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

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

Noble Gas Market Growth & Trends

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.

Noble Gas Market Report Highlights

• In 2022, helium emerged as the largest segment and accounted for 47.44% of the revenue share owing wide application range in healthcare, manufacturing, and aerospace increasing its demand
• The U.S. emerged as the largest 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 of these gas 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
• The healthcare application segment is expected to account for the largest share of the market from 2023 to 2030. Increased preference for noble gas in healthcare facilities owing to their risen applicability rate in medical applications is a factor driving the growth of the healthcare application segment

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