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Xenon is commercially extracted through atmospheric air distillation while some of its compounds are sourced from certain igneous rocks and hot springs. The rising demand for LEDs is driving the growth of this market. Technavio’s market research analyst projects the global xenon market to reach a volume of 20 million liters during the forecast period.
The stringent regulatory regime and safety regulations pose a challenge for the growth of the market. Industrial gasses from production to storage, transportation and distribution, are subjected to intense regulatory scrutiny on account of the potential hazards they may cause due to leakage or accidents. For instance, OSHA and EPA specify mandates for carriage and storage of cryogenic liquids in all storage forms. Compliance with these standards has been increasing the handling cost for the vendors.
The imaging and lightning segment dominates the global market and is expected to grow at a rate of 7% during the forecast period. The growing demand for flat panel displays mainly plasma TV’s have been seen as one of the major contributors to the growth of this segment.
APAC accounts for the largest share of the xenon gas market due to the presence of manufacturing industries associated with automobiles, construction, mining, and transportation. Moreover, the region is the semiconductor powerhouse with countries like South Korea, Taiwan, Japan and China remaining as the principal suppliers of electronics and semiconductors. The research report predicts the region to reach a volume of 7287 kiloliters by the end of 2019.
The global xenon gas market is dominated by chemical companies from Europe and the US, which have integrated distribution network and rely on their proprietary manufacturing technologies. The availability of cheap natural gas resources is propelling major vendors to install manufacturing and distribution facilities in the Middle East and emerging markets in Asia.
The top vendors in the market are -
Other providers in the market include Air Water, American Gas, BASF, Core, Matheson, Tri-gas, and Proton Gas.
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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DATA ANALYSIS
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