Noble Gas Market Size (2024 - 2029)

Noble Gas Market Analysis

The noble gas market is expected to register a CAGR of more than 5% during the forecast period.

COVID-19 had a positive impact on the noble gas market. Noble gases are primarily used in the healthcare sector and were largely unaffected by the COVID-19 pandemic. The demand for helium, neon, and argon increased during the pandemic for medical Purposes, which in turn increased the consumption of noble gases in the healthcare industry.

• Increasing demand from the healthcare industry and the expansion of the steel and automotive industry are expected to drive the noble gas market's growth.
• Growing usage in medical applications is likely to act as an opportunity in the future.
• However, the need for a high-efficient gas-extracting method and fluctuating prices of noble gases are the major factors hindering the growth of the studied market.
• United States is expected to dominate the noble gas market in North America and is also likely to witness the highest CAGR during the forecast period.

Noble Gas Industry Segmentation

Noble gases are odorless, colorless gases with very low chemical reactivity at standard conditions. Naturally occurring noble gases are helium, neon, argon, krypton, xenon, and radon. The noble gas market is segmented by type, application, end-user industry, and geography. By type, the market is segmented into helium, neon, argon, krypton, xenon, and radon. By application, the market is segmented into picture projection, anesthetic, welding, insulation, lighting, television tubes, advertising, refrigerant, working fluid, and chemical analysis. By end-user industry, the market is segmented into oil and gas, mining, healthcare, aerospace, construction, and energy and power. The report also covers the market size and forecasts for the noble gas market in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).