Argon Gas Market
Argon Gas Market Forecasts to 2030 - Global Analysis By Mixture (Argon-Carbon Dioxide, Argon-Oxygen, Argon-Helium and Other Mixtures), Grade (Food Grade, Industrial Grade, Scientific Grade and Other Grades), Function (Insulation, Illumination, Cooling and Other Functions), Gas Phase (Liquid, Gas and Other Gas Phases), Storage (Cylinders & Packaged Gas, Bulk & Micro Tanks, Drum Tanks, On-Site, Merchant Liquid/Bulk, Tonnage and Other Storages), Application, End User and By Geography
Years Covered |
2021-2030 |
Estimated Year Value (2023) |
US $401.20 MN |
Projected Year Value (2030) |
US $599.29 MN |
CAGR (2023 - 2030) |
5.9% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
Asia Pacific |
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Argon Gas Market is accounted for $401.20 million in 2023 and is expected to reach $599.29 million by 2030 growing at a CAGR of 5.9% during the forecast period. The chemical element argon has an atomic number of 18 and is an inert, colourless, and odourless substance. Since it is a noble gas and exists in its natural state at room temperature, it is primarily inert to other chemicals. In the atmosphere of the Earth, argon ranks third in terms of abundance. Fractional distillation of liquid air is a method used in industry to extract this gas. High-purity argon is a gas that comes in liquid and gaseous forms. It primarily serves as a cooling, illumination, and deception tool in a variety of industries, particularly welding where it serves as an inert shielding agent. The gas has a few essential qualities that make it useful in a variety of industrial applications, including non-toxicity, non-reactivity at normal temperatures, non-flammability, inert nature, cost-effectiveness, and colourlessness.
According to the Indian Brand Equity Foundation (IBEF), the Indian automotive industry, including component manufacturing is projected to reach USD 251.4-282.8 billion by 2026, while the pharmaceutical industry is expected to grow to USD 100 billion by 2025, along with the medical devices market to reach to USD 25 billion.
Market Dynamics:
Driver:
Increasing use of argon gas in the medical industry
The global Argon Gas market expected to drive growth during the forecast period. Argon gas, a major contributor to the narcotic effect, has a few advantages over helium and nitrogen at high pressure. Argon gas is widely used as a raw material in a variety of medical applications as a defensive and neuroprotective agent. Argon is primarily used for analysis and quality control because it functions as a plasma gas, particularly in the fields of emission spectrometry, inductively coupled plasma (ICP), graphite furnace spectrometry, and gas chromatography. Therefore, as argon gas usage increases in the healthcare industry, argon gas sales also rise, creating a significant growth opportunity for the market.
Restraint:
High production costs for argon gas
The global Argon Gas market expected to hinder growth during the forecast period. The expansion of the market was negatively impacted by rising argon gas production costs. Major market restraints include the high cost of extraction operations for commercial and industrial use as well as the decreasing funding for new product development and research. Additionally, the lack of global gas commercialization and the high cost of transportation due to rising fuel prices restrict the market's overall growth.
Opportunity:
Internet of things adoption is growing
The global Argon Gas market expected to drive growth during the forecast period. The IoT technologies that link smart devices and other cutting-edge equipment are being increasingly incorporated by argon gas companies in order to gain real-time insights and close manufacturing process gaps. These devices' data can be used to alert plant managers and operators to potential machine failures and provide information on working conditions that can improve chemical reactor performance. IoT technology is used by two significant industrial gas companies, Air Products and Praxair-Linde, for industrial processes. Due to rising argon gas sales, it is anticipated that the quick adoption of this innovative technology will open up lucrative growth opportunities.
Threat:
Health dangers posed by argon gas
The global Argon Gas market expected to hamper growth during the forecast period. Certain health risks are connected to argon gas. Due to the fact that this gas is an anesthetic, it could have negative side effects. Long-term exposure to the gas can result in an oxygen-deficient environment, which raises the risk of suffocation significantly and causes symptoms like rapid breathing, headaches, loss of judgment, and coordination. Through inhalation, argon gas can enter the body. Additional side effects of excessive inhalation include nausea, vomiting, lightheadedness, loss of consciousness, and even death. The eyes and skin can become burned and irritated when exposed to argon gas. Moreover, the negative risk associated with argon gas presents a significant obstacle to the expansion of the argon gas market globally.
