Argon Gas Market | The growth is attributed to Increased Demand for Insulation Function

According to Precision Business Insights (PBI) latest report, the argon gas market is expected to be worth USD 294.5 million in 2022, growing at a 5.9% CAGR from 2022 to 2028. The growing demand for argon is fueled partly by the thriving metal fabrication industry. The increased use of argon as a cryogenic inert gas is assisting in the growth of the argon gas market. Argon is employed in manufacturing, beverage, and pharmaceutical packaging industries during manufacturing and storage. The expanding number of applications from the fabrication sector, global industrialization, the rising use of electronic parts, and the rise of the food and beverage industry are all aspects that will likely boost the argon gas market's growth. On the other hand, expanding the chemical industry in developing nations would strengthen numerous opportunities for the argon gas market players to flourish soon.

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Insulation Function Segment to Dominate the Argon Gas Market:
The insulation function segment is expected to account for a larger revenue share in the global argon gas market and is projected to grow at 5.4% CAGR over 2022 and 2028. In the argon gas market, the insulation function is highly valued. Like most insulating materials, Argon is a barrier to keep the heat inside from escaping. However, unlike most gases, argon has a better thermal efficiency due to its more significant density. This slow-moving gas allows for less convection by reducing heat loss. Argon gas increases thermal windows' energy efficiency and overall performance. Condensation is less likely to form in insulated windows filled with argon gas. This is especially true in high-humidity locations like the kitchen and the bathroom. Although fogging on the external surface of the glass can represent exemplary energy conservation, excessive humidity can cause water damage.

Europe Leads Argon Gas Market:
Europe is expected to hold the larger market share in the global argon gas market over the forecast period, and it is projected to grow at a CAGR of 5.5% in the coming years. This is primarily due to increased argon gas demand from the pharmaceutical and food and beverage industries. The argon gas market in Eastern Europe is predicted to grow at a moderate rate in terms of revenue, with strong demand from Russia for metal production and welding applications.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Global Argon Gas Market further reveals that the key players are increasingly adopting strategies such as launching newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In September 2021, Linde signed a long-term agreement with one of the world's largest semiconductor manufacturers to supply industrial gases to a new multi-million-dollar manufacturing facility in the United States. Linde will develop, own and operate a complex of on-site units to supply the customer with ultra-high-purity nitrogen, oxygen, and argon.

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The Argon gas market is segmented into gas phase, grade, storage, transportation & distribution, mixture, function, end-use industry, and geography.
Based on the gas phase, the market is segmented into the following:
• Liquid
• Gas

Based on the grade, the market is segmented into the following:
• Food Grade
• Industrial Grade
• Scientific Grade
• Others

Based on the storage, transportation & distribution, the market is segmented into the following:
• Cylinders & Packaged Gas
• Merchant Liquid/Bulk
• Tonnage

Based on the mixture, the market is segmented into the following:
• Argon-Carbon Dioxide
• Argon-Oxygen
• Argon-Helium
• Argon-Hydrogen
• Other Mixtures

Based on the function, the market is segmented into the following:
• Insulation
• Illumination
• Cooling

Based on the end-use industry, the market is segmented into the following:
• Metal Manufacturing & Fabrication
• Food & Beverages
• Healthcare, Energy
• Chemicals
• Electronics
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the argon gas market report 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.

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This release was published on openPR.