Global Argon Gas Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Argon Gas Market Overview :

“The global Argon Gas Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global argon gas market report has been segmented on the basis of storage, distribution & transportation, mixture, function, end-use industry, gas phase, and region.Argon gas is colourless, odourless, inert gas in nature which is formed by fractional distillation of liquid air. This gas is formed naturally in form of multiple isotopes such as 40Ar, 36Ar, and 38Ar.

This gas is preferred during the welding to shield metals from oxidation and used in joining several metals such as nonferrous and ferrous alloys. These types of noble gases are applied in electronics, imaging and lighting, metal fabrication and manufacturing, chemicals and food and beverages sectors. Argon is a substitute product for helium and are used in various sectors as the prices of helium are rising across the globe.

Market Dynamics:

Increasing consumption and demand from the thriving metal fabrication industry for argon gas coupled with growing industrialization, especially in developing economies is a major factor expected to drive growth of the global argon gas market. In addition, increasing need for electronic products, growing food & beverage sector, and growing energy demands are some other factors expected to drive growth of the global argon gas market.

Furthermore, technological innovation and growing chemical end-use industry in developing and under-developed regions are expected to drive revenue growth of target market. However, high transportation cost on account of rise in fuel cost is the major factor expected to restraint growth of the global market.

Trends:

Major manufacturers are focusing and investing with local players in order to develop technological advance equipment as well as expand their geographical presence is a major trend observed in the market, currently. The argon gas market players have a significant opportunity in Asia Pacific attributed to rapidly growing fabrication industries.

Regional Analysis:

North America market is estimated to account for highest revenue share in the global argon gas market over the forecast period, owing to increasing demand for argon gas from pharmaceutical and food and beverage industries in countries in the region. Asia Pacific market is expected to account for the second-highest revenue share in the global argon gas market, due to growing developmental activities in the countries in the region.

The market in Europe is projected to register fastest growth rate in terms of revenue due to growing electricity demand from developed and developing countries in the region. Revenue from the market in Middle East & Africa is projected to register a CAGR of X.X% in the global electric steel market over the forecast period.

Global Argon Gas Market Segmentation:

By storage, distribution & transportation:

• Cylinder & packaged gas
• Merchant liquid/bulk
• Tonnage

By mixture:

• Argon-carbon dioxide
• Argon-oxygen
• Argon-Helium
• Argon-Hydrogen

By function:

• Insulation
• Illumination
• Cooling

 By end-use industry:

• Metal manufacturing & fabrication
• Chemicals
• Energy
• Healthcare
• Electronics
• Food & beverage
• Others (includes scuba diving, automotive & transportation equipment)

By gas phase:

• Liquid
• Gas

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa