Vancouver, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global argon gas market size was USD 360.5 Million in 2022 and is expected to register a steady revenue CAGR of 3.8% during the forecast period, according to latest analysis by Emergen Research. Increasing popularity of argon glow lights for lighting and entertainment and rising demand for cost-effective disposable argon gas cylinders are key factors driving market revenue growth.
Argon is inert, and therefore has no reaction with the heated filament in an electric bulb. In fluorescent and incandescent light bulbs, argon gas is utilized to prevent oxygen from corroding the hot tungsten filament. Use of argon in light bulbs prevents the tungsten filament from evaporating, resulting in longer light bulb life. Manufacturers frequently blend argon and mercury to create a darker and more vivid shade of blue. The producers may periodically paint the interior of glass tubing with Ultraviolet (UV)-sensitive phosphors to achieve different hues. The phosphors sparkle due to the UV light produced by mercury in the mixture.
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Cylinders filled with argon gas is widely used for easy storage and transportation. Disposable cylinders are frequently less expensive than refilling reusable cylinders. Non-refillable cylinders generally save time and do not require re-certification on a regular basis. In addition, disposable gas cylinders have a bigger capacity and are loaded at a much higher pressure than ordinary disposable cylinders. This has led to a rise in demand for argon cylinders across various industry verticals, which is another key factor driving the revenue growth of the market.
Argon is widely used in welding and casting processes, which aids in the production of specialized alloys and titanium. Many welders use argon as a shielding gas in arc welding to protect the metal from damaging effects of oxygen. Moreover, argon is used as a shielding gas during welding to keep metals from oxidizing. Several ferrous and nonferrous alloys are best joined by inert gas welding. Argon is used as a purge or inerting gas in furnaces and other processing steps in metals and semiconductor industries. In some cases, an inert blanket of gas is supplied and later vaporized over the surface of volatile or reactive molten metals to substantially minimize oxidation and/or volatility.
However, availability of other effective alternatives and health hazards associated with argon gas are key factors, which could restrain market revenue growth. Argon gas can cause harm to human health when inhaled and can cause asphyxia and over exposure might be fatal.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 360.5 Million |
| CAGR (2023–2032) | 3.8% |
| Revenue Forecast To 2032 | USD 527.9 Million |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Storage, distribution & transportation, mixture, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Air Liquide, Praxair Technology, Inc., Linde plc, Messer SE & Co. KGaA, Airgas, Inc., Matheson Tri-Gas, Inc., Air Products and Chemicals, Inc., Advanced Specialty Gases, Iwatani Corporation, and Sutton-Garten Co |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global argon gas market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new solutions and services. Some major players included in the global argon gas market report are:
- Air Liquide
- Praxair Technology, Inc.
- Linde plc
- Messer SE & Co. KGaA
- Airgas, Inc.
- Matheson Tri-Gas, Inc.
- Air Products and Chemicals, Inc.
- Advanced Specialty Gases
- Iwatani Corporation
- Sutton-Garten Co.
Strategic Development.
On 21 October 2022, Linde Plc announced a long-term agreement with Jindal Stainless Limited (JSL) for the supply of industrial gases. Linde already provides JSL with oxygen, nitrogen, and argon through its on-site Air Separation Unit (ASU) at the Kalinganagar Industrial Estate in Odisha, East India. Linde will develop a second ASU under the terms of new agreement, tripling the present overall capacity of its Kalinganagar plant
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Some Key Highlights From the Report
- The cylinders & packaged gas segment is expected to account for largest share in the global argon gas market over the forecast period. This is because cylinders and packaged gas allow convenient storage and transportation of argon gas. The presence of various companies offering argon cylinders of varied sizes has led to easy storage and transportation of these cylinders. Argon is supplied and stored in high-pressure cylinders, tubes, or tube trailers, depending on the quantity required by user.
- The argon-oxygen segment is expected to register steadily fast revenue growth rate in the global argon gas market over the forecast period. This is due to the addition of small quantity of oxygen with argon, which can fast-track droplet rate, improve heat transfer, and keep the weld pool molten for longer time. The addition of trace amounts of oxygen to argon has been shown to significantly increase the fluidity of shielding gas and even the overall quality of weld deposit..
- The cooling segment is expected to account for significantly large revenue share in the global argon gas market over the forecast period. This is due to increasing use of argon in cryosurgery to treat tumors and in vacuum furnaces for cooling during thermal processing. The Inert Gas Dross Cooler (IGDC), an argon-based dross cooling solution, can cool all types of dross at any temperature without the use of mechanical moving parts or cooling water, while also snuffing out the thermosetting reaction and preventing formation of fumes and dust.
- The North America market accounted for largest revenue share in the global argon gas market in 2022. This is due to rising demand for packaged food with longer shelf life in retail stores. There are no laws or regulations in the United States that require cosmetics to have precise shelf lives or expiration dates on their labels. The U.S. Food and Drug Administration (FDA) considers calculating a product's shelf life to be the duty of manufacturer. In comparison to other gases, argon results in a significant extension of shelf life as well as an average 25% improvement in quantitative quality characteristics such as flavor, appearance, aroma, color, texture, and overall customer acceptability.
- On 11 July 2023, Airgas Inc. established two strategically placed storage nodes for argon to strengthen the gas's supply chain for customers who use argon in automotive, aerospace, electronics, manufacturing, and metal fabrication applications. This storage will provide flexibility in argon distribution to meet the logistics challenges.
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Emergen Research has segmented the global argon gas market on the basis of storage, distribution & transportation, mixture, application, end-use, and region:
- Storage, Distribution & Transportation Outlook (Revenue, USD Million; 2019-2032)
-
- Cylinders & Packaged Gas
- Merchant Liquid/Bulk
- Tonnage
- Mixture Outlook (Revenue, USD Million; 2019-2032)
-
- Argon-Carbon Dioxide
- Argon-Oxygen
- Argon-Helium
- Argon-Hydrogen
- Other Mixture
- Application Outlook (Revenue, USD Million; 2019-2032)
-
- Illumination
- Insulation
- Cooling
- End-use Outlook (Revenue, USD Million; 2019-2032)
-
- Metal Manufacturing & Fabrication
- Food & Beverages (F&B)
- Healthcare
- Energy
- Chemicals
- Electronics
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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