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

COVID-19 Impact:

As the oxygen demand increased dramatically during the pandemic, several gas companies fine-tuned their air separation divisions to generate oxygen rather than rare, inert gases. For example, on April 26th, 2021, the Colombian Chamber of Industrial and Medical Gases issued a notice, citing the strain on gas firms to satisfy the oxygen demand. As a consequence, the country's overall production has surpassed 105 percent of the installed capacity. On the other hand, total consumption increased by 74% from February 2020 to April 2021, from 330 to 575 tonnes per day. The noble gases market regional development was significantly impacted as a result of this move. Furthermore, owing to lockdowns, several major end-use sectors, including electronics, aeronautics, lighting, and healthcare, had to restrict their manufacturing processes, further affecting the market's performance.