Liquid Argon Market Size, Share, Growth, and Industry Analysis by Type (Pure Grade, High Purity Grade, and Ultra-Pure Grade), By Application (Welding & Cutting, Semiconductor Industry, Photovoltaic Industry, Smelting, and Others), Regional Insights and Forecast From 2024 To 2032

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Liquid Argon Market Report Overview

The global liquid argon market size was valued at USD 3.29 billion in 2023 and is projected to grow from USD 3.41 billion in 2024 to USD 4.57 billion by 2032, exhibiting a CAGR of 3.7% during the forecast period. Asia-Pacific holds leading position in liquid argon market share in 2023.

When welding or cutting metals, argon gas can be utilized to produce a stable atmosphere without the danger of sparks or explosions caused by oxygen or nitrogen in the air. A non-radioactive isotope of argon called liquid argon is employed in the fabrication of semiconductors, premium steel, and other alloys. Metals like stainless steel, titanium, and aluminum are welded and cut in a safe environment using argon gas. High-quality steel can be created by purifying molten iron with liquid argon.

The liquid argon market growth can be attributable to the rising need for argon in a number of sectors, including smelting, semiconductor manufacturing, photovoltaic manufacturing, welding, and cutting. These industries have a growing need for argon because of its characteristics like inertness and non-toxicity, which make it appropriate for a variety of applications.

COVID-19 Impact: Lockdown Restrictions to Impede Market Progress

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

The abrupt COVID-19 pandemic breakout had prompted the installation of strict lockdown measures across a number of countries, which had disrupted the import and export of liquid argon. Because of lockdowns, travel restrictions, and company closures, the COVID-19 epidemic has had an impact on the economies and sectors of many different nations. Although huge firms were also impacted, small enterprises were primarily impacted. One of the primary sectors affected by this outbreak is the global food and beverage sector, which is currently dealing with supply chain disruptions, technology event cancellations, and office closures.

LATEST TRENDS

"Chemical Properties of Argon to Foster Market Growth"

A lot of metalworking applications use the noble gas argon, which has an atomic number of 18, to prevent the metal from coming into touch with components that could cause it to react with air oxygen or nitrogen. Included in this are hot metals and metal alloys used in dying casting, where the higher heat can hasten interactions with outside elements. Additionally, it is used when welding stainless steel and carbon steel alloys since even a tiny amount of nitrogen in the air can have a big impact on the ductility and structural strength of the weld. Argon is also used in the manufacturing of steel for bubbling, which helps remove impurities from the steel mix. The consistency of the mixture's composition is ensured while stirring. Some of the well-known industrial applications that are seeing strong demand for high purity and ultra-high purity argon gas include plasma cutting, arc welding, and root shielding.

Liquid Argon Market Segmentation

• By Type Analysis

By type, the market is segmented into the Pure Grade, High Purity Grade, and Ultra-Pure Grade.

• By Application Analysis

Based on the application, the market is classified into Welding & Cutting, Semiconductor Industry, Photovoltaic Industry, Smelting, and Others.

DRIVING FACTORS

"Increasing Demand from Various Sectors to Foster Market Growth"

The global liquid argon market is anticipated to be significantly influenced by the rising use of argon in metalworking processes in the electronics and energy sectors. The expanding range of argon's applications in the healthcare industry is anticipated to significantly boost the market for gas and liquid argon over the course of the anticipated time frame. Great purity argon is still in high demand due to the expanding demand for shielded arc operations during industrial processes including working with bronze, copper, copper alloys, and stainless steel. Because it maintains an inert atmosphere and eliminates instances of chemical changes and oxidation, which would be harmful for the weld, leading manufacturers across industries use high purity argon as a shielding gas.

"Increasing Adoption in Steel and Welding Industry to Magnify Market Growth"

Pure liquid argon (PLAR) or crude liquid argon are two names for argon (CLAR). A by-product of the manufacture of high purity argon is often crude argon. Limited applications for crude argon include steel production and welding. Usually, the purge gas is used as the feed to recover or purify high purity argon. High purity argon is a byproduct of the commercial manufacture of ammonia, which is a mixture of nitrogen, hydrogen, and a little quantity of argon. The synthetic gas generation, from which high purity argon is collected and processed, is powered by recycled methane from the ammonia production process that is burned in a heater.

RESTRAINING FACTORS

"Substitutes of Argon to Impede Market Progress"

The rising usage of structural adhesives in place of argon in welding processes is anticipated to hurt the global liquid argon market throughout the forecast period.

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Liquid Argon Market Regional Insights

"Rising Urbanization to Bolster Growth in Asia Pacific"

Asia Pacific is expected to dominate the liquid argon market share. The region is distinguished by its large customer base, rising disposable income, increased demand for consumer electronics and industrial processes, rising urbanization, and quick industrialization.

North America is predicted to grow at a significant rate. Due to the robust telecom and automotive industries. In the U.S., market players are increasing their investments in R&D, and this trend is anticipated to continue throughout the projected period.

KEY INDUSTRY PLAYERS

"Companies Adopt Technologically Advanced Production Techniques to Improve Market Position"

The key vendors gradually create awareness about the development courses and their benefits, along with innovation and acquisitions. Further, global vendors are trying to stabilize themselves through strategic collaborations and investments.With a prominent share in the market, these major players are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping new markets.

LIST OF TOP LIQUID ARGON COMPANIES

• Linde (Ireland)
• Air Liquide (France)
• Prax Air (U.S.)
• Air Products (U.S.)
• Messer Group (Germany)
• BASF (Germany)
• Nippon Shokubai (Japan)
• BAOWU (China)
• EuroChem (Switzerland)
• HBIS Group (China)
• Baosteel Gases (China)
• Sasol (South Africa)

INDUSTRY DEVELOPMENT

To advance its product category and broaden its product offering, Bruker published a few cutting-edge apps in 2019. For instance, the inert gas fusion analyzer G6 Leonardo. The equipment is dependable, accurate, and economical. The equipment has argon and pre-calibrated standard procedures, which streamline a number of industrial processes.