Global rare gas market value in the year 2021 was USD340.26 million that is anticipated to grow with an impressive CAGR during the forecast period, 2023-2027, to achieve the market value over USD450 million by 2027F. The demands for rare gases are increasing in the global market due to surging demands for semiconductors. The semiconductors are highly in demand in end use industries like automotive industry and electrical industry. Growing technological advancement and expanding chemical industry is further driving the growth of the global rare gas market in the upcoming five years. Recent war between Russia & Ukraine has drastically affected the rare gas productions and the shift in the industry & supply is further supporting the growth of the global rare gas market in the next five years.
Rare gases also known as noble gases are the group of inert elements that includes helium, argon, neon, krypton, and xenon. The gases have electronically stable configuration and are thus usually non-reactive in their natural forms. The configuration of the electrons makes the atoms neutral. The concentrations of the noble gases are very scarce in the inner solar system thus they are termed as rare gases. Variety of nuclear transmutation processes like decay of natural radionuclides and energetic particle reactions lead to the production of the noble gases or rare gases.
Russian Invasion Over Ukraine Influences Market
Ukraine is the world's largest supplier of noble gases including neon, krypton, and xenon in the world. Ukraine satisfies the growing demand for the noble gases to high extents. The country exports 70% of the world’s neon gas demands along with 40% of the krypton demands rising in the recent year. After the recent war waged on the country by Russia has influenced the market and the growth of the industry. The Russian invasion has drastically affected the global supply chains of Ukraine that satisfies the growing demands for the rare gas. The recent offensive operation in Ukraine have forced two major Ukrainian air-separation firms (Cryoin Engineering Ltd. and Ingas LLC) to shutter their operations in Odesa and Mariupol, halting a significant portion of the world’s noble gas exports.
Moreover, Ukraine supplies 90% of the highly purified, semiconductor-grade neon for chip production. The expansion of electrical industry and growing demands for the semiconductors to produce multiple end use products is also influencing the growth of the rare gas market. With halt in the consistent supplies and shut down of the major suppliers of rage gases, would affect the growth of the market and the electrical and consumer appliance industries too.
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Market Segmentation
The global rare gas market segmentation is based on type, application, mode of transport, regional distribution, and competitive landscape. Based on type, the market is further segmented into neon, krypton, and xenon. By application, the market is fragmented into automotive, electronics, consumer durables, manufacturing, construction, and others. Based on mode of transport, the market bifurcated into cylinder, tanker, and tonnage.
Company Profile
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), are enlisted in a partial list of major market players of the global rare gas market.
| Attribute | Details |
| Base Year | 2021 |
| Historical Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Type · Application · Mode of Transport |
| Regional scope | North America; Europe & CIS; Asia Pacific; South America; Middle East & Africa |
| Country scope | United States, Mexico, Canada, China, India, Japan, South Korea, Taiwan, Thailand, Malaysia, Germany, France, United Kingdom, Spain, Italy, Russia, Ukraine, South Africa, UAE, Saudi Arabia, Brazil, Colombia. |
| Key companies profiled | 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) |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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