Covid-19 Impact:
COVID-19 pandemic was spread across the globe in 2020. The market for argon gas has been significantly impacted by the COVID-19 pandemic. The demand for argon gas has decreased in sectors like welding, electronics, and healthcare as a result of the downturn in the economy. Global supply chain disruptions have made it challenging for businesses to acquire the raw materials and machinery required to produce and distribute argon gas, which has resulted in shortages and raised prices. Additionally, the demand for argon gas has shifted from sectors like electronics to the healthcare industry as a result of manufacturing shifting from high-value goods to necessities. Moreover, the pandemic has had a negative effect on the argon gas market, despite the fact that the market will probably recover over time.
The argon-carbon dioxide segment is expected to be the largest during the forecast period
The argon-carbon dioxide segment is expected to have a largest share during the forecast period, due to the rising demand for mixtures in a variety of industrial applications. It is a gas mixture that has no smell, no color, and no flame, making it perfect for stainless steel and low-treated steel welding. Blends of argon and carbon dioxide can be used to incorporate a wide range of material thicknesses with a variety of metal transition modes. Due to its distinctive properties, the argon-carbon dioxide mixture is increasingly being used across industries, which is anticipated to spur segment growth during the anticipated period.
The metal manufacturing and fabrication segment is expected to have the highest CAGR during the forecast period
The metal manufacturing and fabrication segment is anticipated to witness the fastest CAGR growth during the forecast period. In order to shield the metal from contamination during welding, argon gas is frequently used in these processes. The automotive industry's heavy reliance on and demand for gas serves to support the metal fabrication and manufacturing industries. The demand for steel is also increasing as a result of rapid urbanization, which also results in an increase in infrastructure development projects. In the upcoming years, this aspect is anticipated to increase market share and fuel segment growth.
Region with largest share:
With more than 40% of the global market share, the Asia-Pacific region holds the largest share of the argon gas market. The expansion in this area can be attributed to the rise in argon gas demand from sectors like steel, electronics, and healthcare in nations like China and India. The market in Asia Pacific has expanded as a result of the presence of significant players in the area and the development of new argon gas-related technologies. Moreover, the market for argon gas is dominated by the Asia-Pacific region, with significant shares held by other regions like North America and Europe.
Region with highest CAGR:
Due to the rising demand from the electronics, healthcare, and metal fabrication industries in nations like China, India, and Japan, the Asia-Pacific region is anticipated to have the highest CAGR in the argon gas market. Demand for argon gas is anticipated to increase as a result of the significant growth being experienced by the region's electronics industry, particularly in China. The demand for argon gas is being further increased by the region's rapidly growing healthcare sector. Moreover, new applications and significant argon gas producers are anticipated to support market expansion.
Key players in the market
Some of the key players in Argon Gas market include Advanced Specialty Gases Inc., AIMS INDUSTRIES PRIVATE LIMITED, Airgas, Inc., AMCS Corporation, American Gas Products, Amico Group, Atlas Copco AB, Ellenbarrie Industrial Gases, Iceblick Ltd, Iwatani Corporation, Matheson Tri-Gas, Inc., Messer Group GmbH, Mil-Spec Industries, National Industrial Gas Plants, Praxair Technology, Inc, TAIYO NIPPON SANSO CORPORATION, The Linde Group and Zaburitz Pearl Energy Co., Ltd.
Key Developments:
In July 2022, Linde plc signed a long-term agreement with PT Freeport Indonesia, a leading mining company in Indonesia to supply high-purity industrial gases.
In August 2021, the Indian investors of Ellenbarrie Industrial Gases Ltd., an integrated industrial and medical gases company, re-acquired a 51% stake in the company for an undisclosed sum from Air Water Inc., a Japanese industrial gases Conglomerate.
In December 2020, a US company named Air Products & Chemicals acquired the oxygen and argon facilities for NIS 575 million ($176.84 million). This acquisition supports the potential for quick growth and commercial expansion of Air Products & Chemicals. The top manufacturer of industrial gases in Israel, including helium, oxygen, hydrogen, and argon, is called Oxygen & Argon Works.
