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Global Krypton Gas Market Expected to Grow at a CAGR of 6% by 2026, Driven by Rapid Technological Innovations

According to a new report by EMR titled, 'Global Krypton Gas Market Report and Forecast 2021-2026', the global krypton gas market is expected to grow at a CAGR of 6% in the forecast period of 2021-2026.

The Asia Pacific market for krypton gas is rapidly growing due to the rising demand from the semiconductor sector in the region, which is thriving due to various factors, such as rapid technological innovations and growing demand for chips from the AI industry in the region. Further, due to the higher availability of krypton gas as compared to xenon, the former is increasingly used in research & development activities due to its potential substitute for xenon ion thrusters, which is usually employed in satellite for spacecraft propulsion. In addition, krypton gas is widely used in the manufacturing process of tungsten owing to its greater molecule size of krypton gas, which defers the evaporation of the tungsten filament and enhances the bulb life. Therefore, the rising demand for bulbs is propelling the market growth for krypton gas.

The market growth of krypton gas is further facilitated by the healthy competition among the industry key players, such as Air Liquide UK Ltd and Linde plc (NYSE: LIN). At the time of the COVID-19 outbreak, such companies are committed to fulfil the rising demand for oxygen and other gases from hospitals. The ongoing pandemic is expected to aid the market growth for krypton gas over the coming years.

Market Analysis by Function, Application, and Region:

  • The krypton gas industry, on the basis of function, is divided into illumination and insulation.
  • Based on applications, the industry is segmented into lighting, glass windows, laser, R & D, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for krypton gas is driven by the rising demand for oxygen in the wake of the COVID-19 outbreak as number of patients requiring ventilators are rising.
  • Further, hospitals and governments across the world are predicted to witness rising cases of the COVID-19, consequently such institutions are building up inventories to prevent shortages over the forecast period, which is expected to boost the growth of krypton gas industry over the forecast period.
  • In addition, the rapid R&D activities to innovate new technologies to produce krypton gas is expected to create new opportunities for the market growth of krypton gas in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for krypton gas for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the functions, applications, and major regions of krypton gas.
  • It gives an in-depth look at the regional price trends in the global market for krypton gas.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Air Liquide UK Ltd, Linde plc, Air Products Inc., Praxair Technology, Inc., Messer Group GmbH, Proton Gases (India) Private Limited, among others are the key players in the global krypton gas market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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