According to Future Market Insights (FMI), growing demand for rare gases across the globe for various applications is bolstering the growth in xenon gas market. Sales are expected to be driven by expansion of aerospace and aircraft industry, technological developments, and rising healthcare and research expenditure.
Applications of rare gases, including, xenon gas, is increasing at significant rates in the healthcare industry. As xenon gas is used as a neuroprotective and anesthetic agent, in diagnostics and other, the demand is projected to surge over the forecast period.
Further, xenon gas is used in the treatment of various respiratory illnesses. Also, ongoing research and development in healthcare industry is anticipated to create lucrative growth opportunities for the xenon gas market.
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However, there are several health concerns linked with the usage of xenon gas, including nausea, dizziness, vomiting, and even death if swallowed in large doses. Xenon gas has been linked to mental instability and tiredness in rare circumstances. Increasing use of xenon gas as anesthetic has been linked to side effects such as hypertension, nausea, and vomiting.
Asphyxia can result in nausea and vomiting, as well as prostration and loss of consciousness, convulsions, a profound coma, and death. All these factors are expected to impact the growth of xenon gas market during the forecast period.
Key Takeaways from the Market Study
- Xenon gas sales are expected to reach a value of US$ 239.6 Mn by the end of 2032.
- By supply mode, the cylinders’ segment is expected to grow at a CAGR 0% over the next decade.
- In 2022, North America is expected to remain one of the key market for xenon gas, accounting for a share of 6%.
- Due to satellite propulsion application, the aerospace & aircraft category is estimated be the prominent end users of xenon gas.
- China is expected to lead the East Asia xenon gas market over the forecast period of 2022 and 2032.
The global xenon gas market is estimated to be a highly concentrated market with a few numbers of industry participants such as Matheson Tri-Gas, Inc., Messer Group GmbH, American Gas Products, Air Liquide, The Linde Group, Air Products & Chemicals, Inc., and Air Water Inc. accounting for a key share. Globally, key market participants are projected to maintain a competitive environment by acquisitions and mergers, collaborations and expansion strategies.
Key Segments Covered in Xenon Gas Industry Research
By Supply Mode:
- Bulk & Micro Bulk
- Drum Tanks
By End-use Industry:
- Aerospace & Aircraft
- Automotive &Transportation
- Electrical & Electronics
- Manufacturing Processes