The argon market has undergone rapid growth, increasing from $6.72 billion in 2023 to $7.5 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 11.6%. This remarkable growth in the historical period is attributed to the expansion of industrial applications, medical applications, growth in the metal industry, electronics manufacturing, welding applications, and food preservation. Moving forward, the argon market is expected to sustain its momentum, projected to reach $11.38 billion in 2028 at a CAGR of 11.0%. Anticipated growth drivers in the forecast period include a growing demand in the energy sector, a rise in aerospace applications, emerging applications in electronics, rapid growth in the 3D printing industry, and increased usage in lighting applications. Major trends in this period encompass electronics manufacturing, the growing demand in metal fabrication, the emergence of specialty gas mixtures, applications in energy storage, the shift towards renewable energy, and an increasing demand in laboratories.
Major Driver In The Argon Market
The argon gas market is expected to be driven by the growing demand from the electronics industry. As argon gas provides an inert atmosphere needed for rapid cooling and heating of materials, it will be widely used for manufacturing semiconductors, flat panels, solar PV cells, and microelectronic devices in the electronics industry. The electronics industry has more scope due to the growth in the technology market, especially in Asia-Pacific, which is driving the requirement for advanced semiconductor components and a high reliance on specialty gases such as argon.
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Argon Market Competitive Landscape
BASF SE, Iwatani Corporation, Saudi Basic Industries Corporation, Linde plc, L'Air Liquide S.A., Praxair Inc., Air Products and Chemicals Inc., PJSC EuroChem AG, 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, Noble Industrial Gases and Medigas Caribbean Ltd., SOL S.p.A., Abnormal Load Services, Nexair LLC, American Gas Association, Coregas Pty Ltd., Taiyo Nippon Sanso Corporation, Universal Industrial Gases Inc., Buzwair Industrial Gases Factories, Southern Industrial Gas Berhad, Iberdrola Ingeniería y Construcción S.A.U., The Southern Gas Ltd., 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
Argon Market Segmentation
The argon market covered in this report is segmented –
1) By Phase: Liquid, Gas
2) By Function: Cooling, Illumination, Illusion
3) By End Userr: Metal manufacturing & fabrication, Chemicals, Energy, Healthcare, Electronics, Food & beverage, Other End-Users
By Geography:The regions covered in the argon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the argon market in 2023.
The Argon Global Market Report 2024 furnishes information about the global argon market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
