Rare Gas Industry Size, Share, Demand & Growth by 2034
In the medical sector, helium gas is used in some of the most vital processes owing to its unique physical and chemical properties. Helium gas and oxygen are used to treat various diseases, including emphysema, asthma, and other respiratory diseases. It also finds applications in MRI scanners for generating images. This is anticipated to fuel sales of rare gases in the healthcare sector.
According to Future Market Insights (FMI), the
global rare gas industry is expected to grow at a 5.1%
CAGR, reaching US$ 6.5 Billion by 2034.
Similarly, argon is utilized as a surgical instrument
in the healthcare sector. Coagulation of argon plasma is a non-contact
technique that uses high-frequency stimulation of argon plasma to prevent
bleeding through coagulation in surgical places.
Moreover, growing applications in the aerospace and
aircraft industries are anticipated to create opportunities for rare gas market
players. Xenon is used as a propellant for ion thrusters. As the number of
space missions is increasing all around the world, the need for xenon gas is
expected to increase.
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Further, krypton is extensively used in the
construction industry because of its effective insulation and energy efficiency
in high-end triple and double-glass windows.
“Rare gas ionization provides a strong
white light which is used in flashbulbs, fluorescent lamps, airport runway
lights, and lasers. For brighter light, rare gas is effective for indoor light
application. Growing demand for brighter light for various applications will
fuel growth in the market over the forecast period,” says
an FMI analyst.
Key Takeaways:
- By
supply mode, the cylinders segment will dominate the market and will
account for a share of 67.3% in 2024.
- In
terms of applications, demand in the lighting segment will surge at a 4.8%
CAGR over the forecast period.
- The
USA rare gas market will expand at a CAGR of 2.9% through 2034.
- China will
account for a dominant share in the East Asia rare gas market,
with demand growing at a 5.7% CAGR through 2034.
Competitive Landscape
- Air
Gas,
- Air
Liquide,
- Matheson
Tri-Gas, Inc.,
- Messer
Group GmbH,
- American
Gas Products,
- The
Linde Group,
- Air
Products & Chemicals, Inc., and
- Air
Water Inc.
are some of the leading players operating in the
global rare gas market.
More Insights into the Rare Gas Market
Report
In its latest report, FMI offers an unbiased analysis
of the global Rare Gas Market, providing historical data from
2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand
the global market potential, its growth, and scope, the market is segmented
based on gas type, application, supply mode, and region.
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at Future Market Insights (FMI)
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