Newark, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11 Billion Argon Gas market will reach USD 22.46 Billion by 2033. Advancements in various Digital Check Scanning devices is the main propellers that may boost the growth of the Argon Gas Market. Increasing adoption of IOT (Internet of Things) to link machines with smart devices may boost the growth of the Argon Gas Market in the near future. Growing adoption of IoT (Internet of Things) to link machines with smart devices, to get real-time insights may propel the growth of the Argon Gas Market. These systems help the industrial, manufacturing, and other on-site managers to envisage potential failures of the machinery. Thus, a major factor that may boost the growth of the Argon Gas Market in the period forecasted.
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Asia Pacific accounts for the largest market size during the forecast period accounting to 34% of the total market. Whereas Europe is expected to be the fastest-growing region in the period forecasted.
Asia Pacific dominated the market for the global Argon Gas market, thereby accounting for 34% of the total market. Owing to rising demand from the Food & Beverages and Healthcare industries in the market. Whereas, Europe has exhibited the highest growth rate in the region, owing to increasing demand from metal industries across various countries such as Germany, Italy, France, and others.
Argon in Gas form has dominated the market with the most significant market thereby acquiring 57% of the market share in 2023.
Argon in Gas form is the dominating segment in the market. Thereby acquiring 57% in the year 2023. Owing to its increased use in the Healthcare and Automobile sector. Whereas, Argon in the liquid form has witnessed the fastest growth rate in the market, owing to its heavy use in laboratory and other scientific studies.
Manufacturing sector accounted for the largest share of the market, with a market share of 35% in the year 2023.
The manufacturing sector dominates the End-User Industry thereby acquiring 35% of the market share. Owing to inert reactivity. Additionally, usage in joining various ferrous and non-ferrous metals is another major reason for the dominating segment in the market. Whereas the electronics sector witnessed the fastest growth rate in the market. Owing to the increasing demand for smartphones, TV, and Solar panels in the market.
Latest Development:
In 2022, Linde Plc entered into a partnership agreement with Space Launch Company (based-out of Florida). The main objective of this partnership was to supply Argon gases and other industrial gases in Florida. Additionally, In December 2020, Air Products and Chemical Inc acquired, oxygen and argon facilities of worth USD 176.84 Million. The main objective of this acquisition was the growth and expansion of the company’s product line.
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Market Dynamics
Drivers: Increased demand for Argon Gas from the Electronics Industry
Argon Gas has seen an upward trend in the market, owing to its increasing use in the Electronics Industry. Argon Gas is used as a carrier gas in these electronic devices. Thus, rising demand for smartphones, TVs, and Solar panels is one major driver propelling the growth of the Electronics Industry in the period forecasted.
Restraint: Rising prices of Argon Gas
Higher prices of Argon gas and increasing transportation costs to port the product at respective locations make it a priority to switch over to the substitute one major threat to Argon Gas. Further, rising prices of raw materials in manufacturing Argon Gas may hamper Argon production which may hinder the growth of the Argon Gas Market in the long run
Opportunity: Increasing adoption of IOT (Internet of Things) to link machines with smart devices
Growing adoption of IoT (Internet of Things) to link machines with smart devices, to get real-time insights may propel the growth of the Argon Gas Market. These systems help the industrial, manufacturing, and other on-site managers to envisage potential failures of the machinery. Thus, a major factor that may boost the growth of the Argon Gas Market in the period forecasted.
Challenge: Excessive inhalation of the product leads to dizziness, fatigue and nausea
Excessive use of Argon Gas leads to potential risks to health including dizziness, fatigue, and nausea is one major challenge set for Argon Gas Market. Excessive use of Argon Gas reduces the amount of oxygen causing a lack of oxygen and suffocation thereby leading to headache, rapid breathing, and lack of coordination and judgment.
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Some of the major players operating in the Argon Gas market are:
• ARCA Tech Systems LLC
• Canon U.S.A. Inc
• Digital Check Corp
• Epson America Inc
• Fujitsu Limited
• MagTek Inc
• NCR Corporation
• Panini SPA
• RDM
• The Eastman Kodak Company
Key Segments cover in the market:
By Type:
• Single-feed Check Scanning System
• Multi-feed Check Scanning System
By End-User:
• Banks
• Credit Unions
• Government & Non-Profit Organizations
• Enterprises
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About the report:
The global Argon Gas market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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