Global Xenon Market - 2024-2031

Overview

Global Xenon Market reached US$ 228.0 million in 2023 and is expected to reach US$ 287.0 billion by 2031, growing with a CAGR of 7.0% during the forecast period 2024-2031.

The rise of the semiconductor sector is a major driver of the growth of the global xenon market. Xenon is essential to the production of semiconductors because it is utilized in photolithography, which is the process of properly creating patterns on semiconductor wafers. The semiconductor industry is expanding as a result of the rising demand for electronic devices such as laptops, cell phones and other consumer electronics.

The expanding demand for medical imaging applications is one of the main factors propelling the global xenon market. Xenon is used in medical imaging systems like MRIs and CT scans because it improves image quality. The demand for xenon in medical applications is growing as the healthcare sector continues to place a high priority on cutting-edge imaging and diagnostic technologies.

Asia-Pacific is among the growing regions in the global tungsten-based materials recycling market covering more than 1/3rd of the market. The Asia-Pacific growing electronics and semiconductor industries are fueling the demand for xenon. Xenon is an essential component of semiconductor manufacturing processes and the region's xenon market is expanding as a result of the rising output of electronic devices.

Dynamics

Expanding Applications for Satellite and Aerospace Technologies

The growing use of xenon in ion propulsion systems is driving the expansion of the global xenon market, which is mostly driven by the aerospace and satellite sectors. Ion thrusters employ xenon gas as a propellant to provide accurate and effective spaceship movement control. The demand for xenon is rising as space exploration, satellite deployment and technological breakthroughs become more crucial.

For Instance, in 2021, A division of Peak Rock Capital, a well-known middle-market private investment business, acquired Xenon Arc Inc. in collaboration with the company's management group. Xenon Arc is a top technology-enabled managed service provider for clients in the food and beverage, industrial and chemical manufacturing industries. Through its service offering, including technical sales, support, technology and distribution services, the company manages the long tails of thousands of SMB customers for its clients.

Increasing Demand for Electronics

The global xenon market is being driven mainly by the proliferation of electronic gadgets and a growing demand for innovative technologies in the electronics sector. Because of its special qualities, xenon is widely used in the production of semiconductors and other electronic components. The need for xenon in semiconductor manufacturing is growing as the electronics industry continues to innovate and develop because of technologies like artificial intelligence, 5G technology and the Internet of Things (IoT).

For Instance, 2023, The world leader in pulsed light technology, XENON Corporation, located in Wilmington, Massachusetts, introduced the X-1100/2x Pulsed Light Research System, an enhancement to its market-leading X-1100 research system. As a result of consumer demands for even greater power, XENON has created the X-1100/2x. The 2x provides even more opportunities for novel uses of pulsed light with its 7.8 Joules/cm2 radiant energy/pulse output. For instance, scientists have already shown that the 2x enables the sintering of many layers of copper printed circuits in a single flash.

Supply Chain Pressure Due to Lack of Xenon Resources

The asphyxiant condition indicates that breathing in an excessive amount of gas can cause nausea, vomiting, disorientation and occasionally even death. Death may come suddenly and within seconds at low oxygen levels. The individual may have the aforesaid sensations with 75% oxygen and 25% of this gas, but they may also experience weariness, sadness, emotional instability and mental disease.

The regulation indicating that oxygen levels in locations where rare gases are stored should vary between 20% and 25% was passed by the European Industrial Gases Association (EIGA) and the Occupational Safety and Health Administration (OSHA) in United States. If there are any doubts about the oxygen level, entry to the area must be restricted. Even if there is ambient oxygen, there should be enough ventilation to allow fresh air to enter to prevent any accidents.

High Production Costs

The high production costs linked to the extraction and purification procedures pose a challenge to the global xenon market's growth trajectory. Complex procedures, such as cryogenic distillation and purification stages, are required for the extraction of xenon to achieve the high purity required for some applications, such as semiconductor manufacture.

Because of these intricate procedures, xenon is a more expensive noble gas in terms of overall manufacturing costs. Due to its high cost, this product may not be widely adopted in areas where cost-effectiveness is crucial. As a result, research institutes and enterprises may investigate alternative gases or technologies, which might limit the growth of the globally xenon market in price-sensitive sectors.

Segment Analysis

The global xenon market is segmented based on type, xenon type, stable isotopes, compound, application and region.

Rising Use of High Purity Xenon in Varies Sectors

The high purity xenon segment is among the growing regions in the global xenon market covering more than 1/3rd of the market. The rising uses of high-purity xenon in a variety of innovative sectors and technologies are the main factors propelling its expansion in the global market. With incredibly low impurity levels, high-purity xenon is necessary for specific uses including electronics and semiconductor fabrication.

Additionally, the high-purity xenon is essential to the semiconductor industry's ability to produce semiconductors and electronic components since even minute contaminants can hurt the process. High-purity xenon is becoming more and more necessary as a vital component in semiconductor manufacturing processes as the demand for electronic devices including computers, cellphones and other high-tech gadgets continues to climb internationally.

Geographical Penetration

Increasing Demand in the Automotive Industry and Developments in Asia-Pacific

Asia-Pacific has been a dominant force in the global xenon market and Due to rising industrialization, technological improvements and economic development in the area's member states, the Asia-Pacific is a major factor driving the expansion of the global xenon market. Industries including electronics, automotive and healthcare all major users of xenon have multiplied in some Asian nations.

