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Technavio’s market research analyst projects the global noble gas market to grow at a rate of 5% during the forecast period. The rising demand arising from the chemical, engineering, consumer goods, aerospace, and electronics sectors is driving the growth of this market.
The stringent regulatory regime and safety regulations pose a challenge for the growth of the market. Industrial gasses from production to storage, transportation and distribution, are subjected to intense regulatory scrutiny on account of the potential hazards they may cause due to leakage or accidents. For instance, OSHA and EPA specify mandates for carriage and storage of cryogenic liquids in all storage forms. Compliance with these standards has been increasing the handling cost for the vendors.
The packaged mode of distribution accounted for 45% of the market share during 2014. Consumers with small volume requirements are usually catered to through the packaged distribution mode, where compressed gas is sold in metal cylinders. These cylinders are often delivered to the customer's facilities on-demand or can be bought by the consumer at a chain of vendor-owned or distributor facilities.
During 2014, the industrial applications segment led the market with a consumption share of 48%. This segment is expected to grow at a rate of 3% during the forecast period. The industrial applications of noble gas are in the food and beverage, healthcare, chemical, and automotive industries.
APAC accounts for the largest share of the noble gas market due to the presence of manufacturing industries associated with automobiles, construction, mining, and transportation. Moreover, the region is the semiconductor powerhouse with countries like South Korea, Taiwan, Japan and China remaining as the principal suppliers of electronics and semiconductors. The research report predicts the region to grow at a rate of 7% during the forecast period.
The global noble gas market is dominated by chemical companies from Europe and the US, who have an integrated distribution network and rely on their proprietary manufacturing technologies. The availability of cheap natural gas resources is propelling major vendors to install manufacturing and distribution facilities in the Middle East and emerging markets in Asia.
The top vendors in the market are –
Other providers in the market include Air Water, Air Products, American Gas, BASF, Buzwair, Core Gas, Gazprom, Gulf Cryo, Iwatani, Proton Gas, Ras Gas, and Taiyo Nippon Sanso.
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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DATA ANALYSIS
Data Synthesis
Data Validation
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