Rare Gas Market Size

Rare Gas Market registered a profitable valuation of USD 3.4 billion in 2024 and is projected to register USD 8.4 billion in 2037, expanding at a CAGR of 7.1% during the forecast period, i.e., 2025-2037. In 2025, the industry size of rare gas is assessed at USD 3.7 billion.

The rare gas market’s growth is attributed to the global growth of the semiconductor industry where rare gases are indispensable in the manufacturing process. For instance, in October 2024, the Semiconductor Industry Association announced global semiconductor sales to have increased by 20.6% from August 2023 to July 2024. The trends are positioned to benefit the rare gas market as demands are expected to surge. The unique chemical properties and scarcity of rare gases increase their value, positioning them as high-demand resources in cutting-edge sectors.

A major growth driver of the rare gas market is the advancements in healthcare and electronics. The rapid proliferation of consumer electronics increases demands for rare gases owing to their need in manufacturing. For instance, in November 2023, a research article in AIP Publishing highlights the expansion of laser discharge in xenon jet improves EUV-light emission. The advancements in the healthcare sector benefit the growth of the rare gas market. For instance, the reliance on medical imaging and diagnostics has increased the demand for helium and xenon in MRI machines and other imaging technologies. For instance, in February 2024, Siemens Healthineers introduces Magnetom Flow, or magnetic resonance imaging with a closed helium circuit and no quench pipe. Helium’s role as a cooling agent in superconducting magnets and xenon’s use in anesthesia creates a steady demand boosting the sector’s growth.

The global rare gas markets present significant opportunities for emerging industries. The consumer shift towards electric vehicles (EVs) and growth is driving demands for krypton and xenon to be used in the manufacturing of insulation applications and specialty lighting. Further advancements in aerospace and space explorations are positioned to open new applications for neon and helium. For instance, in September 2022, NASA selected three companies (Air Products and Chemicals Inc., Messer LLC, Linde Inc.) to supply 1.4 million liters of liquid helium and 87.7 million standard cubic feet of gaseous helium for use at facilities across the agency. The trends are beneficial for the growth of the rare gas market as companies are positioned to benefit from rising demands for rare gases across various sectors. As the market leverages the growth drivers, the profit curve is poised to witness steady growth by the end of the forecast period.