Argon Market Report 2025

The argon market size has grown rapidly in recent years. It will grow from $7.46 billion in 2024 to $8.3 billion in 2025 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to growth in industrial applications, medical applications, metal industry growth, electronics manufacturing, welding applications, food preservation.

The argon market size is expected to see rapid growth in the next few years. It will grow to $12.77 billion in 2029 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing demand in the energy sector, rise in aerospace applications, emerging applications in electronics, rapid growth in 3D printing industry, increased use in lighting applications. Major trends in the forecast period include electronics manufacturing, growing demand in metal fabrication, emergence of specialty gas mixtures, energy storage applications, shift towards renewable energy, increasing demand in laboratories.

The argon gas market is poised for growth, primarily fueled by the increasing demand from the electronics industry. Argon's role in providing an inert atmosphere crucial for the rapid cooling and heating of materials makes it essential in manufacturing semiconductors, flat panels, solar PV cells, and microelectronic devices. The expanding technology market, particularly in Asia-Pacific, propels the need for advanced semiconductor components, fostering a high reliance on specialty gases such as argon.

The increasing demand within the food and beverage industry is expected to drive the growth of the argon market in the future. The food and beverage sector encompasses a wide range of activities related to the production, processing, packaging, distribution, and retailing of food and drink products. Argon gas is utilized in this industry for winemaking to safeguard wine during storage and for replacing air in food packaging with a specific gas mixture to enhance the shelf life of perishable goods. For example, in September 2022, a report from Statistics Sweden, a government agency in Sweden, indicated that revenue from food and beverage sales reached $29.85 billion (SEK 334 billion), reflecting a growth of 2.9 percent. This increase is attributed to a 2.5 percent rise in sales volume and a 0.4 percent increase in food and beverage prices. Consequently, the rising demand in the food and beverage sector is fueling the growth of the argon market.

Major chemical manufacturers are embracing IoT (Internet of Things) technologies to enhance operational efficiency. Adopting smart devices and equipment connected through IoT enables real-time insights, facilitating the identification of gaps in the manufacturing process. Praxair-Linde and Air Products are notable examples of major industrial gas manufacturers integrating IoT technology to monitor and optimize their production processes.

Major players in the argon market are innovating technologically advanced products, such as acoustic imaging cameras, to provide customers with enhanced features. Acoustic imaging cameras are specialized instruments that utilize sound waves to generate visual representations of objects and environments, allowing for detailed analysis of structures and materials by capturing and displaying acoustic data in a way that emphasizes variations in density and composition. For example, in December 2022, Teledyne FLIR LLC, a US-based thermography company, introduced the Si2-Pro, Si2-LD, and Si2-PD models. These new models are notable for their outstanding image quality, featuring a 12 MP color camera, 8x digital zoom, and LED illumination to enhance visibility in low-light conditions. Improved battery life enables professionals to operate for longer periods in the field without needing to change power sources. Furthermore, these cameras have broadened their capabilities in gas leak quantification and cost estimation, now encompassing common industrial gases such as hydrogen, CO₂, methane, helium, argon, and ammonia. Equipped with a suite of advanced acoustic imaging technologies, the Si2 cameras excel at detecting and quantifying air and gas leaks, mechanical faults, and partial discharge, making them a preferred choice for these applications in the market.

In January 2023, Iwatani Corporation of America, a major player in industrial gases, including argon, acquired Aspen Air US LLC. This acquisition aims to expand Iwatani Corporation of America's presence in the industrial gases sector, offering new growth opportunities to customers. Aspen Air US LLC, based in the US, is a manufacturer of industrial gases, including argon.

Major companies operating in the argon market include BASF SE, Iwatani Corporation, Saudi Basic Industries Corporation, Linde plc, L'Air Liquide S.A., Praxair Inc., Air Products and Chemicals Inc., Nippon Sanso Holdings Corporation, Airgas Inc., Air Water Inc., Asia Technical Gas Co. Ltd., Cryotec Anlagenbau GmbH, SIAD S.p.A., The Messer Group GmbH, Messer Group GmbH, SOL S.p.A., Nexair LLC, Coregas Pty Ltd., Taiyo Nippon Sanso Corporation, Universal Industrial Gases Inc., Buzwair Industrial Gases Factories, Southern Industrial Gas Berhad, Cryogas Equipment Pvt Ltd., Dubai Industrial Gases, NIPPON GASES EUROPE S.A.U., J.V.C. Industrial Corporation, BOC India Limited, Gulf Cryo Holding K.S.C.C., Kanto Kagaku Co. Ltd., Hangzhou Hangyang Company Limited.

Asia-Pacific was the largest region in the argon market in 2024. North America was the second-largest region in the global argon market. The regions covered in the argon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the argon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Argon is a chemical element classified as a noble gas or inert gas. It is obtained on a large scale through the fractional distillation of liquid air and can be transformed into a colorless liquid by reducing the temperature to below -186 degrees. Argon is commonly employed when an inert atmosphere is required.

The primary states of argon are liquid and gas. In its liquid state, argon flows freely such as water. The versatile applications of argon include functions such as cooling, illumination, and creating illusions. End users in various sectors, including metal manufacturing and fabrication, chemicals, energy, healthcare, electronics, and food and beverage, utilize argon for these purposes.

The argon market research report is one of a series of new reports that provides argon market statistics, including argon industry global market size, regional shares, competitors with an argon market share, detailed argon market segments, market trends and opportunities, and any further data you may need to thrive in the argon industry. This argon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The argon market consists of the sales of argon used in refrigeration, cryosurgery, airbag inflation, fire extinguishing, and spectroscopy. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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