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The global krypton market size was valued at USD 47.45 million in 2021. The market is projected to grow from USD 57.31 million in 2022 to USD 60.95 million by 2029, exhibiting a CAGR of 0.9% during the forecast period. Based on our analysis, the global krypton market exhibited an average growth of 0.4% in 2020 as compared to 2019.
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.
Halt in Infrastructure Activities Amid COVID-19 Severely Affected the Market Dynamics
Since the announcement of lockdown in many countries across the globe, the supply of construction and insulation materials was severely affected. Owing to this factor, many non-medical infrastructure development projects either got canceled or postponed, further resulting in a slowdown in demand for window insulation products such as glass panels. For instance, the U.S.-based National Glass Association described that people avoided the entry of glass fitting personnel in many cities, including New York.
Furthermore, the demand for lighting products experienced a slowdown with events such as public gatherings, weddings, and concerts getting 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 has partially offset the negative impact of the pandemic on this market.
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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.
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.
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.
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.
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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.
Asia Pacific Krypton Market Size, 2021 (USD Million)
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The market size in Asia Pacific was USD 19.10 million in 2021. 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.
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.
An Infographic Representation of Krypton Market
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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.
Volume (Million Liters); Value (USD Million)
By Type, Application, and Geography
Fortune Business Insights says that the market size stood at USD 47.45 million in 2021 and is projected to reach USD 60.95 million by 2029.
The market will exhibit steady growth at a CAGR of 0.9% in the forecast period.
By application, the window insulation segment is expected to lead the global market.
The application of krypton gas in glazing windows is driving the market growth.
Asia Pacific is expected to hold the highest share in the market.
The use of Kr as a propellant in the aerospace industry is one of the notable market trends.
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