Krypton Market Size, Share & Industry Analysis, By Type (N3, N4.5, and N5), By Application (Lighting, Window Insulation, Laser, and Others), and Regional Forecast, 2024-2032

The global krypton market size was valued at USD 57.86 million in 2023 and is projected to grow from USD 58.46 million in 2024 to USD 62.58 million by 2032, exhibiting a CAGR of 0.9% during the forecast period.

In the manufacturing of insulation glass, krypton (Kr) gas is used for filling the gaps between glass panels to offer heat insulation and sound absorption properties. The larger the volume of gas-filled, the higher is the insulation, thermal protection, and soundproof effect provided by these panels. The demand for energy-efficient buildings is rising across the globe, which is likely to aid the market's growth in the coming years. It also plays an important role in semiconductor excimer lasers. The increasing laser applications in fields, such as semiconductor, medical, and defense, are expected to surge the demand for this rare gas in the near future.

During outbreak of the COVID-19, the infrastructure projects were stalled and the demand for lighting products experienced a slowdown with events such as public gatherings, weddings, and concerts being canceled. Due to these factors, the potential of the market was severely affected during the pandemic. However, increased demand for the rare gas in medical imaging purposes for studying the effect of flu on lungs and for cryogenic packaging solutions for logistics of medicines and vaccines partially offset the negative impact of the pandemic on this market.

Krypton Market Trends

Rising Usage of Krypton in Satellites to Create New Opportunities

In space, xenon (Xe) gas is used to drive interplanetary probes and maneuverable satellites. The availability of this gas is usually very scarce, and it is expensive compared to Kr and argon. Thus, most satellite manufacturers are trying to incorporate Kr gas instead of xenon, as it is cheaper and is also available in abundance. Hence, it is becoming a significant part of satellite applications. For instance, SpaceX, in 2019, launched satellites using propelled engines. SpaceX is set to launch around 12,000 satellites in this project by 2024. This is expected to consume a significant amount of Kr for completing the project. It has also announced its plans to launch an additional 30,000 satellites in the coming years.

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Krypton Market Growth Factors

Soaring Demand for Kr in Glazing Windows Production to Underpin Growth

The gas finds its main adoption in the high-end double and triple glazed windows. It provides superior thermal as well as acoustic insulation. It is relatively more expensive than argon, which dominates the market. However, it is gaining significant traction as the demand for high-performance and energy-efficient windows increases. These multi-layered windows have sound-absorbing properties. They are experiencing surging demand from areas with high temperatures in the Middle East to the cold temperatures in Europe and other parts of the world. These windows function efficiently by allowing low-temperature absorption in summers and high-temperature retention in winters. This significantly reduces the air-conditioning cost.

Rising Product Demand from Lighting and Laser Applications to Drive Market Growth

Krypton gas is commercially used as a filling gas in energy-saving fluorescent lights. It also finds its applications in certain flash lamps used in high-speed photography. It has enough chemical reactivity to enable its reaction with some chemical compounds. For instance, it reacts with fluorine to produce krypton fluoride. Krypton fluoride is used in lasers. The highly stable and unreactive nature of krypton enables the production of bulbs with longer lifespans than those produced using argon or nitrogen. It is also effectively used in certain laser therapies. For instance, krypton laser therapy is effectively used in choroidal neovascularization (CNV) owing to its ability to penetrate retinal blood vessels and foveal xanthophyll. These wide-ranging applications of the product in laser and lighting are anticipated to significantly push its demand in the future owing to rising consumer expenditure in the developing economies of the world.

RESTRAINING FACTORS

Availability of Alternatives to Obstruct Market Growth

Krypton is a rare noble gas present in space as well as the earth’s crust. Rare gases, including argon, neon, and xenon are obtained in air separation units. Argon is produced on a large scale in more than 950 facilities worldwide. For neon, Kr, and xenon, there are only around 20 purification plants available globally. Argon is mainly used as a substitute for this gas, as it is less expensive. It not only provides better insulation properties than Kr gas but also helps to reduce energy demand for energy-efficient buildings.

Less availability makes it a more expensive option. Cost is the primary concern for customers. Less availability and high price make it difficult to compete in the market. At the same time, various substitutes are available. These factors are expected to restrain the market growth.

Krypton Market Segmentation Analysis 

By Type Analysis

Increasing Demand for N4.5 Type in Glass Panel Insulation to Help the Segment Gain Traction

On the basis of type, the market is divided into N3, N4.5, and N5. The differentiation between these segments is done on the basis of purity. As the N4.5 type has a purity range of more than 99.995%, it is also known as UHP grade and is increasingly used for insulation of windows and glass façade panels for building energy-efficient constructions. This is expected to increase the market share of the segment during the forecast period.

On the other hand, the N5 segment, also called research-grade krypton, possesses the purity of 99.999%, which makes it extremely costly but incredibly useful in aerospace thruster applications. With private labels, such as SpaceX, Lockheed Martin, and Boeing, planning for space exploration and satellite launch programs in the near future, the demand for this type is projected to expand through the prediction period.

By Application Analysis

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Window Insulation Segment to Dominate the Market Owing to Demand for Zero-Energy Buildings

The window insulation segment dominates the global market, both in terms of volume and value. Multi-layer windows filled with these gases are relatively more expensive than the most widely used argon-filled multi-layer windows. However, they are better in performance than argon-filled windows. Also, with the increasing importance of energy-efficient buildings, the demand for multi-layer glazing windows is increasing. According to a survey conducted by the U.S. Energy Information Administration in 2015, in the U.S., around 51% of energy consumption is utilized for heating and cooling purposes.

The use of double & triple glazed windows can significantly reduce energy consumption and cost over a period of time. With the rising demand for energy-efficient and greener buildings, the need for these windows is also expected to increase. Many skyscrapers around the world are equipped with such windows for superior performance. For instance, the Empire State Building in New York is equipped with 6379 krypton-air, argon gaseous mixture-filled windows. This has reduced heat losses of the building by over 75%.

The lighting segment also accounts for a prominent share in the global market. Krypton-filled lamps have high demand in road transport and industrial lighting applications due to their long life span and high white light luminance. However, with the advent of superior lighting technologies, such as LEDs, the lamps’ demand is continuously decreasing.

The laser industry is significantly growing due to high demand for Kr excimer lasers in semiconductors and medical fields. These lasers are one of the brightest in the world and have a prolonged life period. The semiconductor industry is used to produce integrated circuits, micromachining, and other similar applications.

The others segment is the fastest-growing segment in the global market. In liquid form, Kr is used to construct quasi-homogeneous electromagnetic calorimeters in experimental particle physics experiments. For instance, the calorimeter used in the NA48 experiment conducted by CERN contains about 7.2 million liquid Kr liters. Moreover, it is also used as an efficient propellant in the electric propulsion system in satellite launches.

REGIONAL INSIGHTS

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The market size in Asia Pacific was valued at USD 23.48 million in 2023. With strong demand from the construction and semiconductor industries in the region, the market outlook in this region is projected to remain strong in the near future. China experienced increasing urban development in this decade that created lucrative growth opportunities for the associated industries. The established semiconductor and electronics industries in the region also significantly contributed to krypton demand in recent years. Asia Pacific is projected to be the fastest-growing region over the forecast period, owing to rapid economic developments in the emerging countries.

The North America krypton market share accounts for over one-fourth of the global market. The resurgent construction industry and government efforts for promoting energy-efficient and greener buildings have generated significant demand for noble gas-filled windows in the local market. In 2010, the U.S. government launched a tax-saving program for thermal insulation measures that increased the demand for high performance windows. The demand in the region is further expected to grow with the adoption of this gas as a propellant in the aerospace industry. Space exploration companies, such as SpaceX, have preferred to use Kr instead of xenon in electric propulsion engines due to its economic benefits and abundant availability as compared to xenon for satellite launches.

The market in Europe follows a similar consumption trend as that of North America. The windows segment dominates the demand in the region. 99.9% (3.0 window grade) is prominently used in the region. Also, the need for lighting applications is rapidly decreasing in the western countries of Europe, such as Germany, France, and the U.K., which is expected to hamper the market growth in the near future. However, it would exhibit a strong demand from research and laser applications that are further expected to drive growth in the region.

South America and the Middle East & Africa are relatively small markets and are expected to showcase low growth as compared to other regions. High temperatures in the Middle East would create lucrative opportunities for krypton-filled glazed windows to be employed in skyscrapers. However, very few manufacturers of multi-layer glazed windows in the region would restrict market growth. Brazil and Argentina are prominent consumers in South America. With the improvement of South America’s socio-political conditions, the end-use industries are expected to regain their momentum. Thus, it would increase the demand for the products in future. However, the market is expected to exhibit sluggish growth during the foreseeable period.

List of Key Companies in Krypton Market

Industry Giants to Adopt Merger & Acquisition Strategy to Strengthen Market Position

The global market is highly consolidated. The top five (including Air Liquide & Linde plc) manufacturers account for more than 85% of the market share in the global krypton business. Mergers & acquisitions remain one of the top strategies adopted by key players in the market. Top players have strengthened their positions through such strategies in recent years. For instance, Chart Industries acquired the industrial gases business of Cryogenic Gas Technologies for USD 55 million in February 2021. Moreover, the focus of key companies is concentrated on countries located in North America, Europe, and Asia Pacific.

LIST OF KEY COMPANIES PROFILED:

• Air Liquide (France)


• Linde PLC (Ireland)


• Air Products & Chemicals, Inc. (U.S.)


• Messer Group GmbH (Germany)


• Proton Gases (India) Pvt. Ltd. (India)


• Matheson Tri-Gas, Inc. (U.S.)


• American Gas Products (AGP LLC) (U.S.)


• Coregas Pty Ltd. (U.S.)


• Akela-p Medical Gases P. Ltd. (Russia)


• Electronic Fluorocarbons, LLC (U.S.)


• Iceblick Ltd. (Ukraine)


• Air Water Inc. (Japan)

Key Industry Developments

• June 2023: Linde PLC announced the opening of one of the world’s largest plants for the production and filling of krypton and xenon at Leuna, Germany. The move is anticipated to enable the company to consolidate its European noble gas production at the Leuna site in Germany.


• June 2022: The Russian government restricted the export of noble gases, including Xe and Kr by the end of 2022. This has increased the prices of these gases sharply. Special state permit would be required to export these products in the international gas market.


• March 2021: The Israel Institute of Technology launched three new nano-satellites, which contain the Kr propulsion system. These nano-satellites are strategically launched to monitor the signals received from Earth and to calculate the actual locations of vessels and aircraft.

REPORT COVERAGE

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The global krypton market report analysis provides both qualitative & quantitative insights. Quantitative insights include the global market sizing in terms of value (USD million) and volume (million liters) across each segment, sub-segment, and region profiled in the scope of the study. Also, report covers the market share analysis and growth rates of segments, sub-segments, and key counties across each region. Qualitative insight covers an elaborative analysis of market dynamics, drivers, restraints, growth opportunities, and key trends related to the market. The competitive landscape section covers detailed company profiles of key players operating in the global market.

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