According to the latest report by IMARC Group, titled “Xenon Gas Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global xenon gas market reached a volume of 17.9 Million Liters in 2019. Xenon (Xe) is a dense, colorless and odorless noble gas, which occurs in trace amounts in the earth’s atmosphere. It is one of the most commonly used noble gasses that emits blue light when an electric current passes through it. It is employed in scientific research; in medical imaging as a contrast agent; in medicines as a neuroprotective and anesthetic agent; and in instruments for radiation detection.
Some of the key players being Airgas, Air Liquide OTCMKTS: (AIQUY), Linde PLC NYSE: (LIN), Messer, Praxair, Air Water TYO: (4088), American Gas, BASF, Core Gas, Matheson Tri-Gas and Proton Gas.
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The burgeoning automotive industry is one of the key factors driving the market as xenon is widely utilized in headlamps and tail lamps in automobiles. Additionally, it is employed in the aerospace and aircraft industry as fuel for electric propulsion systems. Moreover, it is considered as an ecologically clean and non-toxic gas, owing to which it is used for plating silicon microprocessors and in the production of cancer drugs. Rapid urbanization and extensive research and development (R&D) activities are some of the other factors that are expected to create a positive outlook for the market in the coming years. The market is further expected to reach a volume of 22.7 Million Liters by 2025, exhibiting a CAGR of 4.0% during 2020-2025.
Market Breakup by End-User:
- Imaging and Lighting
- Automotive and Transportation
- Aviation and Aerospace
Market Breakup by Distribution Channel:
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