Rare Gas Market Analysis

Type (Argon, Helium, Neon, Krypton, Xenon, Radon)

By type, argon segment is projected to dominate around 29.8% rare gas market share by the end of 2035. The segment’s growth is attributed to its wide-scale use across various industries such as manufacturing, healthcare, and electronics. The demand for argon is surging in the welding and casting industries, in the manufacture of titanium and specialty alloys. The use of argon as a primary inert shielding gas in welding and as a base for specialized mixes drives its demand. Additionally, increasing research on the efficacy of argon is positioned to lead to greater adoption in applications by the end of the forecast period. For instance, in December 2023, a research paper published in the Multidisciplinary Digital Publishing Institute highlighted that treatment with argon plasma removed carbon contaminants and improved the surface energy of the material.

The helium gas segment of the rare gas market is poised to increase its revenue share by the end of the forecast period. The sector’s growth is attributed to increasing demands from the aerospace and healthcare sectors. Additionally, the segment’s demand is driven by its use in the Large Hadron Collider which requires superfluid helium to operate. For instance, in July 2024, CERN announced four new helium tanks that will supply the new High-Luminosity LHC refrigerators. By the end of the forecast period, the segment is positioned to leverage the growth of quantum computing to increase its revenue share. For instance, in December 2023, Alice & Bob announced a tape out of a new helium 1 16-Qubit quantum processing unit.

End use Industry (Electronics and Semiconductors, Healthcare, Lighting, Manufacturing and Fabrication, Energy and Power, Aerospace and Aviation, Research Institutions)

By end use industry, the electronics and semiconductors to hold the largest revenue share by 2035 and is poised to increase its revenue share in the rare gas market by the end of the forecast period. The segment’s growth is owed to rare gases being indispensable to the manufacturing process of semiconductors and electronics. For instance, xenon is indispensable for the manufacturing of semiconductors and memory chips.  With a surging demand for electronics in emerging fields like artificial intelligence, 5G, and IoT, the electronics and semiconductors segment is positioned to continue its robust growth. For instance, in June 2023, a joint research team from the Korea Institute of Machinery and Materials developed a large-scale 4-inch plasma etching technology for the mass production of next-generation two-dimensional semiconductors.

Our in-depth analysis of the rare gas market includes the following segments: