(MENAFN- America News Hour) The rare gases market is projected to grow at a CAGR of 7.68% from 2022
and 2031. The growth in this market is propelled by continuous growth in industrialization, especially in developing economies, increasing energy costs, and energy-efficient government codes.
The market in the Asia-Pacific region is expected to register the highest growth by 2031
owing to the increasing demand for lighting and laser technologies, as well as its growing economy. The growth of this region is supplemented by the growing electronics and automobile industries in developing economies such as India and China.
The growing demand for energy efficient technologies with longer life and better performance is expected to drive the
market for rare gases , globally. In addition to this, key factors such as robust economic development, increasing customer base, energy costs, spending capacity, and aging population have led to increased usage of technologies using rare gases. Rise in the awareness of the benefits of rare gases and steady increase of income and purchasing power of most urban residents is further expected to fuel the demand for rare gases.
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This report covers the rare gases market in major regions such as North America, Europe, Asia-Pacific, and RoW. The rare gases market is segmented on the basis of type, end use, transportation mode, function, and region.
Xenon is projected to be the fastest-growing rare gas segment in the next five years. The electronics segment is projected to dominate the rare gases market by end user, from 2015 to 2020. By transportation mode, cylinders and liquid containers are projected to have the largest market share during the forecast period. The illumination segment accounted for the largest share of the total rare gases market in 2022.
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This report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, and challenges.
Major rare gas companies such as Praxair Inc. (U.S.), Airgas Inc. (U.S.), The Linde Group (Germany), Air Liquide S.A. (France), Air Products and Chemicals Inc. (U.S.), Messer Group (Germany), and Iceblick Ltd. (Ukraine) have been profiled in this report.
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