Gas and Liquid Argon Market

The global gas and liquid argon market is projected to expand at a healthy CAGR of 5.52% during the assessment period from 2018 to 2023 to reach USD 542.33 million by the end of 2023. The key factors driving the growth of this market are the widespread use of argon in metal fabrication and production and increasing demand in the electronics and energy industries. Furthermore, the widening application scope of argon in the healthcare sector is projected to propel market growth in the years to come.

However, the emergence of structural adhesive as a substitutable welding technology is likely to hinder the market growth during the review period. Furthermore, the complexity of the manufacturing process and high operation cost pose a major challenge to the market players.

The global gas and liquid Argon market is segmented on the basis of type, mixture, function, end-use industry, and region. Among the type segments, gas argon held the largest share of the market in 2017 and is projected to reach USD 411.42 million by the end of 2023. This is mainly attributed to easy availability and increasing demand for gas argon in the major applications such as cooling, illumination, and shielding gas. By mixture, the Ar-CO2 gas mixture held the largest share of the global gas and liquid argon market which is estimated to reach USD 258.98 million by the end of the review period. This can be mainly attributed to the high demand for the product in metal fabrication. The cooling function held around 51.77% share of the market in 2017 and is projected to grow at a robust CAGR of 5.62% to reach USD 282.41 million by the end of 2023.

Based on end-use industry, the welding & metal fabrication segment accounted for 42.83% share of the market in 2017 and is estimated to attain a value mark of USD 230.34 million by the end of 2023. Argon is widely used in the welding and metal fabrication industry for shielding purposes. Additionally, the growing demand for argon in the healthcare industry is anticipated to propel market growth during the assessment period.

Geographically, in 2017, the market was dominated by Asia-Pacific with a market share of 38.74%; it is projected to reach USD 222.46 million by the end of 2023.