#raregases

The global argon gas market is expected to reach USD 17.21 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2023 to 2030. Argon is often substituted by helium in various sectors; however, rising helium prices are projected to boost product demand in several applications. Expanding automobile sector is also anticipated to increase product demand as steel is one of the main components of this sector.

The solar energy market requires huge volumes of argon for manufacturing processes. Burgeoning energy markets are also expected to drive the product demand, owing to applications in the solar and insulated windows market. Argon and krypton gases are used for insulating windows to cover the space between glass panes to prevent cold air from coming inside the rooms. This factor is further projected to drive the market over the forecast period.

Growing lighting demand owing to the increasing number of malls, and shopping complexes are expected to drive product demand over the forecast period. Argon is a versatile gas and is used for various welding applications such as welding special alloys and the production of light bulbs and lasers. It can also provide oxygen and a nitrogen-free environment for various heating processes which is expected to drive the market over the forecast period.

Asia Pacific is also expected to witness rising product demand owing to growing developmental activities in emerging nations such as India and China among others. Europe experiences harsh weather conditions, thus utilization of the product for insulating windows is also expected to drive the industry demand in the region over the forecast period.

Market players are projected to undergo capacity expansion over the forecast period to eradicate the imbalance between demand and supply. This factor is anticipated to boost product demand, owing to reducing production costs of the product. Major market players operating in the market are Linde Gas LLC, BASF, AMCS Corporation, Praxair, Messer Group GmbH, Air Liquide, KBR, and National Industrial Gas Plants.

Request a free sample copy or view report summary: Argon Gas Market Report

Argon Gas Market Report Highlights

North America region witnessed the fastest growth rate with a CAGR of 7.2% due to ongoing industrialization and increasing application of the product in various industries such as healthcare, manufacturing, metallurgy, and food & beverages

The healthcare application segment witnessed the fastest growth rate with a CAGR of 7.4% as it is used in the treatment of retinal detachment and retinal phototherapy for those who are diabetic; they are also used in surgeries to weld arteries and destroy tumours

In its gaseous form, argon is commonly utilized for manufacturing light bulbs. It is often used in combination with other rare gases to produce unique color effects in these bulbs.

Some key companies actively operating in this market are Air Products & Chemicals Inc., The Linde Group, Air Liquide, Messer Group, etc.These companies are operational in various stages of the industrial gases value chain and have multiple channels for the production and distribution of their finished products globally.