Argon Gas Market Size
Market Outlook:
Base Year Value (2023)
USD 10.99 Billion
CAGR (2024-2032)
6.9%
Forecast Year Value (2032)
USD 18.41 Billion
Historical Data Period
2019-2023
Largest Region
Asia Pacific
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:The increasing demand for argon gas across various industrial applications such as metal fabrication, electronics, pharmaceuticals, and automotive is expected to drive market growth. Additionally, the growing adoption of argon gas in the food and beverage industry for packaging and preservation purposes is further fueling the market expansion. Moreover, the booming healthcare sector, particularly in emerging economies, is creating lucrative opportunities for the argon gas market.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | End-Uses, Forms |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | Air Products and Chemicals, Gulf Cyro, Universal Industrial Gases, nexAir, Southern Industrial Gas, Praxair, Taiyo Nippon Sanso, Axcel Gases, Linde Plc, Omega Air, Ellenbarrie Industrial Gases, Messer Group, Parker Hannifin Corp., Dubai Industrial Gases, Yingde Gases Group. |
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On the other hand, the high production cost associated with argon gas extraction and purification processes is a major restraint for market growth. Furthermore, the limited availability of argon gas sources in certain regions presents a challenge for market players in terms of supply chain management and distribution.
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