Steady Expansion Forecast for Argon Market, Projected to Reach $12.77 Billion by 2029

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How Large Will the Argon Market Size By 2025?
The size of the argon market has experienced swift expansion in the recent past. It is projected to escalate from $7.46 billion in 2024 to $8.3 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.3%. The notable development during the previous period can be accredited to factors like the surge in industrial applications, medical utilization, growth within the metal industry, the rise of electronics manufacturing, applications in welding, and usage in food preservation.

How Big Is the Argon Market Size Expected to Grow by 2029?
The argon market's dimension is predicted to undergo swift expansion in the upcoming years. It's set to escalate to $12.77 billion in 2029, with a compound annual growth rate (CAGR) of 11.4%. The increase during the forecast period can be linked to the rising demand in the energy sector, growth in aerospace applications, burgeoning applications in electronics, quick expansion in the 3D printing industry, and amplified usage in lighting applications. The forecast period is expected to be marked by trends such as electronics manufacturing, increased demand in metal fabrication, the advent of specialty gas mixtures, applications in energy storage, shifts towards renewable energy, as well as the growing requirements in laboratories.

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Which Key Market Drivers Powering Argon Market Expansion and Growth?
The anticipated growth of the argon gas market is largely due to the increased demand within the electronics sector. Argon gas, which offers the necessary inert environment for quick heating and cooling of materials, will be extensively utilized in the production of semiconductors, flat panels, solar PV cells, and microelectronic devices in the electronics sector. Owing to advancements in the technology market, particularly in the Asia-Pacific region, the electronics industry is witnessing significant expansion. This is leading to a greater need for sophisticated semiconductor components and a heavy dependency on specialty gases like argon.

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Which Fast-Growing Trends Are Poised to Disrupt the Argon Market?
Numerous manufacturers in the chemical industry are embracing IoT (Internet of Things) technologies to facilitate real-time insights and locate manufacturing process inefficiencies by connecting equipment and intelligent devices. The data captured from these devices is subsequently refined, evaluated, and deduced by plant supervisors and high-ranking managers to enhance quality and attain maximum production volumes. For instance, intelligent systems provide data on the operational state and efficiency of chemical reactors equipped with embedded software and analytic instruments, alerting operators and managers about potential equipment failures. Significant industrial gas manufacturers that have adopted IoT technology encompass Praxair-Linde and Air Products.

What Are the Emerging Segments in the Argon Market?
The argon market covered in this report is segmented -

1) By Phase: Liquid, Gas
2) By Function: Cooling, Illumination, Illusion
3) By End User: Metal manufacturing & fabrication, Chemicals, Energy, Healthcare, Electronics, Food & beverage, Other End-Users

Subsegments:
1) By Liquid: Industrial Liquid Argon, Medical Liquid Argon, Research and Laboratory Liquid Argon
2) By Gas: Industrial Gas Argon, Food and Beverage Gas Argon, Electronics Gas Argon, Medical Gas Argon

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Who Are the Global Leaders in the Argon Market?
Major companies operating in the argon market include BASF SE, Iwatani Corporation, Saudi Basic Industries Corporation, Linde plc, L'Air Liquide S.A., Praxair Inc., Air Products and Chemicals Inc., 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, SOL S.p.A., Nexair LLC, Coregas Pty Ltd., Taiyo Nippon Sanso Corporation, Universal Industrial Gases Inc., Buzwair Industrial Gases Factories, Southern Industrial Gas Berhad, 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

Which are the Top Profitable Regional Markets for the Argon Industry?
Asia-Pacific was the largest region in the argon market in 2024. North America was the second-largest region in the global argon market. The regions covered in the argon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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