What Has Driven the Growth of the Argon Market in Recent Years?
The argon market has seen considerable growth due to a variety of factors.
• In the past few years, the argon market has experienced rapid expansion. The growth is predicted to rise from $7.46 billion in 2024 to $8.3 billion in 2025, with a compound annual growth rate (CAGR) of 11.3%.
The significant increase in the historical period may be credited to developments in industrial applications, medical uses, the metal industry, electronic manufacturing, welding applications, and food preservation.
How Does the Forecast Look for the Argon Market?
The argon market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to see a swift expansion in the coming years, the argon market size is projected to reach $12.77 billion in 2029 with a compound annual growth rate (CAGR) of 11.4%.
The growth during this forecasted period is attributed to the burgeoning demand in the energy sector, an upsurge in aerospace applications, the advent of applications in the electronics field, a rapid surge in the 3D printing industry, and an expanded usage in lighting applications. The forecast period will also witness major trends such as electronics manufacturing, an increased demand in metal fabrication, the introduction of special gas mixtures, applications in energy storage, a shift towards renewable energy, and a growing demand in laboratories.
What Are the Critical Driver Fuelling the Argon Market's Growth?
The anticipated growth of the argon gas market is largely fueled by its escalating demand within the electronics sector. Owing to its ability to create an inert environment, vital for the quick cooling and heating of elements, argon gas is becoming increasingly indispensable in the production of semiconductors, flat panels, solar PV cells and microelectronic devices in this industry. The mushrooming prospects of the electronics sphere, particularly in the Asia-Pacific region, bolstered by the technology market expansion, are enhancing the necessities for sophisticated semiconductor components and a significant dependency on specialty gases, argon being a case in point.
How Are The Segments Defined Within The Global Argon Market?
The argon market covered in this report is segmented –
1) By Phase: Liquid, Gas
2) By Function: Cooling, Illumination, Illusion
3) By End User: Metal manufacturing & fabrication, Chemicals, Energy, Healthcare, Electronics, Food & beverage, Other End-Users
Subsegments:
1) By Liquid: Industrial Liquid Argon, Medical Liquid Argon, Research and Laboratory Liquid Argon
2) By Gas: Industrial Gas Argon, Food and Beverage Gas Argon, Electronics Gas Argon, Medical Gas Argon
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How Are New Trends Expected To Influence The Growth Of The Argon Market?
A considerable number of chemical production companies are embracing IoT (Internet of Things) innovations to interconnect machinery and intelligent devices. This facilitates the gathering of instantaneous insights and helps identify shortcomings in the production process. The data generated via these devices is handled, assessed, and comprehended by plant supervisors and high-ranking executives to enhance quality and reach peak production rates. For instance, intelligent systems provide details about the operational state and performance of chemical reactors equipped with integrated software and analytics devices. These tools alert plant workers and managers about potential machinery malfunctions. Industrial gas manufacturers like Praxair-Linde and Air Products are among those who have adopted the IoT technology.
Who Are the Key Players in the Argon Market?
Major companies operating in the argon market include:
• BASF SE
• Iwatani Corporation
• Saudi Basic Industries Corporation
• Linde plc
• L'Air Liquide S.A.
• Praxair Inc.
• Air Products and Chemicals Inc.
• Nippon Sanso Holdings Corporation
• Airgas Inc.
• Air Water Inc.
• Asia Technical Gas Co. Ltd.
• Cryotec Anlagenbau GmbH
• SIAD S.p.A.
• The Messer Group GmbH
• Messer Group GmbH
• SOL S.p.A.
• Nexair LLC
• Coregas Pty Ltd.
• Taiyo Nippon Sanso Corporation
• Universal Industrial Gases Inc.
• Buzwair Industrial Gases Factories
• Southern Industrial Gas Berhad
• Cryogas Equipment Pvt Ltd.
• Dubai Industrial Gases
• NIPPON GASES EUROPE S.A.U.
• J.V.C. Industrial Corporation
• BOC India Limited
• Gulf Cryo Holding K.S.C.C.
• Kanto Kagaku Co. Ltd.
• Hangzhou Hangyang Company Limited
What Is The Most Dominant Region In The Argon Market?
Asia-Pacific was the largest region in the argon market in 2024. North America was the second-largest region in the global argon market. The regions covered in the argon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
