Noble gases, also referred to as inert gases and aerogens, are a type of chemical element with an array of highly useful characteristics. Under standard conditions, these gases are monatomic, odourless, and colourless gases with negligible chemical reactivity. These attributes make noble gases highly useful in many industries. Healthcare, manufacturing, oil and gas, aerospace, automobiles, chemicals, and industrial sectors use noble gases for a wide variety of applications. The cumulative force of these prerequisites is poised to aid the exponential growth of the global noble gas market during the study period. For instance, the production of steel requires noble gases at various stages. As steel is a key component in manufacturing and construction industries, the demand for noble gas is set to soar. Lastly, paced innovations and R&D are also creating favourable tailwinds for the market’s expansion.
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Burgeoning Demand for Steel to Create Notable Market Promise
In the recent past, the production of steel products has increased by leaps and bounds. During the production of steel, argon is used in a wide range of steel manufacturing processes. It helps in homogenizing the liquid steel mixture and dissipates unwanted gases such as hydrogen, nitrogen, and carbon dioxide. Moreover, argon is also used as a protective gas in vacuum induction and welding applications. Magnesium, titanium, molybdenum, chromium, and other steel-making materials react poorly to nitrogen and oxygen. For these purposes, argon is used as a protective material. These applications are projected to augur well for the long-term expansion of the global noble gas market.
Global Noble Gas Market to Grow Amidst Extensive R&D Activities
Owing to the widespread industrial applications of noble gases, many scientists and scientific organisations are conducting extensive research on the chemical. Noble or inert gases are usually unreactive as they are hesitant to share electrons from their filled outer electron shells. Besides, these gas compounds can only be synthesized in extreme conditions such as low temperatures, high pressure, and highly reactive chemicals. To ensure that these chemicals are useable in real-world and practical situations, paced research and development (R&D) initiatives are taking place. In such a business landscape, the global noble gas market is expected to thrive during the forecast period.
North America to Lead in Revenue Share on Account of Thriving Regional Industries
Growing demand for consumer and investment goods is instating North America as the leading noble gas market in revenue share. Key regional economies such as the USA are large-scale producers of the noble gas. Flourishing oil and gas, aerospace, automobiles, healthcare, and laser technology domains are creating many applications for noble gas in the region. Moreover, supportive government norms and a high concentration of leading market participants are expected to create more opportunities. These factors, coupled with paced innovations are set to prolong North America’s promising market position.
Prominent Market Players
Some of the key players currently participating in the global noble gas market include Gulf Cryo, Royal Dutch Shell PLC., Air-Liquide, Airgas Inc., BASF SE, Air products and chemicals Inc., American Gas, Linde AG., Praxair Technology Inc., and RasGas Company Limited.
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