According to the research report titled ‘Global Noble Gas Market Size study, By Product (Helium, Neon, Argon, Krypton, Xenon), By End User (Healthcare, Electronics, Aerospace, Construction, Energy & Power) and Regional Forecasts 2021-2027’, available with Market Study Report, global noble gas market attained a valuation of USD 7.53 billion in 2020 and is projected to reach USD 12.62 billion by the end of the forecast period 2021-2027, registering a CAGR of 7.6% throughout.
 

As per the findings of the research literature, global noble gas market is largely driven by escalating product demand across various end-use industries and growing necessity of energy-efficient solutions. Increasing efforts of industry players to expand production capacities are further expanding the business horizon.
 

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On the contrary, development of substitutes will negatively impact the market development over the forecast timeframe.
 

For the uninitiated, noble gases are dormant in nature, meaning that they do not respond with various components, hence, find applications where responses are unfavorable such as oxidation. Major end-users of these gases are electronics, healthcare, construction, aerospace, and energy & power sectors.
 

Based on product type, helium segment held considerable portion of the overall noble gas market share in the recent past and will likely record modest gains in the upcoming years. Helium is an odorless, non-ignitable, non-harmful, non-destructive, and vapid gas. Moreover, it has the lowest boiling and melting point of any gas, making it favorable for cryogenic applications.
 

From a geographical perspective, key contributors to the global noble gas market growth are North America (U.S., Canada), Europe (United Kingdom, France, Germany, Spain, Italy), Asia Pacific (India, China, Australia, Japan, South Korea), and Latin America (Mexico, Brazil).
 

Expert analysts cite that Asia Pacific currently leads the market growth and is expected to maintain a strong growth curve over the forecast duration, creditable to lower production cost of noble gases and developing medical services industry in the region.
 

Speaking of the competitive landscape, Matheson Tri-Gas Inc., Air Products and Chemicals Inc., Air Liquide S.A., Praxair Inc., Taiyo Nippon Sanso Corp., Messer Group GmbH, Linde plc, BASF SE, ITM Power, and Royal Dutch Shell Plc are the top contenders influencing the global noble gas industry trends.