Argon Market

Argon Market Size:

The global argon market size reached US$ 415.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 637.5 Million by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032. The increasing demand for the gas in electronics and lighting industries, rapid industrialization and manufacturing activities, growing investments in the healthcare sector, continual advancements in argon-production technologies, popularity in additive manufacturing, and an enhanced focus on renewable energy projects are some of the factors propelling the market.

Argon Market Analysis:

• Major Market Drivers: Increasing demand for the product in the electronics and lighting industries is a significant market driver. Also, rapid industrialization and increasing manufacturing activities are bolstering the demand for the product in welding and metal fabrication processes. Furthermore, growing investments in the healthcare sector are also driving the product usage in medical and laboratory applications.
• Key Market Trends: Key market trends include the advancement of technologies for product production and distribution. The growing use of argon in additive manufacturing (3D printing) are strengthening its market prospects. An increased emphasis on renewable energy projects is driving the product demand in energy-efficient applications. The argon market overview demonstrates continued expansion as industries increasingly adopt sustainable practices, highlighting these developments as significant trends driving market growth.
• Geographical Trends: Asia Pacific is leading the market due to rapid industrial growth and expanding electronics manufacturing in countries like China and India. The region's robust healthcare infrastructure and increasing investments in renewable energy projects further support market growth. North America and Europe also hold significant market shares due to advanced manufacturing and technology sectors.
• Competitive Landscape: Some of the major argon companies include Air Liquide India, Air Products and Chemicals Inc., Amcs Corporation, BASF SE, Buzwair Industrial Gases Factories, Iwatani Corporation, Linde plc, Messer SE & Co. KGaA, and Wesfarmers Company, among others. These companies focus on expanding their production capacities and investing in R&D to maintain a competitive edge. Strategic partnerships and mergers are common strategies adopted by the key players to strengthen their market position.
• Challenges and Opportunities: Some of the challenges in the market include high production costs and stringent regulatory standards affecting the market. The volatility in raw material prices can also impact market dynamics. However, opportunities arise from the growing adoption of the product in emerging applications like semiconductor manufacturing and space exploration.
   

Argon Market Trends:

Increasing need for semiconductors and electronic components

The rising demand for semiconductors and electronic components is driving the need for high-purity gases. High-purity gases like argon ensure the purity of electronic chips by preventing contamination from nitrogen and oxygen, which can degrade quality. Leading chip manufacturers are expected to increase their use of this gas to maintain safe production environments. Advances in chip manufacturing technology and the demand for cleaner processes are anticipated to further boost market growth. With semiconductors integral to devices like smartphones, laptops, medical equipment, and automotive systems, the push for innovative gadgets, IoT adoption, and 5G expansion is significantly enhancing the market for high-performance CPUs, thereby impacting the argon market value positively. For example, Air Products and Chemicals, Inc., based in the United States, declared that the company is developing unique electronic materials to meet the demands of the semiconductor industry.

Rising popularity of cryosurgery and cryopreservation techniques

The market is experiencing significant growth due to the rising popularity of cryosurgery and cryopreservation techniques. Healthcare facilities specializing in cryopreservation rely on argon to maintain tissues and living cells in a metabolically and structurally preserved state at extremely low temperatures. Also, the increasing incidence of cancer and skin disorders is driving the demand for cryosurgery, valued for its non-invasive nature and minimal hospitalization requirements, thus propelling the argon market growth. The advancement of regenerative and personalized medicine, along with long-term bioresearch, is further propelling the demand for the gas in the cryopreservation field. The rise in funding for medical research and the creation of new biobanks are also adding to the growing need for cryopreservation options. Additionally, the improvement of state-of-the-art cryosurgical tools and methods is anticipated to boost the effectiveness and efficiency of these procedures, which will in turn strengthen the dependence on the gas in medical practices.

