Argon Gas Market- By Gas Phase (Liquid, Gas), By Mixture (Argon-carbon dioxide Argon-oxygen Argon-Helium Argon-Hydrogen), By Function (Insulation, Illumination, Cooling) By End Use (Metal manufacturing & fabrication, Chemicals, Energy, Healthcare, Electronics, Food & beverage and Others (includes scuba diving, automotive & transportation equipment)) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Argon Gas Market held USD 471.802 million in 2020 and is to grow with a CAGR of 9.5% from 2020-2030. Argon gas is created by the liquid air fractional distillation process, and is essentially odorless, colorless inert gas. This gas naturally occurs in the form of multiple isotopes such as 36Ar, 38Ar and 40Ar. During welding, this gas is used to protect metals from oxidation, and is used to join metals such as ferrous and non ferrous alloys. Such noble gas types are used in the sectors of electronics, imaging and lighting, metal processing and engineering, chemicals, and food and beverage, hence boosting the global argon gas market. Argon is a helium replacement commodity and is used in various industries as the helium prices are increasing all over the world. Argon has the ability of narcotic and antioxidant properties and has proven advantageous for medicinal use. Several experiments show that argon has the capability of exhibiting narcotic effects at more than 10 atmospheres hyperbaric pressures, and is a potential neuroprotective agent. Argon gas is used for the diagnosis of brain damage, such as TBI and OGD in vitro. Owing to its low cost it is also favored over other noble gases. Apart from neuroprotectant usage, argon gas has prevalent use in food and beverage purpose such as freezing, sealing, and fumigation. The gas is primarily used for effective cooling of food products, inerting the atmosphere of fumigation and storage and packaging of grains, thus fuelling the growth of global argon gas market.

Market Dynamics and Factors:

Growing demand and consumption from the booming metal manufacturing industry for argon gas coupled with rising industrialization is a major factor expected to drive the growth of the global argon gas market, especially in rising economies. Additionally, increasing need for electronic goods, increasing food & beverage business, and rising demands for energy are some other factors that are expected to drive growth in the worldwide argon gas market. Additionally, technical innovation and increasing chemical end-use industry are expected to drive target-market sales growth in emerging and underdeveloped regions. Nevertheless, high transport costs due to the increase in fuel prices are the major factor expected to curb the growth of global argon gas market demand

Market Segmentation:

Based on gas phase, the global argon gas market is segmented into gas and liquid. On the basis of mixture, the global argon gas market is classified into argon-oxygen, argon-carbon dioxide, argon-hydrogen, argon-helium. On the basis of end-user, the argon gas market is segmented into electronics,  chemicals, energy, metal manufacturing & fabrication, food & beverage, healthcare, and others (includes automotive & transportation equipment, scuba diving). Considering the functions the argon gas market is segregated into illumination, insulation, and cooling. Geographic breakdown includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographic Analysis:

Due to the rising demand for argon gas from the pharmaceutical and food and beverage industries in countries in the world, North America's market is expected to account for the highest revenue share on the global argon gas market over the forecast period. The Asia Pacific market is projected to account for the second-highest share of revenue on the global argon gas market, due to increasing construction activities in the region's countries. Europe's market is expected to experience the highest revenue growth rate due to increasing demand for electricity from the region's developed and developing countries, thu simpacting the growth in global argon gas market.

Competitive Scenario:

The key players of global argon gas market are BASF, AMCS Corporation, Messer Group, GmbH, Linde Gas USA LLC, Praxair, Air Liquide, National Industrial Gas Plants and KBR

Argon Gas Market Report Scope