IMARC Group, a leading market research company, has recently releases report titled “Argon Market Report by Type (Liquid Argon, Gas Argon), End User (Metal Manufacturing and Fabrication, Chemicals, Energy, Healthcare, Electronics, Food and Beverage, and Others), and Region 2023-2028” The study provides a detailed analysis of the industry, including the global argon market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the argon market?
The global argon market size reached US$ 395.35 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 542.75 Million by 2028, exhibiting a growth rate (CAGR) of 5.20% during 2023-2028.
What is argon?
Argon is a chemically inert, colorless, and odorless noble gas found in the Earth’s atmosphere. It holds a crucial role in various industrial applications due to its unique properties. It is commonly employed to create controlled atmospheres in industries such as metalworking and electronics manufacturing and is particularly valued for its ability to shield reactive metals like aluminum and titanium from oxidation during welding and other high-temperature processes. As a result, argon has become an indispensable component in many industrial operations, ensuring the quality and integrity of finished products.
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What are the growth prospects and trends in the argon industry?
The global argon market is witnessing significant growth driven by the expanding metal fabrication industry. The use of argon as a shielding gas in welding enhances the weld’s strength and reduces defects, contributing to the market’s expansion. Furthermore, the electronics sector relies on argon in the production of semiconductors and other sensitive electronic components, where maintaining a contaminant-free environment is paramount. In addition, the increased adoption of argon in the energy sector represents another major growth-inducing factor. Argon finds use in the manufacture of energy-efficient windows, enhancing their insulating properties. As sustainability gains prominence, argon’s role in improving energy conservation is expected to drive its demand further. Moreover, the market is witnessing a shift toward sustainable practices, with the development of eco-friendly argon production methods that reduce volatile organic compounds (VOCs). Besides, the automotive industry represents another growth avenue for the global argon market. As automakers increasingly focus on fuel efficiency and lightweight materials, argon is utilized in manufacturing airbags and as a component in specialized airbag inflation systems. Furthermore, argon’s use in the medical field for cryopreservation and laser surgeries underscores its versatility and growing significance in modern healthcare.
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
- Liquid Argon
- Gas Argon
End User Insights:
- Metal Manufacturing and Fabrication
- Chemicals
- Energy
- Healthcare
- Electronics
- Food and Beverage
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Air Liquide India
- Air Products and Chemicals Inc.
- Amcs Corporation
- BASF SE
- Buzwair Industrial Gases Factories
- Iwatani Corporation
- Linde plc
- Messer SE & Co. KGaA
- Wesfarmers Company
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