Argon Gas Market to Grow with a CAGR of 6.91% through 2028
Increase in the use of metal fabrication, welding, and
other manufacturing processes and increase in the use in the Food and Beverage
Packaging is expected to drive the Global Argon Gas Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Argon Gas
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Argon Gas Market stood at USD 10.19
billion in 2022 and is anticipated to grow with a CAGR of 6.91% in the forecast
period, 2024-2028. The awareness among individuals regarding Argon Gas has led
to favorable market conditions for the global Argon Gas market. Several factors
contribute to the growth of various Argon Gas products. Argon gas has a critical role within the metal
industry, primarily in the context of arc welding. Its application as a
shielding gas serves to safeguard metals from oxidation, ensuring the
attainment of high-quality welds. With the ongoing expansion of the global
construction and manufacturing sectors, the call for argon gas in welding
procedures is on the rise. Notably, the construction of infrastructure
projects, automotive manufacturing, and the aerospace sector all rely on argon
gas for their welding and metal fabrication needs. As a result, the burgeoning
demand in the metal industry stands as a significant driver of growth in the
argon gas market.
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Argon gas finds diverse applications in the medical
field, including cryopreservation and cryosurgery. It serves the purpose of
preserving biological samples, tissues, and cells at extremely low
temperatures. Furthermore, in cryosurgery, argon gas plays a role in the
freezing and elimination of abnormal or cancerous tissue. With the global
population on the rise and ongoing enhancements in healthcare standards, the
demand for argon gas in medical applications is steadily on the upswing. The
expansion of the healthcare sector, coupled with continuous advancements in
medical technology, stands as a notable driving force for the argon gas market.
In September 2023, Gulf Cryo announced that it has
successfully commissioned a new ASU for a petrochemical complex in Qatar. The
ASU has a capacity of 200 tonnes per day of oxygen and 100 tonnes per day of
nitrogen. With a growing
aging population, there is an increased demand for healthcare services, medical
treatments, and the associated technologies. This demographic shift results in
higher demand for healthcare applications, including cryopreservation,
cryosurgery, and regenerative medicine, all of which use argon gas. In today's fast-paced world, In industries such as
construction, automotive manufacturing, and aerospace, where speed and
precision are vital, argon gas is used for welding. It shields metals from
oxidation during high-temperature welding processes, ensuring the creation of
high-quality, durable welds quickly and efficiently. The electronics industry,
which thrives on rapid technological advancements, relies on argon gas for
semiconductor manufacturing. In this sector, argon creates a controlled,
contaminant-free environment essential for producing the intricate electronic
components used in today's fast-paced technological devices. Argon gas plays a
role in Modified Atmosphere Packaging (MAP) techniques, extending the shelf
life of food and beverages. In our busy lives, consumers often seek
convenience, and argon gas aids in preserving the freshness and quality of
packaged food, meeting the demands of the fast-paced consumer market. In the
healthcare field, where speed can be a matter of life and death, argon gas is
used for cryopreservation. It allows for the long-term storage of vital
biological materials, including stem cells and tissues, which can be crucial
for medical treatments and research advancements.
The wine sector depends on argon gas for safeguarding
wine stored in bottles. Due to its heavier-than-air properties, argon, when
introduced into an open wine bottle, establishes a protective barrier that
effectively inhibits wine oxidation and spoilage. The worldwide wine market
continues to expand, and wine connoisseurs value the capability to savor their
preferred wines over an extended timeframe, underscoring the indispensable role
of argon gas in wine preservation.
In
recent times, Argon gas is a vital component in the field of welding and metal
fabrication. Its inert properties make it an ideal shielding gas for welding,
ensuring the protection of metals from oxidation during high-temperature
welding processes. As manufacturing and construction industries continue to
advance, the demand for argon gas in welding applications remains high. In the
rapidly evolving electronics industry, argon gas is used in semiconductor
manufacturing. It provides a clean and controlled atmosphere that is essential
for the production of intricate semiconductor components. The demand for
smaller and more powerful electronic devices has propelled the use of argon gas
in this sector. However, the Price Volatility and Supply Chain Disruptions may
hinder market growth. Moreover, challenges related to Environmental and
Regulatory Concerns and Competition from Alternative Gases and Technologies may
pose obstacles to the Argon Gas market in the near future.
The Global Argon Gas Market is segmented into form, end-user,
regional distribution, and company.
Based
on its form, the gas segment has emerged as the predominant market leader, Gaseous
argon is widely used in both industrial and specialty applications. In its
gaseous form, argon is essential for processes like welding, where it is used
as a shielding gas to protect metals from oxidation during high-temperature
welding operations. Argon's inert properties, such as non-reactivity and high
thermal conductivity, make it a preferred choice in various welding
applications, including TIG (tungsten inert gas) and MIG (metal inert gas)
welding. This dominance in welding is a significant driver of the gas segment's
dominance in the argon gas market. Gaseous argon can be produced with a high
level of purity, typically ranging from commercial-grade to high-purity and
ultra-high-purity forms. High-purity argon gas is vital in the electronics and
semiconductor industries, where any contaminants can compromise the performance
of electronic components. It is used in the manufacturing of semiconductors,
flat-panel displays, and other electronic devices. The strict purity and
quality control requirements in these industries make gaseous argon the
preferred form.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. This achievement can be attributed
to the rising demand for argon gas in the flourishing food and beverage as well
as healthcare sectors within the region. According to the India Brand Equity
Foundation, it's noteworthy that India's healthcare sector, in particular,
stands as one of the largest industries, both in terms of revenue generation
and employment opportunities.
Europe stands as one of the foremost regions in the
argon gas market, and it owes its prominence in large part to the existence of
pivotal manufacturing nations, notably Germany. Notably, the escalating
requirement for this product in Germany's metal fabrication sector is poised to
be a driving force for heightened market demand in the forthcoming years.
Furthermore, the continued growth of the aviation and automotive sectors within
the country is expected to lead to an increased application of metal fabrication,
thereby acting as a catalyst for an upsurge in industry demand in the
foreseeable future.
Major companies operating in Global Argon Gas Market
are:
- Air Products and Chemicals, Inc.
- Gulf Cyro Inc
- Universal Industrial Gases, Inc.
- nexAir LLC
- Southern Industrial Gas
- Linde Plc
- Ellenbarrie Industrial Gases Ltd
- Messer Group
- Parker Hannifin Corp.
- Yingde Gases Group
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“The increasing use in the Food and Beverage Packaging
and increasing use in the Healthcare and Medical Applications are key drivers
of the Argon Gas market. In recent years, Economic growth and industrialization
contribute to the increased demand for argon gas in manufacturing and other
sectors. To meet the demands of the market, manufacturers are increasingly
incorporating cutting-edge technologies with high production efficiency. Rising
consumer acceptance and continuous product innovation will further ensure the
growth of the Argon Gas and supplements market in the coming years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Argon Gas Market – Global Industry Size,
Share, Trends, Opportunity, & Forecast 2018-2028 Segmented By Form (Gas,
Liquid Argon Gas), By End-User (Healthcare, Food & Beverages, Electronics,
Manufacturing, Others), By Region, Competition”, has evaluated
the future growth potential of Global Argon Gas Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Argon Gas Market.
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