Argon Gas Market Size, By Application (Metal manufacturing & fabrication, Chemicals, Energy, Healthcare, Electronics, Food & Beverage, Others), By Type (Argon-carbon dioxide, Argon-oxygen, Argon-Helium, Argon-Hydrogen, Others), By Function (Insulation, Illumination, Cooling), By storage, distribution & transportation (Cylinder & packaged gas, Merchant liquid/bulk, Tonnage), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26
- Published Date: March 2020
- Report ID: BWC19408
- Available Format: PDF
- Page: 180
Global Argon Gas Market Forecast and Trends
The global Argon Gas market has reached USD 277.4 million in 2019 and estimated to reach USD 358.1 million by 2026 at a CAGR of 3.7% during the forecast period from 2020-2026 due to the rising demand in various application such as electronics, automotive, metal fabrication, healthcare, and lighting is the key factor which driving the growth of argon gas industry.
The rising consumption and demand from the booming metal manufacturing industry for argon gas combined with increasing industrialization, especially in emerging economies, is a significant factor expected to drive the growth of the global argon gas market during the forecast period of 2026 across the globe. In addition, increasing need for electronic products, growing food & beverage sector, and increasing energy demands are some other factors estimated to drive the growth of the global argon gas market across the region.
Global Argon Gas Market Overview:
Argon gas is odorless, colorless, inert gas in nature, which is formed by the fractional distillation of liquid air. Argon gas is formed naturally in the form of multiple isotopes such as 40Ar, 38Ar, and 36Ar. While welding, argon gas is used to shield the metals from oxidation and is used to combine many metals such as ferrous and nonferrous alloys. Argon gasses are highly reactive and thus commonly used in non-reactive applications. These noble gas forms are used in the fields of imaging and illumination, telecommunications, chemicals and food and beverages, metal processing, and engineering. Argon is helium supplant drug and is used in different sectors as helium prices are rising globally.
The growing technologies
During the forecast period from 2020-2026, technological up-gradation and the growing chemical end-use industry in emerging and underdeveloped economies are anticipated to drive revenue growth on the argon gas market. Major manufacturers invest and focus on local players to develop advanced technology equipment and extend their footprint across the country.
The high price of helium
The argon also replaces helium in different sectors. The increasing helium prices are projected to propel the argon demand in several regions due to its high cost as compared to argon, which has low cost and also has broad applications. Due to the growing demand in various application segments such as stainless steel, electronics, and industrial metalworking industries, argon is used instead of helium.
High production cost
Increasing initial infrastructure cost linked with Argon Gas production and requiring expenditure for the comprehensive research and development programs to achieve product quality are the significant factors that are likely to impede the demand and growth of the argon gas market.
Global Argon Gas Market: Application
Based on Application, Argon
Gas market segmented into Metal manufacturing & fabrication, Chemicals,
Energy, Healthcare, Electronics, Food & Beverage, Others. Metal
manufacturing & fabrication market is estimated to dominate the market
followed by Chemicals market. The global market size of argon gas is estimated
to grow multifold owing to the demand from the end-user industries and the
rising helium prices across the globe.
Global Argon Gas Market: Type
Based on Type, the Argon Gas market segmented into Argon-carbon dioxide, Argon-oxygen, Argon-Helium, Argon-Hydrogen, Others. Argon-Helium segment is dominating in the Argon Gas market during the forecast period of 2026. Argon-helium is the most widely used argon combination on the market. Argon-helium is hotter and more tensional than when pure argon is used. Argon-helium is used as a gas to weld copper alloys. It also finds use in the pharmaceutical and biotechnology segments.
Global Argon Gas Market: Function
Based on Function, the Argon Gas market segmented into Insulation, Illumination, Cooling. Insulation segment is dominating the function segment in the Argon Gas market. The insulation segment is anticipated to contribute a significant share in terms of revenue in the global argon gas market. The solar energy market requires enormous volumes of argon for process manufacture. Growing demand for lighting due to the increasing number of shopping malls is expected to drive demand for the product. The illumination segment is expected to register a lucrative CAGR during the forecast period of 2026.
Global Argon Gas Market: Storage, Distribution & Transportation
Based on Storage, Distribution & Transportation, the Argon Gas market segmented into Cylinder & packaged gas, Merchant liquid/bulk, Tonnage. Cylinder & packaged gas segment is dominating the Argon Gas market owing to the argon is produced by the fractional distillation of liquid air and owing to its inertness nature, argon gas does not chemically react with most of substances. Argon gas is also used as substitute of nitrogen, which is anticipated to drive the product market during the forecast period.
Global Argon Gas Market: Regional insights
Based on the region, the
Argon Gas market is segmented into North America, Europe, the Asia Pacific,
Latin America, and Middle East & Africa. North America is expected to have
the fastest as well as the largest regional market during the forecast period
due to the increasing demand for argon gas in food & beverage and
pharmaceutical industries across the region. Asia Pacific market is anticipated
to account for the second-highest revenue share in the global argon gas market
due to increasing developmental activities in the region. The market in Europe
is expected to have the fastest growth rate in terms of revenue due to growing
electricity demand from developed and developing countries in the region.
Revenue from the market in Middle East & Africa is projected to register a
significant CAGR in the argon gas market.
Argon Gas Market: Competitive Landscape
The major market players in the Argon Gas market are Praxair Inc., Air Liquide S.A., The Linde Group, Messer Group GmbH, Airgas Inc., Gulf Cryo, Matheson Tri-Gas Inc., Air Products and Chemicals Inc., Advanced Specialty Gases Inc., Iwatani Corporation, Linde Gas USA LLC, BASF, AMCS Corporation, KBR, Iceblick Ltd., Taiyo Nippon Sanso, Coregas, National Industrial Gas Plants, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.
In February 2020, Air Liquide strengthens its partnership with BASF in Antwerp with three new long-term contracts.
In November 2019, Air Liquide, DLVA and ENGIE are entering into an ambitious partnership to produce green hydrogen on an industrial scale.
In February 2019, Industrial gas Praxair Inc.To build hydrogen plant in Louisiana and will start up in 2021.
The objective of the Study:
To analyze and forecast the global Argon Gas market size of the market, in terms of value.
To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Argon Gas market into five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, Latin America and their leading countries.
To outline, categorized and forecast the global Argon Gas market based on the application, type, function, Storage and Distribution coupled with Transportation, and region.
To examine competitive developments like technological advancement, services, and regulative framework within the global Argon Gas Market.
To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile
the key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
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