The global argon gas market is expected to reach USD 17.2 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2023 to 2030. Argon is often substituted by helium in various sectors. However, rising helium prices are projected to boost product demand in several applications. Expanding automobile sector is also anticipated to increase product demand as steel is one of the main components of this sector.The solar energy market requires huge volumes of argon for manufacturing processes. Burgeoning energy markets are also expected to drive the product demand, owing to applications in the solar and insulated windows market. Argon and krypton gases are used for insulating windows to cover the space between glass panes to prevent cold air from coming inside the rooms.
Argon is a versatile gas and is used for various welding applications such as welding special alloys and the production of light bulbs and lasers. It can also provide oxygen and a nitrogen-free environment for various heating processes which is expected to drive demand.
Asia Pacific is also expected to witness rising product demand owing to growing developmental activities in emerging nations such as India and China among others. Europe experiences harsh weather conditions, thus utilization of the product for insulating windows is also expected to drive the industry demand in the region over the forecast period.
Get deeper insights, latest developments & key market drivers in the Global Argon Gas Market
Report Highlights
• North America region witnessed the fastest growth rate with a CAGR of 7.2% due to ongoing industrialization and increasing application of the product in various industries such as healthcare, manufacturing, metallurgy, and food & beverages
• The healthcare application segment witnessed the fastest growth rate with a CAGR of 7.4% as it is used in the treatment of retinal detachment and retinal phototherapy for those who are diabetic; they are also used in surgeries to weld arteries and destroy tumours
• In its gaseous form, argon is commonly utilized for manufacturing light bulbs. It is often used in combination with other rare gases to produce unique color effects in these bulbs.
Key Companies & Market Share Insights
Companies are adopting cost-effective, reliable, and operationally flexible solutions for the production of the product. Market players are also actively taking initiatives to explore new applications for the product, which is also expected to increase product demand over the forecast period. Argon production is tied to oxygen production in ASUs (Air Separation Units), thus players are emphasizing increasing oxygen production which in turn is expected to drive the market over the forecast period.
Key players in the argon gas market include:
• Air Products & Chemicals Inc.
• BASF SE
• Linde Gas LLC
• AMCS Corporation
• Praxair
• Messer Group GmbH
• Air Liquide
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Key questions answered in this report
• How big is the market?
• What is the market growth?
• Which segment accounted for the largest market share?
• Who are the key players in market?
• What are the factors driving the market?