Neon Market Size, Share, Growth, and Industry Growth by Type (Pure Gas and Gas Mixtures), By Application (Semiconductor Lithography, Laser Vision Correction, Fluorescent Light Bulbs, and Signage), Regional Forecast To 2031

Updated On: 01 April 2024

Neon Market REPORT OVERVIEW

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The global neon market size was USD 45 million in 2022 and market is projected to touch USD 64.3 million by 2031, exhibiting a CAGR of 4.1% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Neon gas is an inert monoatomic gas. It belongs to the group 18 of the periodic table. This gas is reddish-orange in colored. The atomic number of the chemical element is 10. It is non-toxic in nature and causes no ecological damage. Also, it has 40 times more refrigerating capacity than liquid helium. They are rare gas and consist only single neon atom. In addition, it can create exotic compounds with fluorine in laboratories and forms an unstable hydrate. It is broadly used in high voltage indicators, lighting arrestors, television tubes, and meter tubes.

thriving automotive and electronic industries are expanding the demand for semiconductor devices and chips is predicted to boost market growth. Growing adoption of consumer electronics such as refrigerators and LCD displays is anticipated to accelerate product demand. Also, increasing expansion of advertising in the marketing industry is likely to accelerate demand for neon. Rising dependence on semiconductor devices is expected to propel market growth. In addition, growing demand for helium-neon lasers for biomedical applications in healthcare industry to incite market growth during the forecast period.

COVID 19: Stay-at-Home Policies to Restrict Market Growth

COVID-19 pandemic affected production, supply chain, and demand in the market.  Semiconductor industry was affected badly during pandemic due to lockdown restrictions. Shut down of several industries and drop in the  price of electronic products are projected to hamper market growth. Loss of income and stay-at-home rules significantly affected product demand.

On the contrary, work from home polices is expected to promote smart home products are estimated to drive market growth. Growing demand for digitalization during the pandemic to boosted market growth.

LATEST TRENDS

"Growing Demand for  Semiconductors to Support Market Growth"

Neon is extensively used in the making of LCD displays. Growing demand for LCD displays is expected to accelerate market growth. Extensive use of semiconductors in making integral electronic product is projected to drive market growth. Also, rapid growth in the consumer base in electronic sector boost market growth. Growing use of the product in botanical garden is estimated to accelerate market growth during the forecast period. Strong foothold of the major semiconductor manufacturing to incite product demand. In addition, the product is significantly used in the advertisement is to expand market growth. The product is ideal choice for semiconductor manufacturers  is expected to elevate neon market growth.

Neon Market SEGMENTATION

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• By Type

Based on type, the market is divided into pure gas and gas mixtures

Pure gas is the leading part of the type segment.

• By Application

On the basis of application, the market is classified into semiconductor lithography, laser vision correction, fluorescent light bulbs, and signage.

Semiconductor lithography is the leading part of the market application.

DRIVING FACTORS

"Increasing Demand from Aerospace and Aircraft Sectors to Flourish Market Expansion "

Growing need of neon in aerospace and aircraft sectors is expected to expand market growth. It is used as aircraft beacon in the aircraft industry which is estimated to propel product demand. Also, far-reaching lighting properties of neon is predicted to boost market growth. Increasing demand for coolant in the aircraft industry to accelerate market growth. Also, demand for the product in automotive industries for its high-quality lights and long lasting performance is estimated to boost market growth during the forecast period. Further, this gas is extensively used in steel and mills and oxygen producing plants which is projected to drive product demand.

"Rising Usage of the Product in  Cryogenic Applications to Propel Market Growth  "

Increasing demand for the product in cryogenic applications for its properties such as high energy particle colliders, waver meter tubes, and rocket propulsion systems are expected to expand market growth. Rapid expansion of end-user industries such as imaging, cryogenics, and electronic chip manufacturing is boosting product adoption. Also, increasing need to study particles in nuclear physics is projected to drive market growth during the forecast period.

"Increasing Growth of Electronic Industry to Facilitate Market Growth "

Growing electronic industry is expected to boost market growth. Increasing consumer demand and industrialization to boost market growth. Rising need for electronics products to propel market growth. Rising adoption of consumer electronics such as refrigerators and LCD displays is predicted to boost product demand. Increasing need for television tubes and meter tubes in electronic industry to propel neon market growth during the forecast period.

RESTRAINING FACTORS

"Limited Production and High Cost Associated with Product to Hamper Market Growth "

Neon market may witness slower growth due to limited production. High cost of the product and frequently shifting of prices is expected to hamper market growth during the forecast period. Presence of alternatives such as Argon gas is expected to hamper product demand.

Neon Market REGIONAL INSIGHTS

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"Increasing Industrialization in Asia Pacific to Incite Market Growth"

Asia Pacific to hold largest neon market share due to extensive use of the product in industries such as automobiles, electronics, construction, mining, and transportation. Fast economic rate in countries such as China, India, and Indonesia are projected to drive market growth. Also, Asia Pacific is known as semiconductor powerhouse which is expected to boost market growth. There is a growing presence of suppliers of electronics and semiconductors in countries such as Taiwan, South Korea, China, and Japan. Further, Japan has third largest electronic industry globally due to huge demand of semiconductors is expected to boost market growth during the forecast period.

North America is expected to show considerable market growth due to utilization of the gas in fluorescent lighting applications. Growing demand for adverting in the region to accelerate market growth. Expanding number of commercial sectors to boost product adoption.

Europe is expected to boost market growth due to high applications in electronic sector. Increasing usage of the gas in production of laser and semiconductor chips to propel market growth. Further, presence of major end-use industries such as automation, mining, oil & gas, and automotive is projected to drive neon market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Linde Group (Ireland)
• Air Liquide (France)
• Praxair (U.S.)
• Air Products and Chemicals (U.S.)
• Taiyo Nippon Sanso (Japan)
• Air Water (Japan)
• Messer (Germany)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.