The global argon gas market exhibited impressive growth in 2022, with a total worth of US$ 220 million, and it is projected to continue its upward trajectory. Anticipated to reach a substantial US$ 372.2 million by 2032, the market is set to achieve a steady compound annual growth rate (CAGR) of 5.4% between 2022 and 2032. Key end-user verticals for argon gas presently encompass healthcare, electronics, and metal fabrication, indicating its versatile utility across diverse industries. This growth trajectory underscores the significance of argon gas in various sectors and its promising future in the global market.
It is a known fact that argon is 1.38 times heavier to air. This makes it an ideal choice for multiple applications. Transportation and handling of argon are tough as it comes across as an anesthetic agent; and does end up creating an atmosphere devoid of oxygen.
Conventional MIG welding processes as well as resistance welding are used on an extensive note during the production and repairing processes of motorbikes, cars, and vehicles.
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Argon does enable electric arc along with provision of stabilization in metal fabrication, thereby giving an atmosphere wherein nitrogen and oxygen have no scope for entry; which help in rolling and annealing. Production of steel is at the foremost regarding application of argon gas.
In hospitals, argon gas is used in quality control and analysis; particularly in ICP (inductively coupled plasma), blanket gas in graphite furnace atomic absorption spectrometry, emission spectrometry, and carrier gas in gas chromatography.
Argon gas is capable of acting as a neuroprotective agent. In other words, it could be used for treating brain injuries like vitro oxygen-glucose deprivation (OGD), in-vivo middle cerebral artery occlusion (MCAO), and TBI (traumatic brain injury). Also, it protects organs during surgical applications.
Another advantage is that argon gas does produce strong, narcotic effect in comparison with nitrogen and helium at higher pressure (>10 atm). It is also known for stimulating y-Aminobutyric acid type A-receptors.
Coming to the electronics vertical, argon gas is used in the form of a filling gas in electronic components and fluorescent tubes. It’s used as carrier gas in several semiconductor manufacturing processes like plasma etching, ion milling, and ion etching. Additionally, the manufacturers are making use of argon gas to clean environment involving germanium and silicon crystal growth for minimizing exogenous metal adulteration and forming nitrides.
The other areas of presence in electronic vertical include lowering sheet resistance, purging, reduction of pilling faults in the epitaxial thin film deposition procedures and photolithography. Plus, it could be employed in the plasma displays wherein minor bulbs do hold gases combined, thereby letting flow of the electrons striking for producing light discharges.
At the same time, the fact that an influx of MICAP (Microwave Inductively Coupled Atmospheric Pressure Plasma) is expected to hinder the market can’t be ignored. The other factor could preference to krypton over argon as the former is denser with better thermal efficiency.
Future Market Insights has entailed these facets with future prospects in its latest market study entitled ‘Argon Gas market’. It has its team of analysts and consultants to deploy a 360-degree approach in its primary, secondary, and tertiary modes of research.
“The fact that argon’s density renders it one of the ideal elements for several purposes is expected to take the argon gas market by storm in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Argon Gas Market
- Europe holds the largest market share with Germany leading from the front. This could be attributed to automobile and aviation sectors expanding at an alarming rate.
- North America holds the second-largest market share with the US witnessing incorporation of metal fabrication in construction, automation technology, shipping, and maintenance verticals.
Competitive Analysis
- Air Liquide does offer SCOTT, ALPHAGAZ, and ARCAL brand pure argon with reliable and easy-to-use products. Research regarding storage and transportation of argon gas by making returnable compressed gas cylinders along with supply-level monitoring available in the storage vessels.
- Air Products & Chemicals, in December 2020, completed acquisition of oxygen and argon facilities for US$ 176.84 Million.
Top Key Players in the Global Market
- Air Products
- Airgas
- Air Liquide
- Messer
- American Gas Products
- Linde
- SOS Gases Inc.
- Mil-Spec Industries
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What does the Report state?
- The research study is based on supply mode (cylinders, bulk & micro tanks, drum tanks, and on-site), application (metal production & processing, electronics, lighting, and likewise).
- With applications like metal inert gas welding on the rise, the global argon gas market is expected to grow irrevocably in the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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