The report further mentions that the krypton market size was USD 12.6 million in 2019. It is estimated to reach USD 11.9 million by 2027, thereby exhibiting a CAGR of 0.9% over the forecast period. The Global Krypton Market is anticipated to gain impetus from its extensive usage in satellites. This is because the gas is cheaper and is available in abundance, as compared to xenon. Fortune Business Insights™ presented this information in a new report, titled, “Krypton Market Size, Share & Industry Analysis, By Application (Lighting, Windows, Laser, R&D and Others), and Regional Forecast, 2020-2027.”
Drivers & Restraints-
Rising Usage in High-end Double & Triple Glazed Windows to Boost Growth
Krypton is mainly used to manufacture high-end triple and double glazed windows, as it delivers superior acoustic and thermal insulation. Though argon is presently dominating the market, the demand for krypton is growing steadily worldwide because of the increasing demand for energy-efficient and high performance windows. However, its high cost is the main point of concern for customers. Owing to the availability of cheaper substitutes, the krypton market growth may slow down in the coming years.
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A list of all the krypton providers operating in the global market:
- 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)
Key Players Focus on Launching New Satellites with Kr to Gain Competitive Edge
The market houses five leading manufacturers that account for more than 85% share globally. Most of them are engaged in mergers and acquisitions, while the others are trying to develop new satellites with this gas. Below is the latest industry development:
- May 2019: Elon Musk’s company, SpaceX launched Starlink internet satellites. The aim behind this is to develop a megaconstellation in batches of 60. They will be equipped with krypton, instead of xenon.
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Lighting Segment to Grow Steadily Owing to High Demand from Various Industries
Based on application, the lighting segment earned 35.00% in terms of krypton market share in 2019. This growth is attributable to the high demand for krypton-filled lamps for industrial and transport lighting applications. They provide high white light luminance and long life span.
Asia Pacific to Dominate Stoked by High Demand from Construction Industry
In 2019, Asia Pacific procured USD 4.88 million in terms of revenue and would retain its leading position in the near future. The increasing demand for the product from semiconductor and construction industries in the region would bolster growth. At the same time, the rapid urbanization in China would help in creating growth opportunities in the region. North America, on the other hand, is set to grow considerably backed by the increasing demand for krypton-filled windows in the region.
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What Does This Report Contain?
- In-depth information about the segments in the market.
- Historical, estimated, and present sizes of the market.
- Profiles of key companies and their crucial strategies.
- Data of the growth drivers, hindrances, and dynamics.
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