The global argon market size reached US$ 395.35 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 542.75 Million by 2028, exhibiting a growth rate (CAGR) of 5.20% during 2023-2028. The rising argon applications in solar and insulated windows, increasing product use for welding processes, and surging utilization as a filling and carrier gas in the electronics and semiconductor industries represent some of the key factors driving the market.
Argon refers to a noble gas that appears colorless, odorless, and chemically inert to most substances. It is the third most abundant gas in earth's atmosphere that is non-toxic and inflammable in nature. It is commercially produced via the fractional distillation of liquid air. It is commonly used as a substitute for nitrogen across various end use sectors. Argon is employed in several industrial processes and applications, such as welding, lighting, preservatives, and laboratory equipment. Besides this, it finds extensive applications in the pharmaceutical and biotechnology sectors. It can also provide an oxygen and nitrogen-free environment for numerous heating processes. At present, argon is widely used in the chemical industries, although it is not a chemical itself owing to its unique properties that help innovate new products and reduce production costs.
Argon Market Trends:
The escalating demand for argon from end use verticals, including electronics, stainless steel, and fabricated metalworking, represents the primary factor driving the market growth. Moreover, the ongoing infrastructure development activities and the rapid expansion in the automotive sector have augmented the steel demand, thereby contributing to market growth. Besides this, the emerging energy industry is catalyzing the demand for argon due to its applications in solar and insulated windows. Argon and krypton gases are widely used for insulating windows to cover the space between glass panels to prevent cold air from entering the rooms. Alongside this, the surging need for argon in vast volumes for manufacturing processes across the solar energy sector represents another major growth-inducing factor. In addition, there is a rise in the use of argon for welding applications, such as welding special alloys, and in the production of light bulbs and lasers. As a result, the growing lighting demand due to the rising number of malls, shopping complexes, and other commercial establishments has propelled market growth. Furthermore, the increasing product utilization as a filling gas in fluorescent tubes and electronic components and as a carrier gas in semiconductor manufacturing processes, such as plasma etching, ion etching, and ion milling, have fueled the market growth. Other factors, including the augmenting product demand from the metal-making sectors, rising adoption of electrospray ionization mass spectrometry in the healthcare industry, rapid industrialization, and technological innovations, are also driving the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global argon market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and end user.
The report has provided a detailed breakup and analysis of the argon market based on the type. This includes liquid argon and gas argon.
End User Insights:
- Metal Manufacturing and Fabrication
- Food and Beverage
A detailed breakup and analysis of the argon market based on the end user has also been provided in the report. This includes metal manufacturing and fabrication, chemicals, energy, healthcare, electronics, food and beverage, and others. According to the report, metal manufacturing and fabrication accounted for the largest market share.
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for argon. Some of the factors driving the Asia Pacific argon market included the significant growth in automobile and energy sectors, rising utilization of argon for insulating windows owing to harsh weather conditions, increasing infrastructure development activities, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global argon market. Detailed profiles of all major companies have been provided. Some of the companies covered include Air Liquide India, Air Products and Chemicals Inc., Amcs Corporation, BASF SE, Buzwair Industrial Gases Factories, Iwatani Corporation, Linde plc, Messer SE & Co. KGaA, Wesfarmers Company, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Liquid Argon, Gas Argon
|End Users Covered
||Metal Manufacturing and Fabrication, Chemicals, Energy, Healthcare, Electronics, Food and Beverage, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Air Liquide India, Air Products and Chemicals Inc., Amcs Corporation, BASF SE, Buzwair Industrial Gases Factories, Iwatani Corporation, Linde plc, Messer SE & Co. KGaA, Wesfarmers Company, etc.
||10% Free Customization
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Key Questions Answered in This Report:
- How has the global argon market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global argon market?
- What is the impact of each driver, restraint, and opportunity on the global argon market?
- What are the key regional markets?
- Which countries represent the most attractive argon market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the argon market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the argon market?
- What is the competitive structure of the global argon market?
- Who are the key players/companies in the global argon market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the argon market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global argon market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the argon industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.