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. These approaches have enabled companies to build a broad partner and client base in the Argon gas markets. The argon gas market players in the Asia-Pacific have diverse prospects attributed to rapidly growing manufacturing industries.
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The Argon-Helium market segment is dominating the type segment in the Argon Gas market during the forecast period of 2026. Argon-helium is the most used mixture in the argon market. Helium is inert and low-density gas, whereas argon mixture with helium is colorless, odorless and non-flammable. Argon-helium is hotter and of higher tension than in case of using pure argon. Argon-helium is used as a welding gas for copper alloys. These mixtures are widely used for TIG, MIG welding owing to the helium ensures deeper and wider welding. Argon is widely used in the chemical industries, although, due to its unique properties, it is not a chemical itself that helps enterprises to innovate new products and reduce production costs.
Technological up-gradation and the growing chemical end-use industry in developing and under-developed economies are estimated to drive revenue growth of the argon gas market. Market players are actively taking initiatives to explore new applications for the product, which is also estimated to increase the argon demand during the forecast period. Argon production is tied to oxygen production in Air Separation Units (ASUs). Thus, players are emphasizing growing oxygen production which in turn is estimated to drive the argon market over the coming years.
Helium is a chemical element with symbol He and atomic number 2. It is a rare atmospheric gas which is colorless, odorless, tasteless, nontoxic, nonflammable and only slightly soluble in water. The argon in various sectors often substitutes helium. Argon is used instead of helium owing to the growing demand in various application segments such as stainless steel, electronics, and fabricated metalworking markets. Therefore, high price of helium helps in drive the growth of argon gas market across the globe.
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Geographically, the Global Argon Gas market is bifurcated into North America, Asia Pacific, Europe, Middle East, and Africa & Latin America. Due to the increasing demand for argon gas in the food & beverage and pharmaceutical industries across the world, North America is projected to have both the fastest and the largest regional market during the forecast period. 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.
The 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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