The argon gas market witnessed a total valuation of US$ 220 million in 2022, with projections indicating a robust growth trajectory, reaching US$ 372.2 million by 2032, boasting a Compound Annual Growth Rate (CAGR) of 5.4%. This growth is primarily attributed to increasing demand from key sectors including metal fabrication, electronics, and healthcare. As industries continue to rely on argon gas for various applications such as welding, lighting, and medical procedures, its pivotal role in enabling efficient processes and product quality underscores its significance in driving market expansion over the forecast period.
The global argon gas market has experienced steady growth, driven by increasing demand from sectors such as metal fabrication, electronics, healthcare, and aerospace. Its inert nature and high thermal conductivity make it indispensable in various welding and metalworking processes. Furthermore, the burgeoning healthcare industry’s reliance on Argon for medical imaging and laser surgeries further propels market growth.
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Key Drivers and Trends:
Industrial Applications: The manufacturing sector’s continuous expansion, particularly in emerging economies, fuels the demand for Argon in metal fabrication and welding processes. Moreover, the rising adoption of Argon in the electronics industry for semiconductor manufacturing contributes to market growth.
Healthcare Sector: Argon’s use in medical imaging techniques like MRI (Magnetic Resonance Imaging) and its application in laser surgeries underscore its importance in the healthcare sector. With advancements in medical technology, the demand for Argon gas in healthcare applications is expected to escalate.
Growing Aerospace Industry: Argon’s role in aerospace applications, such as shielding gases in aircraft manufacturing and propulsion systems, is another significant driver of market growth. As the aerospace industry expands globally, the demand for Argon gas is anticipated to soar.
Renewable Energy Sector: Argon finds application in solar cell production and as an insulating gas in the manufacturing of energy-efficient windows. With the increasing focus on renewable energy sources, the demand for Argon in this sector is projected to rise steadily.
Future Market Insights has entailed these facets with future prospects in its latest market study entitled ‘Argon Gas market’. It has its team of analysts and consultants to deploy a 360-degree approach in its primary, secondary, and tertiary modes of research.
“The fact that argon’s density renders it one of the ideal elements for several purposes is expected to take the argon gas market by storm in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Argon Gas Market
- Europe holds the largest market share with Germany leading from the front. This could be attributed to automobile and aviation sectors expanding at an alarming rate.
- North America holds the second-largest market share with the US witnessing incorporation of metal fabrication in construction, automation technology, shipping, and maintenance verticals.
Competitive Analysis
- Air Liquide does offer SCOTT, ALPHAGAZ, and ARCAL brand pure argon with reliable and easy-to-use products. Research regarding storage and transportation of argon gas by making returnable compressed gas cylinders along with supply-level monitoring available in the storage vessels.
- Air Products & Chemicals, in December 2020, completed acquisition of oxygen and argon facilities for US$ 176.84 Million.
Top Key Players in the Global Market
- Air Products
- Airgas
- Air Liquide
- Messer
- American Gas Products
- Linde
- SOS Gases Inc.
- Mil-Spec Industries
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What does the Report state?
- The research study is based on supply mode (cylinders, bulk & micro tanks, drum tanks, and on-site), application (metal production & processing, electronics, lighting, and likewise).
- With applications like metal inert gas welding on the rise, the global argon gas market is expected to grow irrevocably in the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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