The increasing demand for energy efficient lighting solutions is one of the chief reasons for the growth of the global noble gases market. The upcoming energy efficient building codes are creating a heightened demand for insulated windows, which is also expected to drive the growth of the market. The growing health concerns are also pushing the demand for noble gases. The proliferation of newer technologies will create growth opportunities in the market in the years to come. The market is challenged by the use of alternate gases such as hydrogen and nitrogen.
Demand from Window Insulation Applications and Energy-efficient Lighting Systems To Drive Market’s Growth
The growing applications of noble gases in niche markets such as laser technologies, window insulations, electronics, semiconductor industries, and energy efficient lighting industries will ensure a continued demand for these gases in the years to come. Noble gases allow changes per application, making them preferred over other gases. These gases are gaining traction particularly from window insulation applications and energy efficient lighting systems. As noble gases do not react with other elements and are inert, they are heavily demanded in applications where oxidation or any other reactions are not desired. These gases do not react to heat, which makes them ideal for bulbs and tubes. All these factors are helping the market for noble gases to grow. Various noble gas manufacturing plants are expected to be set up in the coming years to meet the requirement for these gases. This in turn will boost the growth of the market.
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Precision Treatment and Laser Treatments Driving Demand for Noble Gases
One of the factors influencing the price of noble gas is the price of conventional gases. If hydrogen and nitrogen prices increase, it results in the decline of noble gas, thus offering much incentive to players in the market as well as leading to more consumption. The demand for these gases is also high from aerospace applications. The demand for precision treatment and less pain for patients have led to high demand for laser based treatment, boosting the demand for noble gas lasers, which in turn is driving the growth of the noble gases market.
Asia Pacific to Emerge as Most Attractive Regional Market for Noble Gases
It is estimated that the noble gases markets in Europe and North America will witness healthy growth on account of the high demand from aerospace and laser applications. Asia Pacific is an attractive market for noble gases on account of the growing demand from energy efficiency applications and the steadily growing aerospace industry. The presence of large manufacturing industries associated with construction, mining, automobiles, and semiconductors is expected to be a big factor which will support the growth of the noble gases market in Asia Pacific. The region is a major semiconductor powerhouse with countries such as China, Japan, Taiwan, and South Korea as major suppliers of electronics and semiconductors.