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The global krypton (Kr) market size is expected to reach USD 50.23 million by 2028. The growing utilization of krypton and argon in space and satellite missions will incite the development of the global market, mentioned in a report, titled, “Krypton Market Size, Share & COVID-19 Impact Analysis, By Type (N3, N4.5, and N5), By Application (Lighting, Window Insulation, Laser, and Others) and Regional Forecast, 2021-2028.” The market size stood at USD 47.12 million in 2020 and is expected to exhibit a CAGR of 0.8% between 2021 and 2028.
Construction of New Production Plant by Air Water Inc to Consolidate Business
Air Water Inc, a Japanese leader, concentrated on the manufacturing and sales of industrial gas, chemical, medical, energy-related products, and logistics services, announced its plan for a new production plant at Kobe Steel’s Kakogawa. The construction of the new facility was due in April 2019. The production facility will produce Kr in 88,090 liters per year and xenon with 1,103,600 liters per year. The unveiling of the new production facility will have an excellent impact on the global market during the forecast period due to the high production of Kr.
Moreover, the ongoing R&D to understand the capabilities of Kr will improve the prospects of the global market in the forthcoming years. For instance, Jeff Moran, a researcher at George Mason University, created a wetsuit treatment that enhances divers' power to spend long durations in bitterly cold water. The suit will be injected with Xe or Kr gas, thus making the wetsuit 40% thinner and its insulation properties tripled. The reinsulated wetsuit development can aid the military sector in expanding its presence in the arctic while also facilitating the commercial fish industry through the whole process.
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Cost-effectiveness of Krypton and Argon to Boost its Adoption in Space Exploration Activities
The expensiveness of xenon gas for interplanetary probes and maneuverable satellites has shifted the focus towards Kr, which, in turn, will bolster the krypton market growth. The abundant availability of Kr gas has further fueled its demand in the space industry. For instance, SpaceX launched the seventh batch of its 60 Starlink satellites on 22nd April 2020. These satellites are equipped with krypton-based ion thrusters. The company will launch more than 12,000 satellites by the end of 2024.
Furthermore, the increased production of insulation glass and Kr gas in glass and soundproof applications will uplift the krypton market share in the forthcoming years. Besides, the surging need for greener and energy-efficient buildings will spur opportunities for the market. In addition, the thriving semiconductor, medical, and defense sectors will subsequently incite the development of the market in the forthcoming years.
Adoption of Key Strategies by Eminent Companies to Promote Expansion
The global market is highly competitive with major companies holding a significant share. Air Liquide & Linde plc accounts for more than 85% of the global krypton business market share. The prominent companies are adopting strategies such as mergers, acquisitions, partnerships, and product development to strengthen their position in the market. Various companies operating in North America, Europe, and Asia-Pacific are focused on improving their position through innovations and a robust distribution network.
The Report Lists the Key Companies in the Global Market:
Further Report Findings:
The Market is Segmented into:
Volume (Million Liters); Value (USD Million)
By Type, Application, and Geography