In terms of revenue, the Global Krypton Market is expected to reach USD 49.4 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 1.5% from 2022 to 2028.
The market for Krypton is growing due to a variety of factors. The most significant factor is the increasing demand for energy-efficient lighting. Krypton is used in fluorescent lights and energy-efficient light bulbs, and as the demand for these products grows, so does the demand for Krypton. Other factors that are influencing Krypton market growth include the increasing use of lasers and other medical applications and the need for high-purity Krypton in semiconductor manufacturing. Increasing requirements for energy-efficient structures and intensifying applications in the military segment are expected to drive the Krypton market growth during the forecast period.
Key Highlights from Report:
· From among the Types of segmentation, the market is segmented into N3, N4.5, and N5. The separation between these market segments is done based on the range of purity. N3 Krypton accounts for most of the total market share. It is used for flashlights, general lighting, and other applications that do not need a high purity level.
· By Application, the window insulation segment accounted for the most prominent CAGR in the forecast period. These gases are more costly than the least expensive, generally used multi-layer windows filled with argon. The need for multi-layer glazing windows is growing together with the significance of energy-efficient buildings.
· Geographically, Asia Pacific held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. This surge is because of the high demand from this region's semiconductor and construction sectors. Also, increased China urbanization will open profitable prospects for associated businesses.
Krypton makes specialty flat glass used in the automotive, solar, and construction industries. The global Krypton market growth can be driven by the increasing expansion of the construction industry. Furthermore, the growing development of novel technologies for producing Krypton gas worldwide is projected to open new opportunities for the Krypton market in the forecast period. This will likely fuel the demand and boost the market.
Krypton is a better insulating gas between window panels than argon owing to its thermal properties, enabling more energy-efficient windows. Energy-efficient windows make for comfortable environments along with reduced utility bills. Increasing demand for energy-efficient infrastructure and changing trends toward sustainable construction techniques, together with zero-energy buildings and energy-efficient buildings, are expected to drive the demand for insulated glass windows in the future. Also, rapid urbanization & commercialization and stringent government regulations in developed and developing countries are other aspects that propel the demand for insulated glass windows. All these key factors will fuel the global Krypton market during the forecast period.
Asia Pacific Krypton market is anticipated to experience significant market growth with the highest CAGR (Compound Annual Growth Rate) in the coming years. The region’s market growth can be attributable to the increasing demand from the construction and semiconductor industries in the Asia Pacific market. Recently, the established semiconductor and electronics sectors in this region contributed majorly to Krypton demand, propelling the regional market growth. Also, China is a significant contributor to this regional market witnessing increased urban development in this decade. Furthermore, Krypton gas is broadly employed in the Excimer laser production, which is likely to increase the demand for Asia Pacific Krypton gas market during the forecast period. An excimer laser is a form of ultraviolet laser required mainly in producing semiconductor-based integrated chips or circuits, microelectronic equipment & devices, and micromachining.
The Global Krypton Market is Segmented as follows:
- Window Installation
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Krypton Market is:
Praxair Inc. (US), Messer Group GmbH (Germany), Air Liquide (France), Air Products & Chemicals Inc. (US), Linde PLC (Ireland), Air Water Inc. (Japan)
The Global Krypton Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|