Global Neon Gas Market to be driven by the increasing consumption in imaging and lighting applications in the Forecast Period of 2021-2026
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2019): USD 37 million
- Forecast CAGR (2021-2026): 4%
- Forecast Market Size (2026): USD 49 million
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Industry Definition and Major Segments
Neon is a chemical element that falls under a group called 'noble gases'. These are a group of inert gases which in nature are very stable. Neon is a colourless, odourless gas that is present in the atmosphere in trace quantities. When put in an electric field, it exhibits a distinct orange-red glow. Based on the application, the industry is divided into:
- Imaging and Lighting
- Aerospace and Aircraft
- Automotive and Transportation Equipment
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Geographically, due to its use in the making of semiconductors and consumer electronics, the neon gas industry is experiencing rapid growth, especially in the Asia Pacific. In North America and Europe, its applications in the automotive, transport, aerospace, and aircraft industries are driving its consumption. It is experiencing a sharp rise in demand in the Japanese market to manufacture semiconductors. However, with the growth of the space agencies' exploration activities in this field, neon gas is expected to increase in demand. In the Asia-Pacific region, a number of large-scale oxygen production projects are now in operation and are therefore expected to see continuous development, especially in China. Moreover, over half the global supply of neon crude is concentrated in Russia and Ukraine. Due to enhanced cooling power, semiconductor, coolant for ultra-sensitive infrared imaging and detection equipment, healthcare industry, and others, neon gas has been widely used in various applications such as cryogenic coolant. Neon is used as a cryogenic refrigerant since neon condenses into liquid at very cold temperatures. Neon is usually acceptable because it is non-reactive and does not blend with other materials. In the neon gas industry, technology releases, acquisitions and R&D activities are main strategies adopted by players.
Key Market Players
The major players in the market are Linde PLC, Airgas,Inc., PraxairTechnology,Inc., Air Liquide, Messer Group GmbH, Praxiar Technology,Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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