In 2023, the krypton gas market is projected to be valued at US$ 180.9 million. Over the next decade, the market is poised for substantial growth, with an estimated worth of US$ 306.1 million by 2033, driven by a robust 5.4% Compound Annual Growth Rate (CAGR) reflecting steadily increasing demand for this specialized gas across various industries.
There will be opportunities for market expansion as a result of the growing demand for highly effective and energy-efficient windows in both the commercial and residential sectors.
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Global demand for energy-efficient buildings is growing, which may probably surge the sales of krypton gas in the years to come. The demand for gas is anticipated to increase due to the increasing use of lasers in industries including semiconductors, medicine, and the military. Krypton, as an inert gas, is crucial to semiconductor excimer lasers as well.
Key Takeaways from the Krypton Gas Market Study Report
- The total demand for krypton gas in the United States reached up to US$ 36.1 million in 2022. The country dominated the overall market by holding a revenue share of 20.8% that year.
- Krypton gas demand in China is anticipated to expand at an annual growth rate of 6% CAGR throughout the projected period. While India is poised to witness an even high annual growth rate of 6.2% during this period.
- According to the supply mode, the cylinder segment dominated the overall market by contributing 45.4% of the revenue share in 2022. Furthermore, the sales in the cylinder segment are expected to hold a CAGR of 5.3% through the forecast years.
- Based on application, the window segment contributed 51.2% of the total sales of krypton gas accrued in the year 2022. However, the lighting segment’s overall demand is expected to control over 40% of the market in terms of applications in the coming days.
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Competitive Landscape for the Krypton Gas Market Players
Air Products & Chemicals, Matheson Tri-Gas, Inc., BASF, and Air Liquide are some of the leading players in the global krypton gas market. In addition, key corporations operating in the global krypton gas sector concentrate their attention on nations in North America, Europe, and Asia Pacific.
The global market is quite loosely consolidated by the presence of some of the large krypton gas suppliers. More than 85% of the global market share in the krypton business is held by the top five producers. So, the most popular techniques used by important players in the market are mergers and acquisitions of small players. For example,
- In February 2021, Chart Industries invested US$ 55 million to acquire the industrial gases division of Cryogenic Gas Technologies.
Recent Developments by the Krypton Gas Industries
- The government in Russia imposed export restrictions on all types of noble gases, including Xenon and Krypton, in June 2022. So, the cost of such gases significantly increased as a result of disrupting the global supply chain. Now to trade in such noble gases on the global gas market, a special state license has been made mandatory.
- A Krypton propulsion system was used to launch three new Nano-satellites by the Israel Institute of Technology in March 2021. Such Nano-satellites are needed to carefully place into orbit to track signals coming from Earth and determine the precise positions of ships and planes. Such developments have opened up new opportunities for global krypton suppliers.
Global demand for energy-efficient buildings is growing, which may probably surge the sales of krypton gas in the years to come. The demand for gas is anticipated to increase due to the increasing use of lasers in industries including semiconductors, medicine, and the military. Krypton, as an inert gas, is crucial to semiconductor excimer lasers as well.
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Key Segments Covered in Krypton Gas Industry Research
By Supply Mode:
- Cylinders
- Bulk & Micro Bulk
- Drum Tanks
- On-Site
By Application:
- Lighting
- Windows
- Lasers
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Rest of the Middle East and Africa
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