Argon is extensively used in the healthcare sector for various applications. It has targeting areas with high precision capabilities making it effective for diabetic patients in retinal detachment and retinal phototherapy.
The global argon gas market is estimated to reach US$ 372.2 Million by 2032, with demand growing at a 5.4 % CAGR over the forecast period.
Along with this, it has the potential of a neuroprotective agent in the treatment of brain injuries such as in vitro oxygen-glucose deprivation (OGD) and traumatic brain injury (TBI). The increasing use of argon gas in electrospray ionization mass spectrometry is anticipated to create opportunities for growth in the market over the forecast period.
In addition to this, the consumption of argon gas in the metal fabrication industry and electronics sector is rising rapidly. In the metal fabrication industry, argon gas is used to create an optimized atmosphere and it’s used as a shielding agent because it does not react with other components in the air.
It creates a nitrogen and oxygen-free environment for the annealing and rolling process. The size and density of the argon molecule make it an ideal element for welding. New product developments, technological upgrades, and rapid urbanization across various countries will spur demand for argon gas for metal fabrication in the construction sector.
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Moreover, surging demand from the electronics sector will augment the growth in the market over the forecast period. It is used as a carrier gas for semiconductor manufacturing processes. Argon gas prevents reactions and protects the silicon crystal that is formed on the wafer. Rising demand for smartphones, laptops, televisions, solar PV cells, and other electronic products will continue driving sales in the market.
Despite of wide applications of argon gas, its separation is difficult owing to its diffusive and adsorptive properties. Companies are adopting cost-effective, reliable, and operationally flexible solutions for the production of argon gas.
“Growing adoption of argon gas in the healthcare and lighting sectors, along with technological advancements in the production and supply of rare gases across the globe will create prospects for growth in the market,” says an FMI analyst.
Key Takeaways:
- In terms of applications, sales of argon gas in the lighting segment are projected to increase at a 4.4% CAGR over the forecast period.
- The USA will continue dominating the North America argon gas market, with sales growing at a 4.3% CAGR through 2032.
- Germany will account for a lion’s share in the Europe argon gas market, with total demand reaching a valuation of US$ 16.8 Milllion by 2032.
Competitive Landscape
- Air Products
- Airgas
- Air Liquide
- Messer
- American Gas Products
- Linde
- Praxair Technology, Inc.
- SOS gases Inc
- Specgas Inc.
- Mil-Spec Industries
- Toll Gas Inc
- Nova Gas Technologies Inc., and
- Boc Gases Ireland Inc.
These are some of the key manufacturers of argon gas profiled by FMI.
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Argon Gas Market by Category
Supply Mode:
- Cylinders
- Bulk & Micro Tanks
- Drum Tanks
- On-Site
Application:
- Metal Production & Processing
- Electronics
- Lighting
- Others
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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