Rare Gas Market Share

North America Market Forecast

By the end of 2037, North America rare gas market is projected to account for more than 25.8% revenue share. The market’s growth is attributed to robust production and distribution networks in the region. The U.S. and Canada lead the revenue share in North America. Additionally, the aerospace sector in the region is driving demands for rare gases. The market in North America is poised to leverage the large-scale commercial helium production in the region to increase its revenue share by the end of 2037. For instance, in April 2024, Pulsar Helium Inc., announced a major helium discovery in North America.

The U.S. is poised to register the largest revenue share in the rare gas market. The market’s growth is owed to the leading position of the country in commercial helium production globally. For instance, the Observatory of Economic Complexity estimated the U.S. to rank fourth globally in helium exports valued at USD 5.2 million. The market is positioned to benefit from large-scale production of helium in the country. Riley Ridge, Panhandle West, Cliffside, Panoma, and Hugoton are the major fields from where helium is extracted in the country and contain an estimated 3.9 billion cubic meters of helium. The large production allows ease of supply to industries such as defense, and healthcare. The rare gas sector is positioned to increase its revenue share by the end of the forecast period by leveraging the rising demands of rare gases domestically and for export. In September 2024, Desert Mountain Energy Corporation announced the separation of commercial volumes of helium from a complex natural gas stream.

The rare gas market in Canada is projected to increase its revenue share during the forecast period. The market’s growth is owed to Canada establishing itself as an emerging helium supplier. The emergence of the country in helium production boosts the supply chains globally and in North America. The United States Geological Survey positions Canada to account for the fifth-largest helium share in the world. In November 2023, Helium Evolution and its partner, North American Helium, confirmed the first joint helium discovery in Saskatchewan.

APAC Market Analysis

The Asia Pacific rare gas market is projected to register the fastest revenue growth during the forecast period. The sector’s growth is attributed to rapid growth in semiconductor manufacturing and electronics production. The revenue growth is led by China, Japan, South Korea, and India. Government-backed initiatives promoting self-sufficiency in supply chains are poised to benefit the APAC market. Additionally, rapid urbanization in the region has fueled extensive construction activities that drive demand for argon in welding applications and steel manufacturing. For instance, in January 2024, SeAH Changwon Special Steel ordered the second ABB stirring technology for a steel plant in South Korea that is expected to boost production.

China holds the largest share in the rare gas market of Asia Pacific. The sector’s profitable growth curve in the country is attributed to its position as a top importer and exporter of rare gases other than argon globally. For instance, the Observatory of Economic Complexity estimated China to rank second globally in both imports and exports of rare gases other than argon in 2022. For instance, China accounted for USD 757 million worth of exports and USD 656 million worth of imports in 2022. The robust import and export curve in the country opens opportunities for rare gas suppliers. For instance, in September 2024, Wärtsilä Corporation announced that they would supply the cargo handling and fuel gas supply system for four new medium-sized gas carrier (MGC) vessels.

South Korea is projected to register the fastest increase in revenue share in the APAC market. The market’s growth is owed to the country’s emergence as a major player in import and export of rare gases. For instance, the Observatory of Economic Complexity estimated South Korea to be the fourth largest exporter of rare gases in 2022, accounting for USD 241 million while the country was the largest importer of rare gases in the same year, at an estimated import of USD 821 million. The large-scale imports in the country is owed to surging demands from the domestic semiconductor industry. The market is poised to continue its growth surge by leveraging increasing investments on rare gas production domestically. For instance, in April 2024, Air Liquide announced new state-of-the-art krypton and xenon plant in South Korea to cater to demands in the semiconductor and space industries.