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Xenon Prices, Demand and Supply Overview
2025
Base Year
2023-2025
Historical Period
2026-2027
Forecast Period
Market Overview
Xenon prices eased from elevated levels through 2025 and into early 2026 as supply normalised. In the United States the average slipped from about USD 3,120/KG in the first quarter to USD 2,970/KG by the fourth, a decline of around 4.8% as semiconductor procurement cooled. Xenon is a rare noble gas recovered as a by-product of cryogenic air separation, valued for its density and inertness. The largest pull comes from healthcare uses such as imaging and anaesthesia, followed by semiconductor processing, satellite propulsion, and high-intensity lighting. Its price moves with a clear set of drivers. Air-separation output and broader industrial activity, semiconductor and aerospace demand cycles, energy and cryogenic costs, and purity requirements all feed into it. Easing demand and rebuilt inventories pulled prices down from the earlier peak.
Xenon Price Forecast for 2026
The balance of supply and demand for xenon through the rest of 2026 leans soft. Improved inventory availability after earlier constraints and stable air-separation output keep the market well supplied, while semiconductor and aerospace procurement cycles have moderated. Healthcare demand stays steady but is not strong enough to lift prices. The main downside risk is further demand moderation alongside ample by-product recovery. The main upside risk is renewed semiconductor and satellite-launch demand, or firmer energy and cryogenic costs lifted by the higher freight that followed the mid-year disruption around the Strait of Hormuz.
| Region | 2026 Price Range (USD/KG) | Outlook |
| Global Average | 2,650 - 2,950 | Rebuilt inventories and stable output keep the tone soft |
| China | 2,200 - 2,480 | Large air-separation output keeps it the cheapest source |
| United States | 2,780 - 3,080 | Healthcare and semiconductor demand hold a firm middle |
| South Korea | 3,040 - 3,360 | Strong semiconductor pull keeps it the most expensive |
| France | 2,600 - 2,900 | Steady medical and research demand supports the tone |
For the Quarter Ending March 2026
Xenon Prices Q1 2026:
- China: USD 2,320/KG
- United States: USD 2,900/KG
- South Korea: USD 3,180/KG
- France: USD 2,720/KG
Xenon Prices in China
Chinese xenon prices averaged USD 2,320/KG in Q1 2026, down 2.5% from USD 2,380/KG in Q4 2025 and the lowest among the tracked markets. Balanced supply and subdued export inquiries eased quotes, while electronics manufacturing ran at moderate utilisation. Stable domestic air-separation output and streamlined logistics held the region the cheapest source.
Why did the price of Xenon change in Q1 2026 in China?
Balanced supply and subdued export demand eased prices, while electronics ran at moderate rates. Stable air-separation output kept China the lowest-priced source.
Xenon Prices in the United States
US xenon prices averaged USD 2,900/KG in Q1 2026, down 2.4% from USD 2,970/KG in Q4 2025. Moderated semiconductor and aerospace procurement eased demand, while improved inventory availability relieved earlier tightness. Stable air-separation output held supply consistent, pulling quotes gently lower through the quarter.
Why did the price of Xenon change in Q1 2026 in the United States?
Moderated semiconductor and aerospace demand met improved inventories, easing prices. Stable air-separation output reinforced the gentle decline.
Xenon Prices in South Korea
South Korean xenon prices averaged USD 3,180/KG in Q1 2026, down 2.2% from USD 3,250/KG in Q4 2025, the highest among the tracked regions. Strong semiconductor demand kept the premium in place, while improved supply availability eased the earlier tightness. Steady chip-sector procurement supported quotes despite the decline.
Why did the price of Xenon change in Q1 2026 in South Korea?
Improved supply availability eased the earlier tightness, while strong semiconductor demand kept the premium. The market stayed highest among the regions despite the decline.
Xenon Prices in France
French xenon prices averaged USD 2,720/KG in Q1 2026, down 2.9% from USD 2,800/KG in Q4 2025. Steady medical imaging and research demand supported the market, while improved supply availability eased the floor. Stable air-separation output and calm logistics pulled quotes gently lower through the quarter.
Why did the price of Xenon change in Q1 2026 in France?
Improved supply availability met steady medical and research demand, easing prices. Stable output reinforced the gentle decline across the quarter.
For the Quarter Ending December 2025
Xenon Prices Q4 2025:
- China: USD 2,380/KG
- United States: USD 2,970/KG
- South Korea: USD 3,250/KG
- France: USD 2,800/KG
Xenon Prices in China
Chinese xenon prices averaged USD 2,380/KG in Q4 2025, easing on the quarter. Balanced supply conditions and subdued export inquiries pressured quotes, while electronics manufacturing operated at moderate utilisation. Domestic production stability and streamlined logistics held the average near USD 2,380/KG into year-end.
Why did the price of Xenon change in Q4 2025 in China?
Balanced supply and subdued export demand eased prices, while electronics ran at moderate rates. Stable output held the market near USD 2,380/KG, the lowest among the regions.
Xenon Prices in the United States
US xenon prices averaged USD 2,970/KG in Q4 2025, softer through the quarter. Moderated demand from semiconductor and aerospace sectors eased buying as procurement cycles cooled toward year-end. Improved inventory availability and stable air-separation output held the average near USD 2,970/KG into year-end.
Why did the price of Xenon change in Q4 2025 in the United States?
Moderated semiconductor and aerospace demand met improved inventories, easing prices. Stable output held the market near USD 2,970/KG.
Xenon Prices in South Korea
South Korean xenon prices averaged USD 3,250/KG in Q4 2025, near the year’s high. Strong semiconductor demand kept the regional premium, while improved supply availability eased the earlier tightness. Steady chip-sector procurement held the average near USD 3,250/KG into year-end.