Mixtures Covered:
• Argon-Carbon Dioxide
• Argon-Oxygen
• Argon-Helium
• Argon-Hydrogen
• Argon-Helium-Carbon Dioxide
• Other Mixtures
Grades Covered:
• Food Grade
• Industrial Grade
• Scientific Grade
• High Purity Grade
• Ultra-High Purity Grade
• Other Grades
Functions Covered:
• Insulation
• Illumination
• Cooling
• Other Functions
Gas Phases Covered:
• Liquid
• Gas
• Other Gas Phases
Storages Covered:
• Cylinders & Packaged Gas
• Bulk & Micro Tanks
• Drum Tanks
• On-Site
• Merchant Liquid/Bulk
• Tonnage
• Other Storages
Applications Covered:
• Metal Manufacturing & Fabrication
• Chemicals
• Energy
• Healthcare
• Electronics
• Food & Beverage
• Other Applications
End Users Covered:
• Power and Energy
• Pharmaceuticals
• Lighting
• Scuba Diving
• Transportation Equipment
• Aerospace & Automotive
• Construction
• Semiconductors
• Consumer Goods
• Research & Development
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Argon Gas Market, By Mixture
5.1 Introduction
5.2 Argon-Carbon Dioxide
5.3 Argon-Oxygen
5.4 Argon-Helium
5.5 Argon-Hydrogen
5.6 Argon-Helium-Carbon Dioxide
5.7 Other Mixtures
6 Global Argon Gas Market, By Grade
6.1 Introduction
6.2 Food Grade
6.3 Industrial Grade
6.4 Scientific Grade
6.5 High Purity Grade
6.6 Ultra-High Purity Grade
6.7 Other Grades
7 Global Argon Gas Market, By Function
7.1 Introduction
7.2 Insulation
7.3 Illumination
7.4 Cooling
7.5 Other Functions
8 Global Argon Gas Market, By Gas Phase
8.1 Introduction
8.2 Liquid
8.3 Gas
8.4 Other Gas Phases
9 Global Argon Gas Market, By Storage
9.1 Introduction
9.2 Cylinders & Packaged Gas
9.3 Bulk & Micro Tanks
9.4 Drum Tanks
9.5 On-Site
9.6 Merchant Liquid/Bulk
9.7 Tonnage
9.8 Other Storages
10 Global Argon Gas Market, By Application
10.1 Introduction
10.2 Metal Manufacturing & Fabrication
10.3 Chemicals
10.4 Energy
10.5 Healthcare
10.6 Electronics
10.7 Food & Beverage
10.8 Other Applications
11 Global Argon Gas Market, By End User
11.1 Introduction
11.2 Power and Energy
11.3 Pharmaceuticals
11.4 Lighting
11.5 Scuba Diving
11.6 Transportation Equipment
11.7 Aerospace & Automotive
11.8 Construction
11.9 Semiconductors
11.10 Consumer Goods
11.11 Research & Development
11.12 Other End Users
12 Global Argon Gas Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Advanced Specialty Gases Inc.
14.2 AIMS INDUSTRIES PRIVATE LIMITED
14.3 Airgas, Inc.
14.4 AMCS Corporation
14.5 American Gas Products
14.6 Amico Group
14.7 Atlas Copco AB
14.8 Ellenbarrie Industrial Gases
14.9 Iceblick Ltd
14.10 Iwatani Corporation
14.11 Matheson Tri-Gas, Inc.
14.12 Messer Group GmbH
14.13 Mil-Spec Industries
14.14 National Industrial Gas Plants
14.15 Praxair Technology, Inc
14.16 TAIYO NIPPON SANSO CORPORATION,
14.17 The Linde Group
14.18 Zaburitz Pearl Energy Co., Ltd.,
List of Tables
1 Global Argon Gas Market Outlook, By Region (2021-2030) ($MN)
2 Global Argon Gas Market Outlook, By Mixture (2021-2030) ($MN)
3 Global Argon Gas Market Outlook, By Argon-Carbon Dioxide (2021-2030) ($MN)
4 Global Argon Gas Market Outlook, By Argon-Oxygen (2021-2030) ($MN)
5 Global Argon Gas Market Outlook, By Argon-Helium (2021-2030) ($MN)
6 Global Argon Gas Market Outlook, By Argon-Hydrogen (2021-2030) ($MN)
7 Global Argon Gas Market Outlook, By Argon-Helium-Carbon Dioxide (2021-2030) ($MN)
