The Argon Global Market Report 2023 by The Business Research Company, provides argon market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Argon Global Market Report 2023, the global argon market size will grow from $6.06 billion in 2022 to $6.84 billion in 2023 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global argon is expected to grow from $10.28 billion in 2027 at a CAGR of 10.7%.
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.
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The argon market 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 (includes scuba diving, automotive & transportation equipment)
Many chemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps in the manufacturing process. The data obtained through these devices is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. Major industrial gas manufacturers adopting IoT technology include Praxair-Linde and Air Products.
The argon market report table of contents includes:
1. Executive Summary
2. Argon Market Characteristics
3. Argon Market – Macro Economic Scenario
4. Argon Market Size And Growth
5. Argon Market Segmentation
…………
26. Argon Market Competitive Landscape And Company Profiles
27. Key Mergers And Acquisitions In The Argon Market
28. Argon Market Trends And Strategies
29. Argon Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
Airgas
Air Liquide
Linde
Messer Group
Praxair
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