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Argon Global Market Report 2022

Argon Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6281605
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the argon market are Airgas, Air Liquide, Linde, Messer Group, Praxair, Air Water, Air Products, American Gas Group, BASF, Buzwair, and Eurochem.

The global argon market is expected to grow from $5.27 billion in 2021 to $6.06 billion in 2022 at a compound annual growth rate (CAGR) of 15.1%. The market is expected to grow to $9.32 billion in 2026 at a CAGR of 11.4%.

The argon market consists of sales of argon gas. Argon is a chemical element known as a Nobel gas (inert gas) isolated on a large scale by fractional distillation of liquid air and can be converted into colorless liquid form by lowering the temperature to below -186 degrees.

The main phases of argon are liquid and gas.The liquid is flowing freely like water The argon is used in functions such as cooling, illumination, and illusion.

These are used By End Userrs such as metal manufacturing and fabrication, chemicals, energy, healthcare, electronics, food and beverage, and other sectors.

Asia Pacific was the largest region in the argon market in 2021.North America was the second-largest region in the argon market.

The regions covered in the argon report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The argon gas market is expected to be driven by the growing demand from the electronics industry.As argon gas provides an inert atmosphere needed for rapid cooling and heating of materials it will be widely used for manufacturing semiconductors, flat panels, solar PV cells, and microelectronic devices in the electronics industry.

The electronics industry has more scope due to the growth in the technology market, especially in the Asia Pacific, which is driving the requirement for advanced semiconductor components and high reliance on specialty gases such as argon.

Rising costs had a negative impact on the growth of the argon gas market.This rise in raw material costs resulted in higher manufacturing costs, thus decreasing the investments available for research and development of new products.

Additionally, companies invested heavily in marketing their products due to intense competition in the market.Rising trucking, railroad, dry-bulk, and air-freight rates also negatively impacted the market.

This rise in operating costs increased the pressure on companies to protect margins while maintaining the quality of their products.

Many chemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps in the manufacturing process.The data obtained through these devices is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels.

For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. Major industrial gas manufacturers adopting IoT technology include Praxair-Linde and Air Products.

In December 2020, Air Products & Chemicals, a US corporation, purchased the Oxygen and Argon works for NIS 575 million ($176.84 million). This acquisition aids Air Products & Chemicals’ business expansion and rapid growth potential. Oxygen & Argon Works is Israel’s leading producer of industrial gases including helium, oxygen, hydrogen, and argon.

The countries covered in the argon market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

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