NEWARK, Del, July 30, 2024 (GLOBE NEWSWIRE) -- The value of the worldwide argon gas market is set to reach USD 241.3 million by 2024, which is expected to rise to USD 408.4 million through the forecast period. Owing to a moderate development rate, the industry is likely to fuel advancements at a CAGR of 5.4%, thereby creating several opportunities for key players.
Argon gas tends to improve the operational quality and lifespan of the product. The benefit provided by the gas increases the popularity of the element, driving demand. With the rising demand for durability and longevity of construction projects, key players have been using inert elements like argon, which ensures the longevity of buildings and other construction elements, thereby boosting the popularity of the gas.
Along with oxygen, argon is set to be used to increase the shelf life of food products. Due to the increased demand for maintaining optimum food health, prospects for the said inert gas are expected to increase, fueling the growth of the industry.
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The use of inert gases in semiconductors to prevent adverse reactions is likely to gain momentum. The growing worldwide semiconductor industry creates key opportunities for leading firms in the ecosystem.
The emerging trend of cryosurgery and cryopreservation is expected to govern the size of the argon gas market. The growing popularity of such techniques drives demand for the gas.
How are Metal Fabrication Applications Fueling Sales of Argon Gas?
Traditional MIG welding processes and resistance welding are extensively used in manufacturing and repairing cars, motorbikes, and other vehicles. The demand for welding is increasing across many industries such as construction, aerospace, shipping and rail, and maintenance.
Argon facilitates electric arc and provides good stabilization on electric arc in metal fabrication, creating a nitrogen and oxygen-free environment for the annealing and rolling process. As steel production is one of the key application segments of argon gas, demand is slated to surge at a considerable pace over the forecast period.
What Are the Sales Prospects of Argon Gas in The Healthcare Sector?
Argon gas is used in hospitals for analysis and quality control, especially in inductively coupled plasma (ICP), emission spectrometry, blanket gas in graphite furnace atomic absorption spectrometry, and carrier gas in gas chromatography.
It has the potential of a neuroprotective agent. In the treatment of brain injuries such as in vitro oxygen-glucose deprivation (OGD), traumatic brain injury (TBI), and in vivo middle cerebral artery occlusion (MCAO), it provides neuroprotective abilities and acts as an organ protectant in surgical applications.
Argon gas produces a strong narcotic effect as compared to helium and nitrogen at high pressure (>10 atm). It is an inert gas and because of this, it creates a physical narcotic effect rather than a chemical. Having aesthetic abilities, it stimulates y- Aminobutyric acid type A-receptors.
“Owing to greater transportation costs of argon gas, the efficiency of supply chains might be affected, which is a key barrier to the growth of the competitive space,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study
- Germany is becoming a leading exporter, marking the progress of the industry at the most prominent CAGR of 5.6% through 2034.
- With the effect of the growing electronics shipment sector in the United States, the country is projected to surge at a CAGR of 4% through 2034.
- The semiconductor industry in China is expected to gain momentum, thereby driving the progress of the country at a CAGR of 5.4% through the forecast period.
- Based on end-use, the metal manufacturing and fabrication category is anticipated to progress at a CAGR of 5.4% through 2034.
- In terms of grade, the high-purity segment is projected to remain at the forefront, witnessing a CAGR of 5.1% from 2024 to 2034.
Competition Outlook
With the significant infrastructural assets available to large-scale businesses, the scope of innovation is greater. This leverages key players to expand globally. The said factor proves to be a key benefit in terms of occupying a larger space within the ecosystem. Leading organizations in the argon gas market expand using different strategies like partnerships, collaborations, acquisitions, and mergers.
Small-scale firms and new entrants, on the other hand, have a confined scope in the global landscape, owing to limited technological infrastructure. Such firms, however, can expand and consolidate better positions globally with the help of expansion strategies like alliance formation or product differentiation.
Recent developments made by the collective ecosystem of small-scale firms and key players result in a better future for the competitive landscape. The following are a few key developments that augment the size of the argon gas market-
- In September 2023, Air Water America Inc. acquired American Gas Products LLC. This strategic move helped the business diversify operations in the United States.
- In October 2023, Airgas expanded in Kapolei by installing new dry ice manufacturing equipment. The move helped the firm gain more space in the industry.
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Leading Argon Gas Brands
- Air Products
- Airgas
- Air Liquide
- Messer
- American Gas Products
- Linde
- SOS Gases Inc.
- Mil-Spec Industries
- Praxair Inc.
- Matheson Tri-Gas Inc.
- Advanced Specialty Gases Inc.
- Iwatani Corporation
Key Segments of Market Report
By Product Grade:
In terms of product grade, the industry is divided into high purity, carrier-grade, and research grade.
By Supply Mode:
In terms of supply mode, the industry is segregated into cylinder/cylinder bundles, cryogenic storage/bulk, and on-site production.
By Sales Channel:
In terms of sales channels, the industry is divided into direct sales and distributor sales.
By End-use:
Based on end-use, the industry is segregated into metal manufacturing and fabrication, chemicals, energy, healthcare, electronics, food and beverage, and others.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa have been covered in the report.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and has been quoted in journals like EMS Now, EPR Magazine, and EE Times.
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