The global Argon Gas market has reached USD 2774 million in 2019 and estimated to reach USD 3581 million by 2026 at a CAGR of 37 during the forecast period from 20202026 due to the rising demand in various application such as electronics automotive metal fabrication healthcare and lighting ID: 900779
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Argon Gas Market Size, By Application, Trend Analysis, Competitive Market Share & Forecast, 2021-2027
Slide2Argon Gas Market- Industry Trends & Forecast Report 2027
According to
BlueWeave Consulting, The global Argon Gas market has reached USD 277.4 million in 2019 and projected to reach USD 358.1 million USD by 2026 at a CAGR of 3.7% during the forecast period from 2020-2026. The rising need for electronic products, the growing food & beverage sector, and the increasing demand for energy are some of the other factors that are expected to drive the growth of the global argon gas market globally during the forecast period from 2020-2026.Argon gas is naturally odorless, colorless, inert gas produced by fractional liquid air distillation. Several isotopes such as 40Ar, 38Ar, and 36Ar form argon gas naturally. Companies consider inorganic growth approaches, such as acquisitions, to cope with rising argon gas demand in developing markets.
Slide3Growth Drivers The growing technologiesDuring the forecast period from 2020-2026, technological up-gradation and the growing chemical end-use industry in emerging and underdeveloped economies are anticipated to drive revenue growth on the argon gas market. Major manufacturers invest and focus on local players to develop advanced technology equipment and extend their footprint across the country.
The high price of helium
The argon also replaces helium in different sectors. The increasing helium prices are projected to propel the argon demand in several regions due to its high cost as compared to argon, which has low cost and also has broad applications.
Slide4Restraints High production costIncreasing initial infrastructure cost linked with Argon Gas production and requiring expenditure for the comprehensive research and development programs to achieve product quality are the significant factors that are likely to impede the demand and growth of the argon gas market.
Sample Copy of the Report:
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Slide5Global Argon Gas Market: Storage, Distribution & TransportationBased on Storage, Distribution & Transportation, the Argon Gas market segmented into Cylinder & packaged gas, Merchant liquid/bulk, Tonnage. Cylinder & packaged gas segment is dominating the Argon Gas market owing to the argon is produced by the fractional distillation of liquid air and owing to its inertness nature, argon gas does not chemically react with most of substances. Argon gas is also used as substitute of nitrogen, which is anticipated to drive the product market during the forecast period
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Slide6Global Argon Gas Market: Regional insightsBased on the region, the Argon Gas market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America is expected to have the fastest as well as the largest regional market during the forecast period due to the increasing demand for argon gas in food & beverage and pharmaceutical industries across the region. Asia Pacific market is anticipated to account for the second-highest revenue share in the global argon gas market due to increasing developmental activities in the region
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Slide7Competitive landscapeThe major market players in the Argon Gas market are Praxair Inc., Air Liquide S.A., The
Linde
Group, Messer Group GmbH, Airgas Inc., Gulf Cryo, Matheson Tri-Gas Inc., Air Products and Chemicals Inc., Advanced Specialty Gases Inc., Iwatani Corporation, Linde Gas USA LLC, BASF, AMCS Corporation, KBR, Iceblick Ltd., Taiyo Nippon Sanso, Coregas, National Industrial Gas Plants, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.
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