Outlook on the Rare Gas Global Market to 2027 - Featuring Linde, Air Liquide and Cryoin Engineering Among Others - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 14, 2022--
The “Rare Gas Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Type, By Application, By Mode of Transport, By Region” report has been added to ResearchAndMarkets.com’s offering.
The global rare gas market was valued at USD340.26 million in 2021, and is anticipated to grow with an impressive CAGR during the forecast period, 2023-2027.
- Linde Plc
- Air Liquide S.A.
- TAIYO NIPPON SANSO CORPORATION
- smart-Gas PTE Ltd.
- Air Products and Chemicals, Inc.
- INGAS LLC
- Cryoin Engineering Ltd.
- The Messer Group GmbH
- POSCO (Pohang Iron and Steel Company)
The market growth can be attributed to rising demands for rare gases across various end-user industries such as automotive and electrical, and surging demands for semiconductors. Besides, technological advances in the chemical industry are also supporting the growth of the global rare gas market. Companies like Amazon, Google, and Facebook require tons of helium gas to meet the demand for storage devices in data centers.
Rare gases like krypton are increasingly used in the lighting sector for halogen bulbs, gas discharge tubes in illuminated billboards, energy-saving bulbs, etc. The rising healthcare sector is also creating demand for rare gases such as argon, and helium for numerous applications, which is expected to contribute to the increasing demand for rare gases globally.
Helium, argon, neon, krypton, and xenon are among the group of inert elements. These are also commonly referred to as noble gases. Rare gases are often non-reactive in their native states because of their electrically stable structure. The atoms are neutral due to the arrangement of their electrons. Since there are extremely few concentrations of noble gases in the inner solar system, they are referred to as rare gases. The generation of noble gases or rare gases results from various nuclear transmutation processes, including the radioactive decay of naturally occurring radionuclides and energetic particle reactions.
Ukraine is the top exporter of rare gases such as neon, krypton, and xenon worldwide. The country fulfills 70% of the world’s neon demands and 40% of the krypton demands. However, Ukraine and Russia war has drastically affected the supply chain of rare gases. Two major Ukrainian air-separation firms, Cryoin Engineering Ltd. and Ingas LLC had to shut down their operations due to the Russian invasion, halting a significant portion of the world’s noble gas exports.
Additionally, 90% of the ultra-pure, semiconductor-grade neon used in the manufacturing of computer chips comes from Ukraine. The growth of the rare gas market is also influenced by the electrical sector’s expansion and the rising demand for semiconductors to generate a variety of end-use goods.
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Objective of the Study:
- To analyze the historical growth in the market size of the global rare gas from 2021 to 2027.
- To estimate and forecast the market size of global rare gas market from 2023 to 2027 and growth rate until 2027.
- To classify and forecast the global rare gas market based on type, application, mode of transport, region, and company.
- To identify the dominant region or segment in the global rare gas market.
- To identify drivers and challenges for the global rare gas market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global rare gas market.
- To identify and analyze the profiles of leading players operating in the global rare gas market.
- To identify key sustainable strategies adopted by market players in global rare gas market.
In this report, global rare gas market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Rare Gas Market, By Type:
Rare Gas Market, By Application:
- Consumer Durables
Rare Gas Market, By Mode of Transport:
Rare Gas Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- South America
For more information about this report visit https://www.researchandmarkets.com/r/ofskpn
View source version on businesswire.com:https://www.businesswire.com/news/home/20220914005640/en/
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INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/14/2022 10:04 AM/DISC: 09/14/2022 10:04 AM