iCrowd Newswire – Jun 16, 2020
According to Blueweave consulting, the global rare gas market has reached USD 355.1 Million is estimated to reach USD 594.6 Million by 2026 at a CAGR of 7.8% during the forecast period from 2020-2026. The growing demand for laser and lighting applications and the increasing healthcare and automotive industries are key factors driving the growth of the rare gas market around the globe.
Rare gasses are not reactive except when they arrive in extreme conditions. The inertia of noble gasses makes them ideal for many applications. In the global market for rare gases, both in growth in domestic and export-oriented revenues are observed for significant players. Besides, issues such as rising buyer bargaining power, focus on high-quality, low-cost commodities are forcing changes in the supply chain for rare gas. Acquisitions and mergers are one of the foremost tactics adopted by the companies producing rare gas.
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Energy efficiency is dominating the end-user segment in the rare gas market during the forecast period. Rare gases are used in the lighting as they emit light upon applying an electric field. Rare gas also has a volatile nature, allowing changes as per the application, which helps in a competitive edge over the other regular gases. Demand for noble gas has been growing particularly in energy-efficient lighting systems and in window-insulation. Rapid up-gradation in technology for semiconductors has led to the evolution of light-emitting diode (LED) lights, which emit light using the semiconductor diodes without using any glasses. North America is estimated to dominate the rare gas market due to growing noble gas consumption in aerospace and lasers applications during the forecast period.
The demand for noble gasses is increasing due to the applications where oxidation or other reactions are undesirable due to their inert nature, and also for non-reaction with other elements. Noble gasses is a non-reactive gas and is also considered to be completely harmless and safe when used in pharmaceutical drugs or anesthetically. Noble gas is of an ecologically safe and non-toxic, primarily used in the treatment of various brain diseases. To increase production capacity, different new noble gas production plants are expected to be set up to meet the current demand, which is projected to increase demand for noble gasses around the globe.
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Geographically, the Global rare gas market segregated into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America is projected to dominate the global rare gas market. European markets are expected to see significant growth over the forecast period due to the increasing use of noble gasses in aerospace and laser applications. New energy-efficient codes and rising oil prices are improving the global market of the United States and Canada. Asia-Pacific is expected to be powered by the growing aerospace industry and increasing demand for energy efficiency applications on the noble gas market.
The major market players in the rare gas are Air Liquide, Air Products and Chemicals Inc., Airgas Inc., American Gas, BASF SE, Proton Gases, Buzwair Industrial Gases Factories, Gulf Cryo, ITM Power, Linde, Iceblick Ltd., Ellenbarrie Industrial Gases Ltd., Noble Energy Inc., Messer, Praxair Technology, Inc., Ras Gas Company Limited, Royal Dutch Shell PLC, Taiyo Nippon Sanso, Yingde Gases, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.
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Keywords: Rare Gas Market, Rare Gas Market Size, Rare Gas Market Share, Rare Gas Market Growth, Rare Gas Market Trends, Rare Gas Market Forecast