Neon Gas Market- Global Industry Analysis and Forecast (2024-2030)

Neon Gas Market was valued at US$ 253.77 Mn. in 2023. Global Neon Gas Market size is expected to grow at a CAGR of 7.6 % through the forecast period.
Neon Gas Market Overview:
Neon gas is an inert monoatomic gas that belongs to the periodic table’s group of 18 elements. It is tasteless, odorless, colorless and lighter than air. In an electric field, neon is noted for its capacity to create light and vibrant colors, which makes it an incredibly flexible component in the imaging and lighting sector.

Due to neon’s capacity to create extremely penetrative lasers, it is also widely used in the manufacturing of fog lights. As a result, neon gas is becoming more popular in regions with cold weather. It is also used in the lithography stage, which is critical for the production of semiconductor devices which are used in the automotive industry and electronics. The Russian invasion of Ukraine caused a decline in manufacturing volume but rise in semiconductor chip costs, boosting the neon gas market’s revenue.To know about the Research Methodology :- Request Free Sample Report

2023 is considered as a base year to forecast the market from 2024 to 2030. 2023’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years’ trends are considered while forecasting the market through 2030. 2023is a year of exception and analysis especially with the impact of lockdown by region.
Neon Gas Market Dynamics:
Market Drivers:

Increased use of Cryogenic Applications: High-energy particle colliders, rocket propulsion systems, and wave meter tubes all use neon for cryogenic applications. Due to their low boiling point, neon and other noble gases are suitable for cryogenic applications. As a result, even at low temperatures, they are gaseous. In nuclear physics, high-energy particle colliders are utilized in the investigation of particles. The Higgs Boson particles were studied using the Large Hadron Collider which is the world's greatest high-energy collider.

For most cutting-edge energy and scientific research which does not require severe cooling, neon is generally preferred over helium as a cryogenic coolant. This increased use of Neon in the Cryogenic application is driving the Market.

Growth of Consumer Electronics and Semiconductors Sectors: Neon gas is widely used in the production of LCD screens, which have a wide range of applications in consumer electronics. Apart from that, it has several applications in the production of semiconductors, which are essential to the operation of any electronic device. As a result, the increasing growth of the consumer electronics sector is driving the growth of the Market.

Rising demand for barcode scanners and laser sensors: Neon gas is used in the production of barcode scanners and laser sensors. Nowadays, because of increased industrialization and consumer demand, the demand for these barcode scanners and laser sensors is increased which increased the demand for Neon gas as well. This increased demand for Neon gas because it’s used in scanners and lasers drives the Market.

Growth of aerospace and aircrafts sector: Neon gas has several applications in the aerospace and aircraft industries. It is utilised as an aeroplane signalling due to its extensive illuminating characteristics, and it is also utilized as a coolant for different aircraft equipment. This demand of Neon in aerospace and aircraft sectors is also important driver of Neon Gas market.

Market Restraints:

Variations in Neon production costs: Neon gas is present at a low concentration as compared to the other industrial gases i.e., 18 ppm in the earth’s atmosphere, and is obtained by a fractional distillation process of liquid air, accompanied by the separation of helium from the mixture. Because of this production process, the cost of Neon gas is high as well as unstable. This is the main restraining factor for the Neon Gas Market. Due to high pricing, consumers are preferring alternative gas, which is decreasing the growth rate of the Neon Gas market.

Russian invasion of Ukraine: Ukraine supplies more than 70% of the demand for neon gas. The current Russian invasion of Ukraine severely impacted the noble gas production and distribution. This raises questions regarding the structure and reliability of the international supply network for rare gases like neon and krypton, among others. This is restraining factor for the Neon Gas Market.

Market Opportunities: To meet the increased demand from the semiconductor and laser sectors, neon gas manufacturers are focused on technological advancements and manufacturing facility developments. The supply chain for neon gas has been affected as a result of the Russia-Ukraine war. The disruptions caused by the Russian invasion can provide opportunities for neon gas manufacturers in other regions to increase manufacturing.

