The global noble gases market size is expected to reach USD 53.71 billion by 2028, exhibiting a CAGR of 3.89% during the forecast period. The surging demand for helium will spur lucrative opportunities for the market during the forecast period, states Fortune Business Insights in a report titled “Noble Gases Market, 2021-2028.” The noble gases market size stood at USD 40.34 billion in 2020.
Source:
https://www.fortunebusinessinsights.com/noble-gas-market-105657
Driving Factor:
Booming Steel Production to Benefit Noble Gases Industry
With the uptick in construction and car manufacturing activity following Covid-19, demand for steel and steel products is expected to rise significantly in the coming years. According to the World Steel Association, global crude steel output grew by 1.75 percent year over year from 1,814 million tonnes in 2018 to 1,878 million tonnes in 2020.
Argon is utilized in a variety of steel-making processes. It is blasted at high pressure to homogenize the liquid steel mixture and disperse unwanted gases like N2, H2, and CO from the mixture. In welding and vacuum induction applications, argon is utilized in large amounts as a protective gas. Many materials used in steel manufacturing, such as magnesium, chromium, titanium, and molybdenum, are sensitive to oxygen and nitrogen and quickly produce oxides or nitrides when exposed to them. As a result, argon shields molten metals from deterioration.
The Report Lists the Key Companies in the Noble Gases Market:
- Air Liquide (France)
- Air Products, Inc. (U.S.)
- Linde Group plc (Ireland)
- Praxair Technology, Inc. (U.S.)
- Matheson Tri-Gas, Inc. (U.S.)
- Noble Gas Solutions (U.S.)
- Cryoin Engineering (Ukraine)
- BASF (Germany)
- Messer Group (Germany)
- Taiyo Nippon Sanso Corporation (Japan)
