Argon Global Market Report 2024

The argon market size has grown rapidly in recent years. It will grow from $6.72 billion in 2023 to $7.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be attributed to various factors, including the expansion of industrial applications, advancements in medical applications, growth in the metal industry, increased activities in electronics manufacturing, the prevalence of welding applications, and the utilization of argon in food preservation.

The argon market size is expected to see rapid growth in the next few years. It will grow to $11.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period can be linked to the increasing demand in the energy sector, a rise in aerospace applications, emerging applications in electronics, the rapid growth of the 3D printing industry, and increased utilization in lighting applications. Notable trends expected in the forecast period include the expansion of electronics manufacturing, a growing demand in metal fabrication, the emergence of specialty gas mixtures, applications in energy storage, a shift towards renewable energy, and an increasing demand in laboratory settings.

The argon gas market is poised for growth, primarily fueled by the increasing demand from the electronics industry. Argon's role in providing an inert atmosphere crucial for the rapid cooling and heating of materials makes it essential in manufacturing semiconductors, flat panels, solar PV cells, and microelectronic devices. The expanding technology market, particularly in Asia-Pacific, propels the need for advanced semiconductor components, fostering a high reliance on specialty gases such as argon.

Anticipated growth in the food and beverage industry is set to drive the argon market further. This industry encompasses diverse operations related to the production, processing, packaging, distribution, and retailing of food and drink items. Argon finds utility in winemaking for protecting wine during storage and replacing air in food packaging to extend the shelf life of perishable products. In 2021, the food and beverage industry witnessed $467.20 billion in sales, according to USDA Rural Development 2021 Highlights. Similarly, global beer consumption rose by 4.0% in 2021, reaching about 185.60 million kiloliters, as reported by Kirin Holdings Company Limited in December 2022. This robust demand in the food and beverage sector contributes significantly to the growth of the argon market.

The growth trajectory of the argon gas market faced challenges due to rising costs, negatively impacting overall expansion. Escalating raw material costs led to increased manufacturing expenses, limiting investments available for research and development. Intense market competition prompted heavy investments in product marketing. Additionally, elevated trucking, railroad, dry-bulk, and air-freight rates exerted pressure on companies to safeguard margins while upholding product quality.

Major chemical manufacturers are embracing IoT (Internet of Things) technologies to enhance operational efficiency. Adopting smart devices and equipment connected through IoT enables real-time insights, facilitating the identification of gaps in the manufacturing process. Praxair-Linde and Air Products are notable examples of major industrial gas manufacturers integrating IoT technology to monitor and optimize their production processes.

Major players in the gas sensor market are prioritizing innovation to strengthen their market positions. Innovative gas sensors, leveraging advanced technologies, detect and measure the presence of various gases in different environments. For instance, in March 2021, Bosch Sensortec, a subsidiary of Robert Bosch GmbH, launched the BME688 sensor. This air quality MEMS sensor combines gas, humidity, temperature, and barometric pressure detection with cutting-edge artificial intelligence, creating the world's smallest four-in-one air quality monitoring system. It finds applications in diverse areas, from forest fire warnings to detecting food deterioration.

In January 2023, Iwatani Corporation of America, a major player in industrial gases, including argon, acquired Aspen Air US LLC. This acquisition aims to expand Iwatani Corporation of America's presence in the industrial gases sector, offering new growth opportunities to customers. Aspen Air US LLC, based in the US, is a manufacturer of industrial gases, including argon.

Major companies operating in the argon market report are BASF SE, Iwatani Corporation, Saudi Basic Industries Corporation, Linde PLC, Air Liquide S.A, Praxair Inc., Air Products and Chemicals Inc., PJSC EuroChem AG, Nippon Sanso Holdings Corporation, Airgas Inc., Air Water Inc., Asia Technical Gas Co. Ltd., Cryotec Anlagenbau GmbH, SIAD S.p.A., The Messer Group GmbH, Messer Group GmbH, Noble Industrial Gases and Medigas Caribbean Ltd., SOL S.p.A., Abnormal Load Services, Nexair LLC, American Gas Association, Coregas Pty Ltd., Taiyo Nippon Sanso Corporation, Universal Industrial Gases Inc., Buzwair Industrial Gases Factories, Southern Industrial Gas Berhad, Iberdrola Ingeniería y Construcción S.A.U., The Southern Gas Ltd., Cryogas Equipment Pvt Ltd., Dubai Industrial Gases, NIPPON GASES EUROPE S.A.U., J.V.C. Industrial Corporation, BOC India Limited, Gulf Cryo Holding K.S.C.C., Kanto Kagaku Co. Ltd., Hangzhou Hangyang Company Limited. Asia-Pacific was the largest region in the argon market in 2023. North America was the second-largest region in the global argon market. The regions covered in the argon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary states of argon are liquid and gas. In its liquid state, argon flows freely such as water. The versatile applications of argon include functions such as cooling, illumination, and creating illusions. End users in various sectors, including metal manufacturing and fabrication, chemicals, energy, healthcare, electronics, and food and beverage, utilize argon for these purposes.

The argon market research report is one of a series of new reports that provides argon market statistics, including argon industry global market size, regional shares, competitors with an argon market share, detailed argon market segments, market trends and opportunities, and any further data you may need to thrive in the argon industry. This argon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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

The argon market consists of the sales of argon used in refrigeration, cryosurgery, airbag inflation, fire extinguishing, and spectroscopy. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.