Neon Gas Market - Forecast(2023 - 2028)

Overview

Neon Gas Market size is forecast to reach $61.46 million by 2025, after growing at a CAGR of 3.5% during 2020-2025. The Neon Gas market is driven by imaging and lighting applications. Furthermore, the growing demand for smartphone and television display worldwide, Neon gas has huge opportunities in the display manufacturing market. It is a noble gas. Neon is a colorless, odorless, inert monatomic gas under standard conditions, with about two-thirds the density of air.

Report Coverage

The report: “Neon Gas Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Neon Gas Industry.

Key Takeaways

• Asia-Pacific dominates the Neon Gas market owing to strong consumption of neon gases in semiconductors, LCD’s, neon lights and others.
• The slowdown in world economic growth has impacted the neon gas industry, but in forecasted period the neon gas industry will maintain a relatively optimistic growth.
• Neon has found increased use in special fluorescent lamps in conjunction with other rare gases and is also used in spark chamber mixtures, which is useful for research into atomic particles.

Type - Segment Analysis

High Purity Neon gas held the largest share in the Neon Gas market in 2019. The demands on the purity of the gases are determined by the respective application. Neon is used as a buffer gas or the active medium in various types of gas lasers such as helium/neon, excimer and copper vapor lasers. Neon is also used as a carrier gas in chromatography for special applications and is also used in LCD screens.

Application - Segment Analysis

Imaging and lighting has been the primary market for Neon Gas. Neon is used in glow lamps, electron tubes, signs, plasma studies, fluorescent starter tubes, gas lasers and cryogenic refrigeration. The reddish-orange color emitted in neon lights is widely used to make advertising signs. Neon is also commonly used for these types of lights when many other gasses were currently used to create various colors of light. Neon gas has the ability to penetrate fog that is not easily distinguishable from other lights. As a result, in these applications, the international neon gas market is expected to experience significant growth rates. Neon gas has the ability to penetrate fog that is not easily distinguishable from other lights.

Apart from lighting, Neon gas has been used extensively in the semiconductor since the development of DUV lithography systems. Moreover, Due to the growing demand from the semiconductor manufacturers for neon gas in excimer laser gas mixes, the market for neon gas is rising at a significant rate.

Geography - Segment Analysis

APAC dominated the Neon Gas market with a share of more than 38%, followed by North America and Europe. Neon Gas is experiencing a rapid demand in the Japanese market for the processing of semiconductors. A number of large-scale oxygen production projects are currently in operation in the Asia-Pacific region and are therefore expected to see steady growth, especially in China. The demand for neon gas in Asia Pacific is set to grow in forecasted period driven by strong consumption in fast growing Asian economies. Japan’s electronic products industry is the third largest in the world and is highly driven by the demand for sales of semiconductors to Japan. According to the World Semiconductor Trade Statistics (WSTS), the Japanese semiconductor market grew from $36.6 billion in 2017 to 40.0 billion in 2018. Furthermore, it is expected that the neon gas market in the United States and Eastern Europe will see a decline in neon gas production, the reason being aging ASUs in this area. Neon gas is expected to see growth in demand with the advancement of the space agencies ' exploration activities in this area.

Drivers – Neon Gas Market

·         Wide application of Neon Gas.

Neon gas has been used extensively across various applications such as cryogenic refrigerant because of enhanced refrigerating capacity, semiconductor, coolant for ultra-sensitive infrared imaging and detection equipment, healthcare field, and others. Neon is used into cryogenic refrigerant because in extreme cold temperature, neon condenses into liquid. Neon is widely suitable because it is non-reactive and it does not mix with other elements. Stirling Cryogenics has neon chilling systems that are efficient for cooling things such as high temperature superconductor.

Challenges – Neon Gas Market

·         Neon gas prices is disrupting semiconductor manufacturing.

The semiconductor industry is the world's leading user of neon gas and is caused by any disturbance in the supply chain. With the crisis across regions producing neon, price increases and overall disruption in the semiconductor industry have resulted in supply reduction. The fluctuation in supply and prices of neon is affecting the semiconductor industry.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Neon Gas market. In 2019, the market of Neon Gas has been consolidated by the top five players accounting for xx% of the share. Major players in the Neon Gas Market are Linde Group, Matheson Tri-Gas Inc., American Gas Products, Ingas AE, Iceblik LLC, and Messar Group GmbH, among others.