IndustryARC updated the market research study on “Argon Gas Market”- Forecast (2024 - 2030)

Argon Gas Market is forecast to reach $487.9 million by 2026, after growing at a CAGR of 5.2% during 2021-2026. Cryogenic fractional distillation and gas chromatography are the most common methods for the production of argon gas. Rising consumption and demand from the growing metal manufacturing industry for argon gas, coupled with increasing industrialization, especially in emerging economies are the major factors expected to drive the growth of the Argon Gas Market. Due to the rising demand for argon gas in numerous application segments such as electronics, stainless steel, and fabricated metalworking the Argon Gas Market is expected to grow globally. Furthermore, technological innovation such as the increasing use of electrospray ionization mass spectrometry in the healthcare industry is anticipated to create new opportunities for the growth of the global argon gas industry in the forecast era.

Impact of Covid-19

The consequences of the pandemic are altering Argon Gas Markets, as some manufacturers are either shutting down or reducing their supply due to a lack of demand from the downstream industry. Thus, this has lead to the decline in the market growth for argon gas over the year 2020-21.

Argon Gas Market?Report Coverage

The: “Argon Gas Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Argon Gas Market.

By Grade: Food Grade, Industrial Grade, Scientific Grade, and Others

By Mixture: Argon-carbon dioxide, Argon-oxygen, Argon-nitrogen, Argon-hydrogen, and Others

By Function: Insulation, Illumination, and Cooling

By Application: Manufacturing & Fabrication, Lighting, 3-D printing, Lasers, Gas discharge tubes, Cinematography, Refrigeration, Windows, Tyre

By End-Use Industry: Chemical Industry, Healthcare Industry, Transportation Industry, Food & Beverage Industry, Electrical & Electronics Industry, and Others By Geography: North America (U.S, Canada, and Mexico), Europe (U.K., Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific),?South America (Brazil, Argentina, Colombia, Chile, and Rest of South America),?and RoW (Middle East and Africa)

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Key Takeaways

The?Asia Pacific region dominated the argon gas market due to the rapidly growing fabrication industries and the rising demand for argon gas from the food & beverage and healthcare sectors.

Increasing?use of argon gas owing to its greater thermal protection properties than air, for filling the dry suits used for scuba diving is anticipated to increase the demand for argon gas market in the forecast period.

Since Argon?gas provides the inert atmosphere needed for rapid material cooling and heating, it is used in the electronics industry for the manufacture of semiconductors, flat panels, solar PV cells and microelectronic devices.

Rising?cause of inert gas asphyxiation among the workers by the consumption of argon gas in the absence of?oxygen is anticipated to decline the growth of the market.

Argon Gas Market Drivers

Increasing Price of Helium is Driving the Demand for Argon as an Alternative for Various Applications

Helium is replaced by argon in various sectors. Due to the high cost relative to argon, which has low cost and also has large applications, rising helium prices are expected to propel argon demand in many regions. Argon is used instead of helium because of the rising demand in separate application categories, such as stainless steel, electronics, and industrial metalworking sectors. According to the United States?Geological Survey Organization,? in the fiscal year 2019, the price of crude helium to non-government consumers was $4.29 per cubic meter ($119.00 per 1,000 cubic feet) and to government, customers were $3.10 per cubic meter ($86.00 per 1,000 cubic feet). Argon may be replaced by helium in the welding process. Also, helium is commonly used as a shielding gas for non-ferrous welding. Instead of helium, argon may be used and is favored by some metal forms. Owing to the above factors, an increase in demand for argon as an alternative for helium will drive the market for argon gas in the forecast period.

Rising Demand for Argon Gas in the Healthcare Industry

Cryogenic fractional distillation is used for the production of large quantities of purified argon in the health care industries. Argon is a noble gas component that has shown valuable narcotic and defensive capability in the medical sector. In order to selectively kill small areas of diseased or unhealthy tissue, especially on the skin, Argon is used to conduct accurate cryosurgery, which requires intense cold. Very cold argon is generated by controlled expansion of argon gas at the site and is driven using a cryoneedle to the treatment stage. This gives the device greater control than older liquid nitrogen techniques.? A similar technique, cryoablation, is used to treat heart arrhythmia by destroying cells which interfere with the normal distribution of electrical impulse. As an important technique in clinical laboratories, electrospray ionization mass spectrometry (ESI-MS) has arisen. With the increasing growth of the argon in healthcare industries is expected to influence major trends in the global argon gas market in the coming years.

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Argon Gas Market?Challenges

Health Effects of Argon Gas Acts as a Constraint Towards the Growth of the Market

Argon gas can be absorbed into the body through inhalation. This liquid evaporates very rapidly with the lack of containment, creating air supersaturation and a significant risk of suffocation while in confined areas. Argon gas has been categorized as simple inert gas asphyxiation. Excessive inhalation can lead to dizziness, nausea, vomiting, loss of consciousness, and death. Death can result from mistakes that prevent self-rescue in judgment, misunderstanding, or lack of consciousness. Unconsciousness and death can occur in seconds without warning at low oxygen concentrations. Also, contact with argon gas can irritate and burn the skin and eyes. Very high levels of argon can decrease the amount of oxygen in the air and cause suffocation with symptoms of headache, rapid breathing, and loss of coordination and judgment. Hence, various harmful effects of argon gas in humans will further create hurdles for the argon gas market in the forecast period.

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Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the argon gas market. Major players in the argon gas market are Praxair Inc., AMCS Corporation, The Linde Group, Iwatani Corporation, Messer Group GmbH, Air Liquid S.A., SABIC, BASF SE, Air Products, and Chemicals and Inc. Matheson Tri-Gas Inc. among others.

Acquisitions/Technology Launches

In?February 2020, Air Products and Chemicals acquired Oxygen & Argon Works to provide major growth opportunities for Oxygen & Argon in United States.