The global argon gas market is estimated to reach US$ 372.2 Mn by 2032, with demand growing at a 5.4 % CAGR over the forecast period.
Argon is extensively used in the healthcare sector for various applications. It has targeting areas with high precision capabilities making its effective for diabetic patients in retinal detachment and retinal phototherapy.
Along with this, it has the potential of a neuroprotective agent in the treatment of brain injuries such as vitro oxygen-glucose deprivation (OGD) and traumatic brain injury (TBI). 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 U.S. 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 Mn 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. are some of the key manufacturers of argon gas profiled by FMI.
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More Insights into the Argon Gas Market Report
In its latest report, FMI offers an unbiased analysis of the global argon gas market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, its growth, and scope, the market is segmented based on supply mode (cylinders, bulk & micro tanks, drum tanks, on-site), application (metal production and processing, electronics, lighting, and others), and region.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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