The growing adoption of lasers in various end-use industries including electronics, military and defense, sensors, and aviation is expected to augment the growth in the market over the forecast period.
Global demand for the neon gas market is expected to increase at a 7% CAGR, reaching US$ 222.9 Million in 2022. Increasing applications in the semiconductors and lighting sectors will continue boosting the market, pushing the market size to US$ 439.1 Million by 2032.
The growing adoption of neon gas in lasers for various applications including healthcare, sensors, and defense is expected to propel the sales of neon gas over the forecast period. Neon gas is primarily used in the production of lasers along with other gasses.
The laser segment is expected to account for more than three-fourths of the neon gas produced globally. The growing usage of lasers in the production of various devices including sensors, lighting technologies, and defense equipment is expected to contribute to the growth of the market in the forthcoming years.
Ukraine is one of the largest suppliers of neon gas across the globe. The country is anticipated to cater to more than 70% of the global demand for neon gas with its abundant reserves. However, the ongoing invasion of Russia over Ukraine has affected production and the supply chain.
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This has resulted in a shortage in the supply of neon gas which has increased its prices to an extent. In response to this, manufacturers are increasing their production capacities to recover the supply of neon gas.
However, the availability of neon gas is one of the primary concerns for manufacturers. Low availability of the product causes a frequent shortage in supply causing spikes in prices. This is compelling consumers to adopt cheaper solutions.
Argon Gas is an example of such an alternative. Argon gas is present abundantly and can be extracted with low-cost methods as compared to neon gas. The availability of cheaper alternatives is expected to hamper the overall growth in the market.
“Growing demand for neon gas in electric and electronics sector across the globe, along for technological advancements in the production of neon gas will augment the growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
Competitive Landscape
Air Products & Chemicals Inc., Air Liquide, The Linde Group, Axcel Gases, Mil-Spec Industries, Electronic Flurocarbons, LLC, Specialty Chemical Products Inc., Dakota Gasification Co., and Boc Gases Ireland Inc. are some of the leading players operating in the global neon gas market.
Key manufacturers are planning to expand their production capacities to fill the gap in the supply of neon gas owing to the Russian invasion.
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Key Segments Covered in Neon Gas Industry Research
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More Insights into the Neon Gas Market Report
In its latest report, FMI offers an unbiased analysis of the global neon gas market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on application (lasers, electronics, lighting, and others), supply mode (cylinders, bulk & micro bulk, drum tanks, and on-site), and regions.
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 12, 2023
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