The global krypton gas market is expected to reach US$ 180.9 million in 2023. With demand expanding at a 5.4% CAGR, the market valuation is poised to surpass US$ 306.1 million by 2033.
The global krypton gas market is estimated to expand at a 5.3 % CAGR over the forecast period, reaching US$ 288.2 Million by 2032, finding future market insights (FMI) in a recent market analysis.
Krypton is extensively used in the construction industry because of its effective insulation and energy efficiency capabilities in high-end triple and double glass windows. It is used to fill voids between panels within an insulated glass assembly and increases the insulation factor.
Along with this, many companies are innovating new solutions for floor coating using krypton gas. The technology using krypton gas enables minimal construction downtime than the conventional coating system. It offers faster curing, less downtime, easy cleaning, and is cost-effective. Backed by these factors, sales of krypton gas are expected to remain high over the forecast period.
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In addition to this, the consumption of krypton gas in the lighting industry is rising at a fast pace. Krypton ionization gives a strong white light that makes it excellent for flashbulbs, fluorescent lamps, airport runway lights, and lasers. For brighter light krypton gas is effective for indoor light applications. Increasing demand for brighter lights in public infrastructure projects and commercial buildings will augment the growth in the market.
“Rising demand for effective and decorative lighting in shopping malls, complexes and buildings is expected to create opportunities for growth in the market. In addition to this, growing usage of krypton gas in the automotive sector will continue pushing sales in the forthcoming years,” says an FMI analyst.
Key Takeaways:
Competitive Landscape
Air Products & Chemicals Inc., Matheson Tri-Gas, Inc., BASF SE, Messer Group GmbH, American Gas Products, Air Liquide, The Linde Group., Air Water Inc., Taiyo Nippon Sanso Corporation, Axcel Gases are some of the leading players operating in the global krypton gas market.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 11, 2023
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