Growing product adoption in food packaging

The preference for fresh, minimally processed food among consumers is anticipated to contribute to the growth of the argon market revenue. As a noble gas, it assists in inhibiting the growth of bacteria within food packaging, resulting in prolonged shelf life and preserved flavor. With the rising demand for healthy and natural foods, companies are striving to introduce preservative-free fruits, meats, and dairy products. Considerable growth in the food industry is expected to require manufacturers to develop fresh packaging techniques, which is providing an impetus to the market. Besides this, the gas is preferred for being inert, inhibiting chemical reactions that may affect food quality. The use of gas in modified atmosphere packaging (MAP) is becoming more popular, especially in the meat and dairy industries, where keeping products fresh is crucial.

Argon Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type and end user.

Breakup by Type:

• Liquid Argon
• Gas Argon
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes liquid argon and gas argon. 

Breakup by End User:

• Metal Manufacturing and Fabrication
• Chemicals
• Energy
• Healthcare
• Electronics
• Food and Beverage
• Others
   

Metal manufacturing and fabrication hold the largest share in the market

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes metal manufacturing and fabrication, chemicals, energy, healthcare, electronics, food and beverage, and others. According to the report, metal manufacturing and fabrication accounted for the largest market share.

According to the argon market research report, the metal manufacturing and fabrication sector is at the forefront of the market. This superiority is mainly credited to the crucial function of the gas in welding and metallurgy, as it is widely employed as a protective gas in welding methods like Gas Metal Arc Welding (GMAW) and Gas Tungsten Arc Welding (GTAW) to safeguard molten weld pools from air pollution. The gas's lack of reactivity prevents oxidation and other chemical reactions that could compromise welds, ensuring dependable and top-notch connections. Moreover, the growing utilization of the gas in metal manufacturing improves the accuracy and appearance of metal goods, making it crucial in sectors with demanding quality requirements like aerospace, automobile, and building.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest argon market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for argon.

Due to its strong industrial base and increased investment in industrial gas infrastructure, the Asia Pacific region is becoming a larger consumer of the product. The region has a huge presence of industries such as automotive, electronics, and metal manufacturing. With constant advancements in modern manufacturing technology, the region is remaining at the forefront. Asia Pacific is also well-known for its high-quality and precise manufacturing processes, which necessitate excellent equipment and goods. Industries like metal fabrication and welding are required to maintain product integrity, thereby creating a positive argon market outlook.

Competitive Landscape:

• The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include Air Liquide India, Air Products and Chemicals Inc., Amcs Corporation, BASF SE, Buzwair Industrial Gases Factories, Iwatani Corporation, Linde plc, Messer SE & Co. KGaA, Wesfarmers Company, etc.

  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

• The market is highly competitive, with leading competitors expanding into new regions in order to accelerate the argon demand and expand their geographical reach. These manufacturers are developing a variety of strategic alliances and distribution arrangements to meet the expanding demand for their products in new geographic regions. The major companies are also adopting cost-effective, reliable, and operationally flexible product manufacturing solutions. They are also actively pursuing new applications for the gas and its byproducts, which is providing an impetus to the product demand. Since the production of the gas is linked to oxygen production in ASUs (Air Separation Units), the leading companies are prioritizing increased oxygen production, which is impelling the market throughout the argon market forecast period.

Argon Market News:

• July 12, 2024: Air Liquide India has inaugurated a new Rs 350 crore manufacturing unit in Mathura, Uttar Pradesh, with a daily production capacity of over 300 tonnes of liquid oxygen, 45 tonnes of liquid nitrogen, and 12 tonnes of liquid argon. This expansion will significantly boost the supply of these gases across Delhi Capital Territory, Western Uttar Pradesh, Rajasthan, and Madhya Pradesh.
• September 19, 2023: Surrey-based Gas Recovery and Recycle Ltd (GR2L) secured a £4 million order to supply its ArgonØ recycling technology to Mundra Solar's upcoming 2 GW solar facility in India. This technology enables the recycling of up to 95% of argon used in silicon wafer fabrication, significantly reducing waste, emissions, and costs in solar panel production.

Argon Market Report Scope:

Key Questions Answered in This Report:

• How has the global argon market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global argon market?
• What is the impact of each driver, restraint, and opportunity on the global argon market?
• What are the key regional markets?
• Which countries represent the most attractive argon market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the argon market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the argon market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global argon market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the argon market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global argon market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the argon industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.