Air Water Inc, Air Liquide, Showa Denko K K, Evonik Industries AG, Solvay S A, Linde, Tokyo Sangyo, Iwatani Corporation, Taiyo Nippon Sanso Corporation, Rare Element Resources, Jordan Phosphate Mines Company, Praxair Inc, Messer Group, ICL Group Ltd, The Chemours Company |
| Segments Covered |
Type, Application, Grade, Production Method, Regional |
| Key Market Opportunities |
Advanced materials Semiconductor manufacturing Automotive emissions Medical imaging Renewable energy |
| Key Market Dynamics |
Increased demand from the electronics industry Rising adoption in medical and scientific applications Growing use in lighting and displays Technological advancements for enhanced performance and Fluctuating raw material prices |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Rare Gase Market is projected to grow at a CAGR of 5.5% from 2024 to 2032.
The Rare Gase Market is expected to be valued at 17.39 USD billion in 2023.
The Rare Gase Market is expected to be valued at 28.15 USD billion in 2032.
North America region is expected to dominate the Rare Gase market.
The key applications of the Rare Gase market are Medical, Scientific Research, Lighting, Electronics, Industrial, and Automotive.
Tokyo Sangyo, Iwatani Corporation, Taiyo Nippon Sanso Corporation, Rare Element Resources, Jordan Phosphate Mines Company, Praxair Inc, Messer Group, ICL Group Ltd, The Chemours Company.
As electronic devices become more sophisticated and require higher performance, the demand for rare gases is anticipated to rise further, propelling the growth of the Rare Gase Market Industry.
