Top Companies in Krypton Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Krypton Market is projected to reach USD 49.42 Million by 2028 at a CAGR of 1.5% over the forecast period.
The Global Krypton Market is valued at USD 45.2 Million in 2021 and is projected to reach USD 49.42 Million by 2028 at a CAGR of 1.5% over the forecast period. The demand for insulated glass windows is fueled by rising urbanization, commercialization, and government requirements in developed and emerging nations. The demand for Krypton will undoubtedly increase shortly. During the forecast period, the Global Krypton gas market is anticipated to see growth due to an increase in the development of new Krypton gas production methods. Furthermore, governments and hospitals anticipate that the situation will only worsen in the upcoming months due to the pandemic's dramatic effects, which have shocked the entire world. These organizations are building up the required inventory to avoid shortages, dramatically driving the price of Krypton gas. Krypton gas production has seen an increase in research and development (R&D) activity, which has led to the developing of several production technologies and supporting market growth.
The main factor for the rise in demand for Krypton in various end-use industries, including the lighting and laser industries, would be the rising safety concerns around other gases used in these goods. The material's strong thermal conductivity capabilities, which minimize the need for large heat-conducting parts while supplying a pure light source, contribute to the Krypton Market's growth.
However, Krypton costs more since there are fewer options available. Customers are mostly concerned about price. It is challenging to compete in the market due to little availability and expensive pricing. Various alternatives are available at the same moment. These elements should limit the market's expansion.
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Amidst Exponential Growth in Kryptons Adoption, What Trends Should We Look Forward to?
- Krypton (Kr) gas is used to manufacture insulation glass to fill the spaces between glass panels to provide heat insulation and sound absorption. The greater the volume of gas-filled panels, the greater the insulation, thermal protection, and soundproofing impact. As a result, greater use of Krypton in insulation glass is a prominent market growth trend.
- In space, xenon (Xe) gas power interplanetary probes and maneuverable satellites. This gas is typically uncommon and expensive when compared to Kr and argon. As a result, most satellite makers are attempting to integrate Kr gas instead of xenon, as it is less expensive and more abundant, fueling market expansion.
- Krypton is a filler gas used in conventional lighting fixtures like street lamps and fluorescent tubes. High-intensity discharge lamps like mercury vapor and metal halide lamps also use Krypton as a filler gas. Krypton can help the arc tube last longer by shielding it from oxygen, water, and other pollutants that otherwise limit its life. As a result, Krypton is in greater demand, fueling the market's expansion.
- Krypton's great penetration power has led to many uses in the laser industry. Krypton-filled lasers are employed in atomic spectroscopy, chemistry research, short- and long-range communication, MRI, and other fields. These lasers have wavelengths between 190 to 20 000 nm, and because they emit very little energy, they are safe for biological systems.
The Krypton Market is dominated by globally established players such as Iceblick(Ukraine), Praxair Inc. (US), Chromium, Messer Group (Germany), Air Liquide (France), Air Products& Chemicals Inc. (US), The Linde Group (Germany) and Air Water(Japan). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Krypton Market.
Let's Look at the Top 5 Companies That are Taking the Krypton Market by Storm
The Krypton Market is expected to grow from USD 45.2 million in 2021 to USD 49.42 million in 2028 because of the various government attempts at Krypton gas generation. Due to technological advancements and rising demand for chips in the artificial intelligence business, the market is being driven by the semiconductor industry.
- Praxair Inc. (US)
Krypton (Kr) gas is compressed and available from Praxair in various purities. According to user specifications, it can manufacture a wide range of binary and multi-component mixtures with component ranges of ppm and ppb up to 50%. Praxair prepares Krypton mixed with other noble gases, halogen gases, and hazardous and flammable substances.
- Chromium Ltd.
Chromium Ltd. specializes in developing and producing equipment to manufacture high and ultra-high-purity gases and rare heavy gases with extremely high purity, such as Xenon and Krypton.
- Messer Group (Germany)
The largest privately owned industrial gas manufacturer, Messer, has built a facility to produce Krypton and xenon noble gases. The air is processed to remove the rare gases, mostly used as lamp fill gas. In November, Messer started operating a new manufacturing facility to generate the noble gases xenon and Krypton.
- Air Liquide (France)
Air Liquide, a global leader in gases, technology, and services for industry and health, has roughly 66,400 people across 75 countries and serves more than 3.8 million clients and patients. Air Liquide has begun delivering xenon and Krypton to the semiconductor and satellite sectors in three geographies—Europe, the United States, and Asia—since the beginning of 2018, after signing several new multi-year contracts worth a combined total of more than €50 million.
- Air Products & Chemicals Inc. (US)
For more than 80 years, Air Products has been a market leader in the industrial gas industry. Customers in various industries, including refining, chemical, electronics, metals, manufacturing, and food and beverage, can purchase key industrial gases from the company, along with accompanying equipment and application knowledge. Some of the largest industrial gas projects, including Krypton gas, are developed, constructed, and run by Air Products Inc.
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