The global krypton market size was valued at USD 57.86 million in 2023 and is projected to grow from USD 58.46 million in 2024 to USD 62.58 million by 2032, exhibiting a CAGR of 0.9% during the forecast period. Growing application in window glazing and space exploration will propel the market forward during the projected period, says Fortune Business Insights™, in its report titled “Krypton Market, 2025-2032."
In the manufacturing of insulated glass, krypton (Kr) gas is used to fill the spaces between glass panels, providing enhanced heat insulation and sound absorption. A greater volume of gas-filled space results in superior thermal protection, insulation, and soundproofing performance. The growing global demand for energy-efficient buildings is expected to drive market growth in the coming years. Additionally, krypton plays a crucial role in semiconductor excimer lasers. The expanding use of lasers in sectors such as semiconductors, healthcare, and defense is anticipated to further boost the demand for this rare gas in the near future.
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Segments:
By Type, N4.5 Segment to Gain Traction Over 2022-2029
Based on type, the market is trifurcated into N3, N4.5, and N5. The N4.5 segment is anticipated to witness substantial demand through 2029 led by increasing application in insulation of windows and glass façade panels in energy-efficient buildings. Meanwhile, the N5 segment will experience robust demand in aerospace thruster applications.
By Application, Window Insulation Segment to Capture Notable Share
In terms of application, the market is divided into lighting, laser, window insulation, and others. The window insulation segment is slated to capture the dominant market share, owing to demand for energy-efficient windows in green buildings. Meanwhile, the lighting segment will capture a prominent market share led by demand for Kr-filled lamps in various applications.
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Growing Application in Glazed Windows to Boost Market Potential
Krypton gas is primarily used in the manufacture of high-end double and triple glazed windows, which is driving the krypton market growth. It offers excellent thermal and acoustic insulation. It is more expensive than argon, which is the most common gas in the market. However, as the need for high-performance and energy-efficient windows grows, krypton is gaining traction. Glazed windows are seeing an increase in demand from countries with hot weather, such as the Middle East, to areas with cold weather such as Europe and other parts of the world. In the summer, these windows allow for low-temperature absorption, while in the winter, they allow for high-temperature retention, leading to significant cost savings pertaining to air conditioning.
Despite growing applications, the availability of alternatives could impact the market growth.
Regional Insights:
Asia Pacific Market Stood at USD 19.10 Million in 2021
In 2021, the market value in Asia Pacific reached USD 19.10 million. Growth in this region is expected to increase substantially in the foreseeable future due to high demand from the construction and semiconductor industries. Continuous urbanization in emerging APAC countries has accelerated the product demand, resulting in lucrative growth potential for the suppliers.
North America accounts for more than a quarter of the global krypton market share. The growing use of Kr as a propellant in the aircraft industry is likely to increase demand in the region. Meanwhile, the European market will witness growth led by the demand for windows.
Competitive Landscape
Leading Players Adopt Acquisition Strategies to Stay Competitive
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
Key Industry Development:
June 2023: Linde PLC opened one of the world’s largest krypton and xenon production plants in Leuna, Germany, consolidating its European noble gas operations.
June 2022: Russia restricted Xe and Kr exports, sharply increasing prices and requiring special permits for international trade.
List of Key Players Profiled in the Report
Air Liquide (France)
Linde PLC (Ireland)
Air Products & Chemicals, Inc. (U.S.)
Messer Group GmbH (Germany)
Proton Gases (India) Pvt. Ltd. (India)
Matheson Tri-Gas, Inc. (U.S.)
American Gas Products (AGP LLC) (U.S.)
Coregas Pty Ltd. (U.S.)
Akela-p Medical Gases P. Ltd. (Russia)
Electronic Fluorocarbons, LLC (U.S.)
Iceblick Ltd. (Ukraine)
Air Water Inc. (Japan)
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