Why did the price of Xenon change in Q4 2025 in South Korea?
Strong semiconductor demand kept the premium, while improved supply eased tightness. The market held near USD 3,250/KG, the highest among the regions.
Xenon Prices in France
French xenon prices averaged USD 2,800/KG in Q4 2025, gently softer on the quarter. Steady medical imaging and research demand supported the market, while improved supply availability eased the floor. Stable air-separation output held the average near USD 2,800/KG into year-end.
Why did the price of Xenon change in Q4 2025 in France?
Improved supply met steady medical and research demand, easing prices. Stable output held the market near USD 2,800/KG.
Quarterly Xenon Price Trends
Global xenon prices drifted lower across the six-quarter window. The average eased from USD 3,000/KG in Q1 2025 to USD 2,920/KG by Q3 and slipped to USD 2,850/KG in Q4 2025, reaching USD 2,780/KG by Q1 2026, a net decline of about 7.3%. Moderated semiconductor and aerospace demand drove the slide, while rebuilt inventories and stable air-separation output eased the earlier tightness into early 2026.
| Quarter | Price (USD/KG) | QoQ Change | Direction |
| Q1 2026 | 2,780 | -2.5% | ↓ Falling |
| Q4 2025 | 2,850 | -2.4% | ↓ Falling |
| Q3 2025 | 2,920 | -1.0% | ↓ Falling |
| Q2 2025 | 2,950 | -1.7% | ↓ Falling |
| Q1 2025 | 3,000 | - | - Stable |
| Q2 2026 | In Progress | - | - In Progress |
What was Xenon Price in 2025?
Xenon prices eased through 2025 from elevated levels. The global average opened at USD 3,000/KG in Q1, slipped to USD 2,920/KG by Q3, and closed near USD 2,850/KG in Q4, a full-year decline of about 5.0%. Three forces shaped the year. Moderated semiconductor and aerospace demand lowered procurement, rebuilt inventories eased earlier constraints, and stable air-separation output kept supply consistent.
Xenon Prices in China in 2025
Chinese prices fell from about USD 2,520/KG in Q1 2025 to USD 2,380/KG by Q4, a decline of 5.6%, the steepest in the dataset. Balanced supply and subdued export inquiries pressured quotes all year, while electronics ran at moderate utilisation. Stable domestic output held the region the lowest-cost source throughout.
Xenon Prices in the United States in 2025
US prices eased from roughly USD 3,120/KG in Q1 2025 to USD 2,970/KG by Q4, a decline of 4.8%. Moderated semiconductor and aerospace procurement lowered demand, while improved inventory availability relieved earlier tightness. Stable air-separation output held supply consistent through the year.
Xenon Prices in South Korea in 2025
South Korean prices eased from about USD 3,420/KG in Q1 2025 to USD 3,250/KG by Q4, a decline of around 5.0%. Strong semiconductor demand kept the regional premium, while improved supply availability eased the earlier tightness. Steady chip-sector procurement held South Korea the highest-priced market through the year.
Xenon Prices in France in 2025
French prices eased from roughly USD 2,960/KG in Q1 2025 to USD 2,800/KG by Q4, a decline of about 5.4%. Steady medical imaging and research demand supported the market, while improved supply availability eased the floor. Stable air-separation output held France in the firm middle of the range through the year.
How We Can Help
Expert Market Research: Your Source for Real-Time Xenon Price Intelligence
Expert Market Research tracks xenon prices continuously across every major producing and consuming region, explaining not just that prices moved but precisely why. We trace causation through air-separation output and industrial activity, semiconductor and aerospace demand cycles, energy and cryogenic costs, and purity requirements. Our forecasts draw on supply economics, trade flows, and end-use demand across all reporting regions. Contact Expert Market Research today for xenon pricing data, bespoke market analysis, and strategic procurement advisory.
Key Questions Answered in the Report
Healthcare uses such as imaging and anaesthesia take a large share, followed by semiconductor processing, satellite propulsion, and high-intensity lighting. Medical and electronics demand drives most of the consumption.
The Q1 2026 average was USD 2,320/KG in China, USD 2,900/KG in the United States, USD 3,180/KG in South Korea, and USD 2,720/KG in France, mostly on a contract to FOB basis. South Korea remains the highest-priced market.
The global average eased from USD 3,000/KG in Q1 2025 to about USD 2,850/KG in Q4, a full-year decline of around 5.0%, as moderated semiconductor and aerospace demand met rebuilt inventories.
Three factors dominated: moderated semiconductor and aerospace procurement, improved inventory availability after earlier constraints, and stable air-separation output that kept supply consistent.
The global average is expected in the USD 2,650 to 2,950/KG range for the rest of 2026, assuming rebuilt inventories and stable output persist while semiconductor and aerospace demand stays moderate.
South Korea sits at the top on strong semiconductor pull, the United States and France hold a firm middle on healthcare and research demand, and China prices lowest on large air-separation output.
This report is updated monthly. For real-time pricing intelligence, contact the Expert Market Research team directly.
Prices respond mainly to air-separation output, semiconductor and aerospace demand cycles, energy and cryogenic costs, and purity requirements. Because xenon is an air-separation by-product, broader industrial activity can amplify short-term moves.
China, the United States, and parts of Europe host the largest air-separation capacity that recovers xenon. Because output is a by-product of industrial gas production, any change in operating rates ripples across markets within one to two quarters.
Buyers can use quarterly trends and forecasts to time contracts, choose between fixed-price and index-linked supply, and build cover when semiconductor or aerospace demand threatens to tighten supply. Regional price gaps also help teams weigh alternative supply geographies when local material turns costly.
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