Argon Gas Market Valued At USD 428.26 Million In 2023 – What’s Next?

Published: 2025-03-05
Views: 77
Author: pujammr98
Published in: Article Marketing

Global Argon Gas Market Set for Robust Growth

The Global Argon Gas Market is poised for substantial expansion, driven by its diverse applications across industries such as electronics, healthcare, and manufacturing. Valued at approximately USD 10.20 billion in 2022, the market is projected to reach USD 19.58 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.

Competitive Landscape

The argon gas market is characterized by the presence of key players such as Linde, Air Liquide, Air Products, and Messer Group. These companies are actively investing in research and development to innovate and meet the evolving demands of various industries.

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Regional Demand Highlights

The Asia-Pacific region leads the global argon gas market, attributed to rapid industrialization and the burgeoning electronics manufacturing sector. North America and Europe also present significant demand, propelled by advancements in technology and the growing adoption of argon in various applications.

Vietnam: Argon Gas Opportunities

Vietnam's expanding electronics manufacturing industry has led to increased demand for argon gas. The country's focus on becoming a global electronics hub presents lucrative opportunities for argon suppliers.

Segmentation Analysis

by Gas

Phase Liquid
Gas

by Function

Insulation
Illuminations
Cooling

The market for argon gas is divided into three segments: cooling, illumination, and insulation. In 2023, the Insulation segment accounted for 58% of the market, the highest share. The best option for gas-insulated glass units is argon. It is the most cost-effective, dependable, and energy-efficient option. These elements are contributing to the expansion of the argon gas market in this particular area.

by Application

Chemicals
Electronics
Metal Manufacturing and Fabrication
Power and Energy
Pharmaceuticals
Food and Beverage
Others

Chemicals, Electronics, Metal Fabrication and Manufacturing, Power and Energy, Pharmaceuticals, Food and Beverage, and Others are the segments that make up the Argon Gas Market. With 5.23% of the market in 2023, the Metal Manufacturing and Fabrication category was the largest. Global industrialization, rapid urbanization, and expanding infrastructure are all predicted to increase demand for steel, which would propel the argon gas industry's expansion in this market.

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Key Market Participants:

1. Praxair Inc.
2. Air Liquide S.A.
3. The Linde Group
4. Messer Group GmbH
5. Airgas Inc.
6. Matheson Tri-Gas Inc.
7. Air Products and Chemicals Inc.
8. Advanced Specialty Gases Inc.
9. Iwatani Corporation (Japan).
10.National Industrial Gas Plants
11.BASF
12.AMCS Corporation
13.Messer Group GmbH
14.KBR
15.SABIC

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