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Argon Global Market Size, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033
Argon Global Market
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According to The Business Research Company's, The argon market size has grown rapidly in recent years. It will grow from $6.72 billion in 2023 to $7.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to growth in industrial applications, medical applications, metal industry growth, electronics manufacturing, welding applications, food preservation.
The argon market size is expected to see rapid growth in the next few years. It will grow to $11.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to growing demand in energy sector, rise in aerospace applications, emerging applications in electronics, rapid growth in 3d printing industry, increased use in lighting applications. Major trends in the forecast period include electronics manufacturing, growing demand in metal fabrication, emergence of specialty gas mixtures, energy storage applications, shift towards renewable energy, increasing demand in laboratories.
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Market Drivers and Trends:
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.
Many chemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps in the manufacturing process. The data obtained through these devices is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. Major industrial gas manufacturers adopting IoT technology include Praxair-Linde and Air Products.
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Major Key Players of the Market:
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 2024 Key Insights:
• The argon market size is expected to see rapid growth in the next few years. It will grow to $11.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Growing Demand In The Electronics Industry For Argon Market
• IOT (Internet Of Things) Integration With Smart Systems In Argon Market
• Asia-Pacific was the largest region in the argon market in 2023
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