Overview and Scope
Argon is a chemical element known as a Nobel gas (inert gas) that is isolated on a large scale by fractional distillation of liquid air and can be converted into colorless liquid form by lowering the temperature to below-186 degrees. Argon is frequently used when there is a requirement for inert atmosphere.
Sizing and Forecast
The argon market size has grown rapidly in recent years. It will grow from $6.72 billion in 2023 to $7.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to growth in industrial applications, medical applications, metal industry growth, electronics manufacturing, welding applications, food preservation.
The argon market size is expected to see rapid growth in the next few years. It will grow to $11.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to growing demand in energy sector, rise in aerospace applications, emerging applications in electronics, rapid growth in 3d printing industry, increased use in lighting applications. Major trends in the forecast period include electronics manufacturing, growing demand in metal fabrication, emergence of specialty gas mixtures, energy storage applications, shift towards renewable energy, increasing demand in laboratories.
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Segmentation & Regional Insights
The argon market covered in this report is segmented –
1) By Phase: Liquid, Gas
2) By Function: Cooling, Illumination, Illusion
3) By End Userr: Metal manufacturing & fabrication, Chemicals, Energy, Healthcare, Electronics, Food & beverage, Other End-Users
Asia-Pacific was the largest region in the argon market in 2023. North America was the second-largest region in the global argon market. The regions covered in the argon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The argon gas market is expected to be driven by the growing demand from the electronics industry. As argon gas provides an inert atmosphere needed for rapid cooling and heating of materials, it will be widely used for manufacturing semiconductors, flat panels, solar PV cells, and microelectronic devices in the electronics industry. The electronics industry has more scope due to the growth in the technology market, especially in Asia-Pacific, which is driving the requirement for advanced semiconductor components and a high reliance on specialty gases such as argon.
Key Industry Players
Major companies operating in the argon market report are BASF SE, Iwatani Corporation, Saudi Basic Industries Corporation, Linde PLC, L’Air Liquide S.A., Praxair Inc., Air Products and Chemicals Inc., PJSC EuroChem AG, Nippon Sanso Holdings Corporation, Airgas Inc., Air Water Inc., Asia Technical Gas Co. Ltd., Cryotec Anlagenbau GmbH, SIAD S.p.A., The Messer Group GmbH, Messer Group GmbH, Noble Industrial Gases and Medigas Caribbean Ltd., SOL S.p.A., Abnormal Load Services, Nexair LLC, American Gas Association, Coregas Pty Ltd., Taiyo Nippon Sanso Corporation, Universal Industrial Gases Inc., Buzwair Industrial Gases Factories, Southern Industrial Gas Berhad, Iberdrola IngenierÃa y Construcción S.A.U., The Southern Gas Ltd., Cryogas Equipment Pvt Ltd., Dubai Industrial Gases, NIPPON GASES EUROPE S.A.U., J.V.C. Industrial Corporation, BOC India Limited, Gulf Cryo Holding K.S.C.C., Kanto Kagaku Co. Ltd., Hangzhou Hangyang Company Limited
The argon market report table of contents includes:
1. Executive Summary
2. Argon Market Characteristics
3. Argon Market Trends And Strategies
4. Argon Market – Macro Economic Scenario
5. Global Argon Market Size and Growth
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31. Argon Market Other Major And Innovative Companies
32. Global Argon Market Competitive Benchmarking
33. Global Argon Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Argon Market
35. Argon Market Future Outlook and Potential Analysis
36.Appendix
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