For instance, in 2022, The "Xenon Leader" plan of Yingde Gases Group and its ongoing attempts to increase the capacity of krypton-xenon production. The two krypton-xenon gas purification facilities under the "Xenon Leader" concept will be built in stages. Upon completion, the first plant may become Asia-Pacific's largest independent krypton-xenon purification facility, which would represent a significant advancement in the field of rare gases.

Furthermore, the Asia-Pacific automobile industry plays a crucial part in driving the expansion of the xenon market. Because it produces light that is both brighter and more efficient than conventional halogen bulbs, xenon is frequently employed in automobile lighting systems. The demand for xenon in automotive lighting applications is growing as a result of the automotive industry's continued growth in nations like China and India.

There are a lot of satellites that launched in the upcoming years that use electric propulsion systems based on xenon. Additionally, the engines' testing uses a large portion of this gas. The Indian Space Research Organization (ISRO) launched the GSAT 20 in the middle of 2020, for example. For testing and quality control reasons, the acquisition procedure for high-purity xenon got underway in 2018. Xe-based electric propulsion systems have also been deployed by ISRO for a few satellite launches (GSAT 9, GSAT 4).

COVID-19 Impact Analysis

The xenon market is among several sectors of the world economy that have been seriously impacted by the COVID-19 pandemic. During the pandemic, there were supply and demand interruptions for xenon, a noble gas with a wide range of applications in the aerospace, lighting and medical imaging sectors. Many countries-initiated lockdowns and restrictions in an attempt to stop the virus's spread, which caused a halt in industrial activity and impacted the demand for xenon in a variety of industries.

A change in priorities occurred during the pandemic for the medical industry, which was a major user of xenon for uses including anesthesia and medical imaging. The demand for non-essential medical gases such as xenon suddenly decreased as a result of resources being reallocated to meet the healthcare crisis. The manufacture and delivery of xenon faced further difficulties due to employee shortages, travel restrictions and supply chain interruptions.

The entire investment climate had been impacted by the economic concerns brought on by the pandemic, which affected xenon-related businesses and research endeavors. There were delays and disruptions in industries including electronics and semiconductors that mostly depend on xenon for research and development. The xenon market is anticipated to revive as nations increasingly come out of the pandemic, with demand increasing as manufacturing picks up and international supply chains steady.

Additionally, COVID-19 affected the global xenon market which moved beyond immediate effects to affect long-term dynamics and trends. The pandemic forced an evaluation of supply chain vulnerabilities, which raised industry knowledge of the value of diversity and resilience. To reduce the risks associated with global disruptions, such as those brought on by pandemics, catastrophic storms or geopolitical events, businesses started reviewing their approach to supply chains.

Russia-Ukraine War Impact Analysis

The xenon market is one of the many international markets that has been greatly affected by the ongoing war between Russia and Ukraine. Xenon is a noble gas that finds extensive usage in the electronics, lighting, medical imaging and aerospace sectors. The world's main producer of xenon gas is Russia and any interruption to its supply chain and manufacturing might have a domino impact on the global market.

The region's increasing volatility and unpredictability due to geopolitical tensions impact xenon transit and production. Due to Russia's engagement in the war, there may be an interruption in the xenon supply for international industry due to worries about the integrity of its supply systems. The has affected companies that use xenon for production and research by raising costs and creating shortages.

The xenon market has also become more difficult as a result of the sanctions placed on Russia due to its actions in Ukraine. Restrictions on commerce and monetary exchanges with Russian organizations may impede the seamless movement of xenon from Russia to global markets. As a result, businesses that rely significantly on Russian xenon may have trouble finding a consistent supply, which might cause delays and higher manufacturing costs.

By Type

• N3
• N4.5
• N5

By Xenon Type

• High Purity Xenon
• Common Purity Xenon

By Stable Isotopes

• Xenon-124 (0.096)
• Xenon-126 (0.090)
• Xenon-128 (1.92)
• Xenon-129 (26.44)
• Xenon-130 (4.08)
• Xenon-131 (21.18)
• Xenon-132 (26.89)
• Xenon-134 (10.44)
• Xenon-136 (8.87)

By Compound

• Halides
• Oxides
• Oxofluorides
• Oxo Salts
• Others

By Application

• Imaging & Lighting
• Satellite
• Electronics & Semiconductors
• Medical
• Aerospace and Aircraft
• Automotive and Transportation Equipment
• PDP Backlighting
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On February 16, 2023, targeting professional creators, Intel introduced two new CPUs under the codename Sapphire Rapids, The Xenon W-3400 and W-2400. With up to 56 cores in a single socket, these CPUs enable DDR5 RDIMM memory, PCIe Gen 5.0 and Wi-Fi 6E. With a bigger L3 cache and a new memory controller, the flagship Intel Xeon W-3495X claims to have improved single-thread and multi-thread performance by up to 120% and 28%, respectively, over the previous generation.

Competitive Landscape

The major global players in the market include Air Liquide, Linde plc., Air Products and Chemicals, Inc., Messer Group GmbH, Proton Gases (India) Pvt. Ltd., Matheson Tri-Gas, Inc., American Gas Products, Coregas Pty Ltd., Akela-p Medical Gases P. Ltd. and Electronic Fluorocarbons, LLC.

Why Purchase the Report?

• To visualize the global xenon market segmentation based on type, xenon type, stable isotopes, compound, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of xenon market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global xenon market report would provide approximately 78 tables, 84 figures and 203 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies