Pune, India, May 04, 2021 (GLOBE NEWSWIRE) -- The global krypton (Kr) market size is expected to reach USD 50.23 million by 2028, exhibiting a CAGR of 0.8% during the forecast period. The surging demand for energy-efficient buildings coupled with growing application in the military sector will propel the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Krypton Market, 2021-2028.” The market size stood at USD 47.12 million in 2020.
COVID-19 Impact
Debilitated Construction Sector to Inhibit Kr Business During Coronavirus
The spread of coronavirus disturbed numerous sectors around the world. Krypton is created in sophisticated air separation units; thus, restriction on non-essential services has dampened Kr production and supply. The surging cases of coronavirus have dropped demand from industries such as glazed window manufacturing, the lighting industry, and others. However, major producers such as Linde are adopting strategies to cater to the demand for oxygen and other medical gases from hospitals during the pandemic. Also, the surging semiconductor industry can spur opportunities for the global krypton market during the outbreak.
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Market Segments:
The Lighting Segment to Hold the Largest Share
Based on application, the market is classified into lighting, window insulation, laser, and others. The lighting segment is expected to account for the largest share during the forecast period. Krypton-filled lamps are popular in industrial lighting applications due to their long-life span and high white light luminance. The laser segment is expected to hold a significant share during the forecast period due to its high demand for Kr excimer lasers in semiconductors and medical fields.
The window insulation segment is expected to experience enormous demand during the forecast period due to the proclivity towards energy-efficient buildings and multi-layer glazing windows.
Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
List of the Leading Companies Profiled in the Global Krypton Market are:
- Air Liquide (France)
- Linde PLC (Ireland)
- Air Products & Chemicals, Inc. (USA)
- Messer Group GmbH (Germany)
- Proton Gases (India) Pvt. Ltd. (India)
- Matheson Tri-Gas, Inc. (USA)
- American Gas Products (AGP LLC) (USA)
- Coregas Pty Ltd. (USA)
- Akela-p Medical Gases P. Ltd. (Russia)
- Electronic Fluorocarbons, LLC (USA)
- Iceblick Ltd. (Ukraine)
- Air Water Inc. (Japan)
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Highlights of the Report
The report highlights an insightful study of the industry while shedding light on vital facts and figures. It also offers intuitive data about dominant regions, policies adopted by governments and companies. Besides, providing a brief overview of the market with future insights. The report also encompasses key factors and restraints, helping our readers to get an overall view of the market.
Driving Factor:
Growing Popularity of Glazing Windows to Boost Krypton’s Demand
The increasing adoption of high-end double and triple glazed windows will have an excellent impact on the market. Some of its advantages include superior thermal, and acoustic insulation. The increasing demand for high-performance and energy-efficient windows will enable the speedy expansion of the market. Moreover, due to their sound-absorbing properties, multi-layered windows are in huge demand, especially in areas with high temperatures such as the Middle East and cold temperatures of Europe. These windows have great functionality and efficiency, enabling low-temperature absorption in summers and high-temperature retention in winters. Hence, its application in the production of glazing windows will uplift the krypton market share.
Regional Insights:
Government Initiatives for Green Infrastructure to Propel Growth in Europe
The market in Asia Pacific is expected to dominate the market during the forecast period due to the inflated demand for Kr from the construction and semiconductor industries. China held a significant share due to the increasing urbanization in the region. Rapid advancements in the construction industry will contribute to the growth in the region. North America is expected to account for the second-largest share due to the government support for energy-efficient and greener buildings. For instance, in 2010, the U.S. government launched a tax-saving program for thermal insulation measures that increased the demand for high-performance windows. Moreover, the increasing application of Kr in space missions will further escalate the market in North America. For instance, SpaceX uses krypton instead of xenon in electric propulsion engines for satellite launches due to its cost-effectiveness and abundant availability.
Notable Development:
May 2019: SpaceX directed 60 satellites from Starlink broadband mega-constellations. All the satellites have maneuvering capacity and are programmed to avoid collisions. These satellites will use Kr instead of Xe for propulsion.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Key Market Trends
- PEST Analysis
- Key Developments
- Impact of COVID-19 on Krypton Market
- Supply Chain Challenges
- Steps taken by companies to combat COVID-19 Outbreak
- Novel Opportunities During COVID-19 Pandemic
- Global Krypton Market Analysis, Insights and Forecast, 2017–2028, By Type
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- N3
- N4.5
- N5
- Global Krypton Market Analysis, Insights and Forecast, 2017–2028, By Application
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Lighting
- Window Insulation
- Laser
- Others
TOC Continued…!
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