The global xenon gas market size is anticipated to reach USD 162.9 million in 2024. The industry is projected to surge at a CAGR of 5.2% during the forecast period from 2024 to 2034. It is likely to attain a value of USD 270.5 million by 2034.
According to Future Market Insights (FMI), growing demand for rare gases across the globe for various applications is bolstering the growth in xenon gas (CAS number : 7440-63-3) industry. Sales are expected to be driven by the expansion of the aerospace and aircraft industry, technological developments, and rising healthcare and research expenditures.
Applications of rare gases, including, xenon gas, is increasing at significant rates in the healthcare industry. As xenon gas is used as a neuroprotective and anesthetic agent, in diagnostics and other, the demand is projected to surge over the forecast period.
Further, xenon gas is used in the treatment of various respiratory illnesses. Also, ongoing research and development in healthcare industry is anticipated to create lucrative growth opportunities for the xenon gas market.
However, there are several health concerns linked with the usage of xenon gas, including nausea, dizziness, vomiting, and even death if swallowed in large doses. Xenon gas has been linked to mental instability and tiredness in rare circumstances. Increasing use of xenon gas as anesthetic has been linked to side effects such as hypertension, nausea, and vomiting.
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Asphyxia can result in nausea and vomiting, as well as prostration and loss of consciousness, convulsions, a profound coma, and death. All these factors are expected to impact the growth of xenon gas market during the forecast period.
Key Takeaways from the Market Study
- Xenon gas sales are expected to reach a value of USD 270.5 million by the end of 2034.
- By supply mode, the cylinders’ segment is expected to grow at a CAGR 5.0% over the next decade.
- In 2022, North America is expected to remain one of the key market for xenon gas, accounting for a share of 31.6%.
- Due to satellite propulsion application, the aerospace & aircraft category is estimated be the prominent end users of xenon gas.
- China is expected to lead the East Asia xenon gas market over the forecast period of 2024 and 2034.
Competitive Landscape in Xenon Gas Industry
The global xenon gas market is estimated to be a highly concentrated market with a few numbers of industry participants such as Matheson Tri-Gas, Inc., Messer Group GmbH, American Gas Products, Air Liquide, The Linde Group, Air Products & Chemicals, Inc., and Air Water Inc. accounting for a key share. Globally, key market participants are projected to maintain a competitive environment by acquisitions and mergers, collaborations and expansion strategies.
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Key Segments Covered in Xenon Gas Industry Research
By Supply Mode:
- Cylinders
- Bulk & Micro Bulk
- Drum Tanks
- On-Site
By End-use Industry:
- Healthcare
- Aerospace & Aircraft
- Automotive &Transportation
- Electrical & Electronics
- Manufacturing Processes
- Construction
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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