Global Xenon gas market to reach 21.1 million liters by 2023

Region-wise, the market has been segmented into Europe, Asia Pacific, North America, Latin America, and Middle East and Africa. Amongst these, Asia Pacific is the biggest market, holding the majority of the market share.

According to the latest report by IMARC Group, titled "Xenon Gas Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global xenon gas market reached 17.2 Million Liters in 2018.

Xenon, denoted by Xe, is a member of the noble gas family of elements. It is colourless, odourless and does not cause any chemical reaction. While it is naturally procured from the earth's surface, it is commercially extracted by fractional distillation in large air separation units (ASU). It is the brightest among the noble gases and emits blue light when an electric current passes through it. As a result, it is used in the manufacturing of instruments that assist in radiation detection such as neutron and X-ray counters, and bubble chambers.

As xenon provides a better option in the field of lighting and insulation, it is widely utilized in a variety of lamps such as photographic flash, high-intensive arc- and bactericidal lamps. It is also useful for providing a soft blue glow in the headlights of vehicles. Additionally, as it is non-toxic, it is considered entirely safe for being incorporated in anaesthesia as well as therapeutic drugs. It is also used in the treatment of brain disorders, lung problems, stress issues and depression. In addition to this, it is beneficial for increasing the working capacity of patients and is regarded as a successful means to conduct regenerative and rehabilitation therapy. Apart from this, xenon gas is used for plating silicon microprocessors and is utilized in the production of helium-neon lasers that are employed in barcode scanners. Looking forward, the market is projected to reach a volume of 21.9 Million Liters by 2024, expanding at a CAGR of 4.1 per cent during 2019-2024.

Based on the distribution channel, the market has been classified into packaged, merchant and on-site. Currently, the packaged segment accounts for the majority of the market share.On the basis of the end-user, the market has been segregated into imaging and lighting, automotive and transportation, aviation and aerospace, healthcare, and others. At present, imaging and lighting exhibit dominance in the market.