Argon Industry to See Robust Expansion, Valued at $12.42 Billion by 2029

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What Is the Projected CAGR for the Argon Market from 2024 to 2025?
The size of the argon market has shown robust growth in the past few years. It is projected to expand from $7.46 billion in 2024 to $8.19 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 9.9%. This growth rate during the historical period can be ascribed to the surge in industrial applications, medical utilizations, expansion of the metal industry, electronic production, welding implementations and food preservation.

What are the Expected Market Size and CAGR for Argon by 2029?
In the coming years, the size of the argon market is projected to expand swiftly. The market is predicted to grow to $12.42 billion in 2029, with a compound annual growth rate (CAGR) of 11.0%. This growth during the forecast period is expected to be driven by an uptick in demand in the energy sector, advancements in aerospace applications, developments in electronics utilization, a surge in the 3D printing industry, and expanded usage in lighting applications. Noteworthy trends during the projected period include an escalation in electronics manufacturing, a higher demand in metal fabrication, the growth of specialty gas mixtures, applications in energy storage, a shift towards renewable energy sources, and a rise in demand in laboratories.

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Which Factors Are Driving the Global Argon Market Expansion?
The increasing need for argon gas in the electronics industry is predicted to propel the growth of its market. Argon gas, with its ability to produce an inert atmosphere perfect for quick cooling and heating of matter, will become a critical component in the production of semiconductors, flat panels, solar PV cells and microelectronic gadgets. The burgeoning trajectory of the technology market, notably in the Asia-Pacific region, allows for greater potential in electronics. This, in turn, fuels the need for sophisticated semiconductor components and induces heavy dependence on specialty gases like argon.

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Which Segment Currently Holds the Largest Share of 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

Which Major Trends Are Shaping the Future of the Argon Industry?
A significant number of chemical production companies are embracing Internet of Things (IoT) innovations to link machinery and intelligent gadgets to gather immediate data and identify deficiencies in the production process. The information collected from these gadgets is processed, scrutinized, and translated by facility directors and top-level executives to enhance quality and attain maximum production levels. For instance, advanced systems provide specifics on the operational status and efficiency of chemical reactors equipped with embedded software and analytical tools, alerting plant operators and administrators about potential machinery malfunctions. Big players in the industrial gas production sector like Praxair-Linde and Air Products are already adapting the IoT technology.

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Which Key Players Dominate the Argon Industry Globally?
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

What Are the Fastest-Growing Regions in the Argon Market?
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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This release was published on openPR.