Market Challenges:

Reduction in production of semiconductors: Neon gas is used in the production of semiconductor chips and devices. The semiconductor sector is the world's largest consumer of neon gas, and any disruption in the supply chain of neon gas causes problems. As a result of the crisis across neon manufacturing regions, prices increased and general disruption in the semiconductor sector has resulted in supply reductions. The semiconductor industry is being impacted by changes in the supply and cost of neon gas, which is challenging the growth of Market.
COVID 19 Impact on Neon Gas Market:
Almost every industry’s manufacturing, demand, and supply chain were affected by the COVID pandemic. It affected the Neon Gas Market as well. The outbreak has also impacted the semiconductor sector, which relies on neon for processing. Work from home is expected to boost smart home products, resulting in a rise in demand in this sector.

The Variable Specific Impulse Magnetoplasma Rocket, which was developed by NASA, uses neon gas for heating it to extreme temperatures. More chemical rockets are expected to use neon gas in the next years, which will further boost the neon gas industry.
Neon Gas Market Segment Analysis:
Based on Application, Due to widespread usage of Neon gas in significant areas such as holography, spectroscopy, and barcode scanning, the imaging and lighting sector dominated the market with 42% in 2023. Electron tubes, Glow lamps, plasma studies, fluorescent starter tubes, gas lasers, and cryogenic refrigeration are all made with neon gas. Neon lights generate a reddish-orange color that is commonly utilized in advertising banners. When several different gases were currently utilized to make various hues of light, neon was commonly used. As a result, the Market is expected to grow at a fast rate.

Since the invention of DUV lithography methods, neon gas has been extensively used in the semiconductor sector. The Market is developing rapidly due to increased demand for Neon gas from semiconductor manufacturers.

Based on the Type, High Purity neon gas has the highest proportion of the market in 2023. The purity requirements for he gases are dictated by the application. In many types of gas lasers, such as helium/neon, excimer, and copper vapour lasers, neon is utilised as a buffer gas or as the active medium. Neon is also utilised in LCD panels and as a carrier gas in chromatography for particular purposes.
Regional Insights:
The Asia Pacific region dominated the market with 40 % share in 2023. A number of large-scale oxygen production facilities are now under construction in the Asia-Pacific area, with sustained growth expected, particularly in China. Through the forecast period, demand for neon gas in Asia Pacific is expected to rise, owing to robust consumption in fast-growing Asian economies. Japan's electronic goods sector is the world's third biggest, driven mostly by demand for semiconductors sold in the country.

The objective of the report is to present a comprehensive analysis of the global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Market dynamic, structure by analyzing the market segments and projecting the Neon Gas Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Market make the report investor’s guide.
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Neon Gas Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US$ 253.77  Mn.


Forecast Period 2024 to 2030 CAGR:
7.6%
Market Size in 2030:
US$ 423.77 Mn.


 Segments Covered:
by Application
Lighting and Imaging
Cryogenics
Television Tubes & Wave Meter Tubes
Lasers


by Type
Low purity
High purity
Ultra- high purity


by Supply Mode
Cylinders
Bulk and micro Bulk
Drum tank
On-site


by End Use
Aerospace and Aircraft
Automotive and Transportation Equipment
Electronics
Healthcare
Medical Field



Neon Gas Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Air Liquide
2. Linde group
3. Parxair
4. Messer group
5. Iceblick
6. Air products
7. Air Water
8. Core gas
9. Wuhan Steel Group
10. INGAS
11. Airgas
12. Matheson Tri-gas
13. Axcel Gases
14. Proton Gases

Frequently Asked Questions:

1] What segments are covered in the Global Neon Gas Market report?
Ans. The segments covered in the Neon Gas Market report are based on Application and Type.

2] Which region is expected to hold the highest share in the Global Neon Gas Market?
Ans. The North America region is expected to hold the highest share in the Neon Gas Market.

3] What is the market size of the Global Neon Gas Market by 2030?
Ans. The market size of the Neon Gas Market by 2030 is expected to reach US$ 423.77 Mn.

4] What is the forecast period for the Global Neon Gas Market?
Ans. The forecast period for the Neon Gas Market is 2024-2030.

5] What was the market size of the Global Neon Gas Market in 2023?
Ans. The market size of the Neon Gas Market in 2023 was valued at US$ 253.77 Mn.