8 Global Argon Gas Market Outlook, By Other Mixtures (2021-2030) ($MN)
9 Global Argon Gas Market Outlook, By Grade (2021-2030) ($MN)
10 Global Argon Gas Market Outlook, By Food Grade (2021-2030) ($MN)
11 Global Argon Gas Market Outlook, By Industrial Grade (2021-2030) ($MN)
12 Global Argon Gas Market Outlook, By Scientific Grade (2021-2030) ($MN)
13 Global Argon Gas Market Outlook, By High Purity Grade (2021-2030) ($MN)
14 Global Argon Gas Market Outlook, By Ultra-High Purity Grade (2021-2030) ($MN)
15 Global Argon Gas Market Outlook, By Other Grades (2021-2030) ($MN)
16 Global Argon Gas Market Outlook, By Function (2021-2030) ($MN)
17 Global Argon Gas Market Outlook, By Insulation (2021-2030) ($MN)
18 Global Argon Gas Market Outlook, By Illumination (2021-2030) ($MN)
19 Global Argon Gas Market Outlook, By Cooling (2021-2030) ($MN)
20 Global Argon Gas Market Outlook, By Other Functions (2021-2030) ($MN)
21 Global Argon Gas Market Outlook, By Gas Phase (2021-2030) ($MN)
22 Global Argon Gas Market Outlook, By Liquid (2021-2030) ($MN)
23 Global Argon Gas Market Outlook, By Gas (2021-2030) ($MN)
24 Global Argon Gas Market Outlook, By Other Gas Phases (2021-2030) ($MN)
25 Global Argon Gas Market Outlook, By Storage (2021-2030) ($MN)
26 Global Argon Gas Market Outlook, By Cylinders & Packaged Gas (2021-2030) ($MN)
27 Global Argon Gas Market Outlook, By Bulk & Micro Tanks (2021-2030) ($MN)
28 Global Argon Gas Market Outlook, By Drum Tanks (2021-2030) ($MN)
29 Global Argon Gas Market Outlook, By On-Site (2021-2030) ($MN)
30 Global Argon Gas Market Outlook, By Merchant Liquid/Bulk (2021-2030) ($MN)
31 Global Argon Gas Market Outlook, By Tonnage (2021-2030) ($MN)
32 Global Argon Gas Market Outlook, By Other Storages (2021-2030) ($MN)
33 Global Argon Gas Market Outlook, By Application (2021-2030) ($MN)
34 Global Argon Gas Market Outlook, By Metal Manufacturing & Fabrication (2021-2030) ($MN)
35 Global Argon Gas Market Outlook, By Chemicals (2021-2030) ($MN)
36 Global Argon Gas Market Outlook, By Energy (2021-2030) ($MN)
37 Global Argon Gas Market Outlook, By Healthcare (2021-2030) ($MN)
38 Global Argon Gas Market Outlook, By Electronics (2021-2030) ($MN)
39 Global Argon Gas Market Outlook, By Food & Beverage (2021-2030) ($MN)
40 Global Argon Gas Market Outlook, By Other Applications (2021-2030) ($MN)
41 Global Argon Gas Market Outlook, By End User (2021-2030) ($MN)
42 Global Argon Gas Market Outlook, By Power and Energy (2021-2030) ($MN)
43 Global Argon Gas Market Outlook, By Pharmaceuticals (2021-2030) ($MN)
44 Global Argon Gas Market Outlook, By Lighting (2021-2030) ($MN)
45 Global Argon Gas Market Outlook, By Scuba Diving (2021-2030) ($MN)
46 Global Argon Gas Market Outlook, By Transportation Equipment (2021-2030) ($MN)
47 Global Argon Gas Market Outlook, By Aerospace & Automotive (2021-2030) ($MN)
48 Global Argon Gas Market Outlook, By Construction (2021-2030) ($MN)
49 Global Argon Gas Market Outlook, By Semiconductors (2021-2030) ($MN)
50 Global Argon Gas Market Outlook, By Consumer Goods (2021-2030) ($MN)
51 Global Argon Gas Market Outlook, By Research & Development (2021-2030) ($MN)
52 Global Argon Gas Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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