Argon Gas market expected to grow at a CAGR of 4.9% from 2020-2026
Published | 06 March 2020
According to BlueWeave
Consulting, The global Argon Gas market has reached USD 277.4 million in 2019
and projected to reach USD 358.1 million USD by 2026 at a CAGR of 3.7% during
the forecast period from 2020-2026. The rising need for electronic products,
the growing food & beverage sector, and the increasing demand for energy
are some of the other factors that are expected to drive the growth of the
global argon gas market globally during the forecast period from 2020-2026.
Argon gas is naturally
odorless, colorless, inert gas produced by fractional liquid air distillation.
Several isotopes such as 40Ar, 38Ar, and 36Ar form argon gas naturally.
Companies consider inorganic growth approaches, such as acquisitions, to cope
with rising argon gas demand in developing markets. These approaches have
enabled companies to build a broad partner and client base in the Argon gas
markets. The argon gas market players in the Asia-Pacific have diverse
prospects attributed to rapidly growing manufacturing industries.
Argon-Helium
segment in global Argon Gas market estimated to have the fastest growth during
the forecast horizon
The Argon-Helium market
segment is dominating the type segment in the Argon Gas market during the
forecast period of 2026. Argon-helium is the most used mixture in the argon
market. Helium is inert and low-density gas, whereas argon mixture with helium
is colorless, odorless and non-flammable. Argon-helium is hotter and of higher
tension than in case of using pure argon. Argon-helium is used as a welding gas
for copper alloys. These mixtures are widely used for TIG, MIG welding owing to
the helium ensures deeper and wider welding. Argon is widely used in the
chemical industries, although, due to its unique properties, it is not a
chemical itself that helps enterprises to innovate new products and reduce
production costs.
The
rising technology advancement projected to drive market growth
Technological up-gradation
and the growing chemical end-use industry in developing and under-developed
economies are estimated to drive revenue growth of the argon gas market. Market
players are actively taking initiatives to explore new applications for the
product, which is also estimated to increase the argon demand during the
forecast period. Argon production is tied to oxygen production in Air Separation
Units (ASUs). Thus, players are emphasizing growing oxygen production which in
turn is estimated to drive the argon market over the coming years.
Rising
price of helium expected to fuel growth trend of argon gas in global market
Helium is a chemical element
with symbol He and atomic number 2. It is a rare atmospheric gas which is
colorless, odorless, tasteless, nontoxic, nonflammable and only slightly
soluble in water. The argon in various sectors often substitutes helium. Argon
is used instead of helium owing to the growing demand in various application
segments such as stainless steel, electronics, and fabricated metalworking
markets. Therefore, high price of helium helps in drive the growth of argon gas
market across the globe.
North
America is expected to grow at remarkable rate in Argon Gas market during the
anticipated period.
Geographically, the Global
Argon Gas market is bifurcated into North America, Asia Pacific, Europe, Middle
East, and Africa & Latin America. Due to the increasing demand for argon
gas in the food & beverage and pharmaceutical industries across the world,
North America is projected to have both the fastest and the largest regional
market during the forecast period. 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.
Europe is experiencing harsh weather conditions, and the use of argon to
insulate windows is expected to drive the region's argon market over the next
years.
Browse Detailed Table of
Contents, “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”
AT
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.
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