The global xenon market size is projected to reach USD 228.96 million by 2028, exhibiting a CAGR of 1.8% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Xenon Market, 2021-2028”. As per the report, the value of the market stood at USD 200.94 million in 2020. The noble gas has gained a strong reputation in the field of physics, as it is helping to unfold the secrets of the universe. Evidently, xenon is utilized extensively in the Large Underground Xenon (LUX) experiment, which was designed to detect dark matter.

Market to Witness Negative Growth Due to Delayed Satellite Launches

The COVID-19 pandemic has been a challenge for several industries and markets worldwide. Without any exemption, it has had a negative impact on this market as well. Year-long delays in all satellite projects and a huge decline in the production of electronic components have severely affected the demand for the noble gas. Key industry players are seeking new applications to survive the crisis.

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Market Segmentation

The market is categorized on the basis of type, application, and geography. In terms of type, it is divided into N3, N4.5, and N5. Based on the application, it is fragmented into imaging and lighting, satellite, electronics & semiconductors, medical, and others. On the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

What Does the Report Offer?

This report incorporates an in-depth analysis of the overall growth prospects in the market. Furthermore, it provides insights into the comprehensive competitive landscape of the global market. A detailed overview of leading companies, including their marketing strategies, market contribution, and recent developments is presented in both historic and present contexts.

Driving factor

Increasing Utilization in Satellites to Drive Growth

Xenon is extensively used for propulsion in satellites due to its light weight compared to other alternatives. The high demand for satellites backed by an increasing number of space programs is anticipated to drive the xenon market growth. For instance, SpaceX has planned to initiate its SpaceX Axiom Space-1 under which the company will carry a private crew to the International Space Station (ISS). Such programs are predicted to strengthen the demand for the gas. In addition, the increasing application in manufacturing semiconductors is estimated to further enhance the market growth. However, xenon is labeled as an asphyxiant, which means it can be injurious to health if inhaled excessively. This may hinder growth during the forecast period.

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Regional Insights

Flourishing Consumer Electronics Industry to Help Asia Pacific Gain Prominence

Asia Pacific is estimated to dominate the market backed by the flourishing consumer electronics industry in the region. The high volume production of semiconductors in China and India is predicted to expand the xenon market share in the region. In addition, various upcoming satellite programs by space agencies from China, Japan, India, and other nations are estimated to further strengthen regional growth. For instance, the Indian Space Research Organization (ISRO) launched its GSAT 20 communication satellite in 2020. The region earned revenue of USD 73.38 Million in 2020.

The market in Europe is projected to exhibit considerable growth during the forthcoming years. One of the leading factors driving the market growth in the region is the ongoing research study on dark matter, which is being conducted in Italy. The gas is utilized in catching the passing weakly interacting massive particles (WIMPs) during the experiment. Hence the market will witness significant demand in the region.

Competitive Landscape

Finding New Applications to Help Key Players Expand their Businesses

The market is primarily driven by high applications of this gas in two main industries: space and electronics. Industry leaders in these fields are supporting the market growth by coming up with new opportunities. For instance, in October 2018, Samsung Electronics Co., Ltd. launched 7LPP, a 7-nanometer node that is integrated with EUV lithography technology. The company has leveraged the properties of xenon for the production of the new chip.

Industry Developments:

July 2018: Air Liquide, an industrial gas supplier based in France, announced to sign multiple agreements worth USD 59 million with various satellite and semiconductor manufacturers from the U.S., Europe, and Asia. 

List of Key Companies Covered in this Market Report:

  • Air Liquide (France)
  • Linde PLC (Ireland)
  • Air Products & Chemicals, Inc. (USA)
  • Messer Group GmbH (Germany)
  • Proton Gases (India) Pvt. Ltd. (India)
  • Matheson Tri-Gas, Inc. (USA)
  • American Gas Products (AGP LLC) (USA)
  • Coregas Pty Ltd. (USA)
  • Akela-p Medical Gases P. Ltd. (Russia)
  • Electronic Fluorocarbons, LLC (USA)
  • Iceblick Ltd. (Ukraine)

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