In 2022, the global demand for krypton gas industry‘s net valuation was around USD 172.2 million. The overall market is anticipated to progress up to USD 306.1 million by 2033, representing a CAGR of 5.4% during this projected period. Furthermore, according to the FMI market survey report, the global krypton gas market grew an average of 10.4% from 2017 to 2022.
Global demand for energy-efficient buildings is growing, which may surge the sales of krypton gas in the future. The demand for gas is anticipated to increase due to the increasing use of lasers in industries, including semiconductors, medicine, and the military. As an inert gas, Krypton is also crucial to semiconductor excimer lasers.
Key Takeaways from the Krypton Gas Market Study Report
- The total demand for krypton gas in the United States reached up to USD 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. India is poised to witness an even higher 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.
“Krypton Gas has expanded its horizons beyond prevailing application centers and is now venturing into new market opportunities across more than 30 economies.” Says, Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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 focus 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.
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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