Los Angeles, CA -- (SBWIRE) -- 09/30/2021 -- The non-reactive nature of Neon gas has increased its usage it a wide variety of non-reactive, imaging, and lightening applications. To study its widening applications and rising market share QY Research published a report titled, "Global Neon Gas Market Research Report 2020". The global Neon Gas market is valued at US$39 mn in 2020 and is expected to reach US$49 mn by the end of 2026, rising at a CAGR of 3.2% during 2021-2026.
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Non-reactive Nature to Increase Application of Neon Gas in Several Industries
Neon gas has gained popularity owing to its non-reactive nature, rarity, triple point temperature, and emission of bright colour. These factors have contributed to its growing applications in semiconductor industry, LCD, imaging & lighting and many others. Its major application in excimer laser gas mixtures to be utilized for anneal low temperature polysilicon (LTPS) backplanes for advanced flat panel displays in the display manufacturing market is largely accelerating its growth.
Also, liquefies neon is utilized as a refrigerating capacity enhancer in cryogenic refrigeration application. Additionally, it is more commonly used in signs and advertisements as it produces bright reddish-orange light. In aerospace and healthcare industries it is used for ultra-sensitive infrared imagining and detection equipment and lung diffusion instrument respectively, will further drive the global market.
Refrigerator Segment to Register Significant Growth in Global Market
Neon gas is available in both liquid and gaseous states, commercially liquefied neon is now being used as cryogenic refrigerant in applications that do not require lower temperature range. Aforementioned refrigeration application is expected to amplify the global market.
North America to Observe Unprecedented Demand for Neon Gas
North America will observe unprecedented demand for neon gas due to rising exploration activities by space agencies that require neon. Furthermore, development in the field of healthcare will further boost the growth of the regional market globally.
Manufacturers to Focus on Entering New Market to Expand Global Footprints
Air Liquide recently announces its acquisition of a key Malaysian industrial gas player, Southern Industrial Gases Sdn Bhd. This acquisition will doubles the company's packaging and filling capacity to deliver significant synergies by enlarging our footprint, expanding the company's geographic reach in Malaysia.
The major players in the market include Air Liquide, Linde Group, Parxair, Messer Group, Iceblick, Air Products, Air Water, Core Gas, Wuhan Steel Group, INGAS, Airgas, Matheson Tri-gas, Baosteel, etc.
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