New York, United States , Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global Argon Gas Market Size is to Grow from USD 11.48 Billion in 2022 to USD 20.37 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.9% during the projected period.
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Argon gas is a colourless, odourless, and tasteless noble gas. It is the third most abundant gas in the Earth's atmosphere, after nitrogen and oxygen. Argon is regarded to be safe for both humans and the environment. Because it is non-toxic and inert, it poses no health risk when inhaled in little amounts. However, argon can cause asphyxiation if it displaces oxygen in enclosed situations. The increased demand for argon gas in a variety of applications such as metalworking, electronic devices, energy, transportation, lighting, and healthcare is driving the growth of this sector. Furthermore, with increased urbanization, infrastructural growth, and rising industrialization around the world, argon gas demand is rapidly increasing. Furthermore, the argon gas market is expected to grow fast as technology advances, particularly in industries such as electronics, aircraft, and sustainable construction. The welding industry is a large consumer of argon gas. Moreover, rising industrialization in developing countries, combined with increased infrastructure spending, is likely to bring up new opportunities for the argon gas market throughout the forecast period.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Argon Gas Market Size, Share, and COVID-19 Impact Analysis, By Form (Gas, Liquid), By End-Use (Chemicals, Healthcare, Food & Beverages, Electronics, Energy, Manufacturing, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The gas segment is dominating the market with the largest revenue share over the forecast period.
On the basis of form, the global argon gas market is segmented into the gas and liquid. Among these, the gas segment is dominating the market with the largest revenue share of 57.6% over the forecast period. The most common kind of argon is gas argon. This dominance could be attributed to the widespread use of argon gas in welding, which is one of the most important application areas for argon. Because it may be employed immediately without vaporization, gaseous argon is the most commonly used choice in such applications.
The electronics & manufacturing segment accounted for the largest revenue share of more than 37.2% over the forecast period.
On the basis of end-use, the global argon gas market is segmented into chemicals, healthcare, food & beverages, electronics, energy, manufacturing, and others. Among these, the electronics & manufacturing segment is dominating the market with the largest revenue share of 37.2% over the forecast period. The extensive and consistent need for high-purity argon for operations such as welding and semiconductor production is a major driver of argon gas use. Argon is critical in the electronics industry, particularly in the manufacturing of semiconductors and thin films. Furthermore, metal fabrication is the most typical application of argon in manufacturing. It acts as a shielding gas in welding, preventing oxidation and ensuring the integrity of the weld.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 35.7% market share over the forecast period. This dominance is being driven by rising industrialization as well as significant expansion in key industries such as construction, automotive, and electronics, particularly in China and India. Furthermore, the shift of manufacturing bases to the Asia Pacific region for cost savings increases demand for argon gas. On the other hand, North America is predicted to expand the fastest during the forecast period. North America has a significant need for argon gas due to its robust industrial sector and technological infrastructure. The presence of a well-known manufacturing base, particularly in the United States and Canada, encourages argon gas demand, particularly for welding applications. During the forecast period, the Europe market is expected to rise at a significant CAGR. Europe has a steady need for argon gas due to its robust industrial sector and emphasis on sustainable production processes.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the Global Argon Gas Market include Air Liquide, KBR, BASF SE, Linde Gas LLC, AMCS Corporation, Praxair, Matheson Tri-Gas Inc., Iwatani Corporation, Advanced Specialty Gases Inc., Messer Group GmbH, National Industrial Gas Plants, and among others.
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Recent Market Developments
- On July 2023, Airgas, an Air Liquide company and a leading U.S. supplier of industrial, medical, and specialty gases, as well as safety and welding products, has installed two strategically located argon storage nodes to strengthen the argon supply chain for its customers, who use argon in automotive and aeronautical, electronic, manufacturing, and metal fabrication applications. These storage relays provide argon distribution flexibility by bringing more Airgas product inventory closer to consumers. They were added in response to recent rail transportation delays and logistics issues.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Argon Gas Market based on the below-mentioned segments:
Argon Gas Market, Form Analysis
- Gas
- Liquid
Argon Gas Market, End-Use Analysis
- Chemicals
- Healthcare
- Food & Beverages
- Electronics
- Energy
- Manufacturing
- Others
Argon Gas Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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