Gas and Liquid Argon Market Size, Share, Growth, And Industry Analysis, By Type (Ar-CO2, Ar-O2, Ar-He, Ar-H2 and Others), By Application (Welding and Metal Fabrication, Automotive and Transportation, Food and Beverage, Healthcare, Electronics, Energy and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Gas And Liquid Argon Market Report Overview

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The global gas and liquid argon market size was USD 346.86 million in 2021 and is expected to reach USD 621.76 million in 2031, exhibiting a CAGR of 6.01% during the forecast period.

An odorless, colorless, non-toxic, and inflammable noble gas is argon. It makes up around 0.93% of the atmosphere of the planet. Argon exists in two different states: gas and liquid. The boiling point of liquid argon is -185 degrees Celsius (-301 degrees Fahrenheit), and its density is around 13 times that of air (at 0 degrees Celsius). Because it doesn't react with the metals or other materials being welded, argon gas is frequently employed in welding applications.

COVID-19 Impact: Halted Operations Due to Lockdown to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with gas and liquid argon experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The activities of numerous industries have either been temporarily discontinued or are being conducted with a reduced staff due to the necessary lockdowns and other restrictions imposed by the pertinent governing agencies in the wake of the recent COVID-19 outbreak. As a result of this tendency, the global market for argon gas is anticipated to see notable decreases in revenue growth similar to other markets. Another aspect that can impede the expansion of the global argon gas market's revenue over the course of this forecast period is the high costs associated with the installation and maintenance of this equipment.

Latest Trends

"Food and Beverage Sector to Boost Market Growth"

One of the biggest consumers of gas and liquid argon is the food and beverage sector. In this industry, argon is employed for many different things, including freezing, packaging, and food preservation. Argon is additionally utilized to produce an inert environment for food product packaging. Food is preserved and kept fresh for longer periods of time as a result. The food and beverage business also utilizes argon for a wide range of additional purposes. For instance, argon can be used to carbonate drinks like soda and beer.

Gas And Liquid Argon Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Ar-CO2, Ar-O2, Ar-He, Ar-H2 and Others.

In terms of product, Ar-CO2 is the largest segment.

• By Application Analysis

Based on application, the market can be divided into welding and metal fabrication, automotive and transportation, food and beverage, healthcare, electronics, energy and others.

In terms of application, food and beverage is the largest segment.

Driving Factors

"Various Applications in Wielding Segment to Accelerate Market Growth"

When welding, argon is utilized as a shielding gas to prevent contamination and oxidation of the weld. In situations when it is vital to keep nitrogen out of the environment, it is also employed in plasma cutting and other thermal cutting operations. Argon is used in a wide range of sectors, including the automotive, food and beverage, healthcare, electronics, and energy industries. Argon-Oxygen mixtures are used in welding and cutting operations where it is necessary to exclude nitrogen from the atmosphere. This gas is also used as an inert shielding gas in arc welding processes such as gas tungsten arc welding, plasma arc welding, and shielded metal arc welding. Argon is also used in electric discharge machining for the same reason. This is anticipated to propel gas and liquid argon market growth.

"Automotive Segment to Augment Market Growth"

Ar-Co is a gas that is employed in metalworking and welding. In automobiles and transportation, it is also employed. Ar-Co is a gas that is employed in metalworking and welding. In automobiles and transportation, it is also employed. Many various industries use Ar-Co, including welding, food and beverage, healthcare, electronics, and energy. Welds are primarily shielded from oxidation by Ar-Co. Welds that have undergone oxidation may become fragile and shatter quickly. By erecting a barrier between the oxygen and the weld, Ar-Co stops this from happening. One of the largest consumers of gas and liquid argon is the automotive sector. To lessen noise and pollution, argon is used in mufflers, catalytic converters, and other exhaust systems. Additionally, it is utilized in fuel cells, seatbelt pretensioners, and airbag inflation. Automotive uses utilizing argon include airbags, seatbelts, and tires. Additionally, it is utilized in vehicles like cars, buses, and trains for transportation purposes.

Restraining Factors

"Higher Risk of Fire to Impede Market Expansion"

Both the gaseous and liquid forms of argon are nonflammable and do not by themselves pose a threat of fire or explosion. The storage containers, whether gas cylinders or liquid tanks, should not be placed in locations where there is a high risk of fire or where they could typically be subjected to severe heat because they are often stored under pressure. When exposed to fire, pressurized gaseous argon containers can overheat and violently burst.

Gas And Liquid Argon Market Regional Insights

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"North America to Dominate the Market Due to Increased Demand from Industries "

Among all the regions, North America is the leading/dominant region in the global gas and liquid argon market share due to the increasing demand from various end-use industries such as welding and metal fabrication and automotive and transportation in this region. Whereas, Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Latin America and Europe are also growing regions for the global Gas and Liquid Argon market due to the increasing demand from various end-use industries.

Key Industry Players

"Key Players Focus on Partner gas and liquid argon ships to Gain a Competitive Advantage "

Prominent market players of gas and liquid argon are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Linde (Germany)
• Euro chem (Switzerland)
• SASOL (Africa)
• AMCS (Ireland)
• Air Products (U.S.)
• Middlesex Gases (U.S.)
• Praxair (U.S.)

Report Coverage

This research profiles a report on gas and liquid argon with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.