Argon Gas Market - Forecast(2021 - 2026)

 

Argon Gas Market Overview

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 global 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.

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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.

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Argon Gas Market Segment Analysis - By Grade 

Industrial grade held the largest share in the argon gas market in 2020. In MIG and TIG welding methods and plasma cutting applications due to its high density and absolute inertness, industrial-grade argon gas is widely used as a welding gas. Industrial-grade argon gas is supplied in gas bottles and cylinders of various sizes to suit consumer needs. Industrial-grade argon gas has many different applications in many industries. The most common application is either in pure form or as part of different mixtures, as a shielding gas for arc welding. Industrial grade argon gas is one of the major gases for incandescent (filament) lamps, phosphorescent tubes, and thyratron radio tubes used in filling mixtures. Thus, with the rising demand for industrial-grade argon gas, the overall market is anticipated to rise in the forecast period.

Argon Gas Market Segment Analysis - By Mixture 

Argon-carbon dioxide mixture is widely used in the argon gas market. Argon-carbon dioxide is a colorless, odorless, and non-flammable gas mixture. Argon mixtures with carbon dioxide are universal and are ideal for low-treated and stainless steel welding. One of the key composite components of safe welding mixtures is argon. Protective gas protects the electrode, metal, and hot metal near the welding seam from the ambient air as well as enhances the welding process and increases the welding characteristics. Argon-carbon dioxide blends can be used to incorporate a large spectrum of material thicknesses with a number of metal transition modes. With the rising use of argon-carbon dioxide mixture due to its unique property, the market for argon gas is estimated to rise over the projected period.

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