Argon Gas Market Size By Type (Liquid Argon, Compressed Argon), By End Use (Healthcare, Food & Beverage, Electronics, Manufacturing, Others) & Forecast, 2024 – 2032

Argon Gas Market Size

Argon Gas Market was valued at around USD 962.64 million in 2023 and is anticipated to register a CAGR of over 6.2% between 2024 and 2032 to surpass a market value of USD 1.6 billion by 2032.
 

In 3D printing and additive manufacturing processes, argon plays a crucial role by creating inert atmospheres, safeguarding against oxidation, and ensuring the production of high-quality metal parts. As 3D printing technologies advance, especially in sectors like aerospace, automotive, and healthcare, the demand for high-purity argon is on the rise. This uptrend is poised to gain momentum as 3D printing cements its position in mainstream manufacturing.
 

Moreover, the argon gas sector is benefiting from the expanding scuba diving and dry suits market. Argon, prized for its superior insulating properties and lower thermal conductivity compared to nitrogen, is increasingly favoured for dry suit inflation, especially in cold water conditions. With the surge in adventure tourism and recreational diving, particularly in colder locales, the demand for argon in this niche is set to see a steady increase.
 

The utilization of argon in lighting applications is further propelling the market's growth. From fluorescent and high-intensity discharge lamps to select LED systems, argon's inert qualities are harnessed to prevent oxidation, thereby elongating the lifespan of lighting products. With the ongoing evolution of energy-efficient lighting solutions and global initiatives to curb energy consumption, the demand for argon in specialized lighting is forecasted to rise, bolstering the global market.
 

The global argon gas market faces high energy costs and environmental concerns. Producing argon through air separation uses a lot of energy, leading to high costs and a large carbon footprint. As energy prices change and environmental rules get stricter, producers must improve their processes and invest in cleaner technologies. This need for sustainability can strain resources and affect product pricing.
 

Supply chain issues remain a major problem for the industry. Argon is mainly a byproduct of oxygen and nitrogen production, so disruptions in these supply chains can affect argon availability. Geopolitical tensions, natural disasters, or economic downturns can also disrupt production and distribution. As a result, manufacturers and end-users faces unpredictable supply shortages and price changes, making it hard to maintain consistent operations and plan for the long term in argon-dependent industries.
 

Argon Gas Market Trends

The market is witnessing a surge in demand, primarily propelled by the semiconductor and electronics sectors, which rely on high-purity argon for their manufacturing processes. Concurrently, the metal fabrication and welding industries are amplifying the consumption of argon. In healthcare, argon is finding growing applications in cryosurgery and plasma coagulation. The advent of 3D printing and additive manufacturing is opening new avenues for argon utilization. On the supply front, there's a notable shift towards on-site production systems, a strategic move to mitigate supply chain vulnerabilities. Noteworthy is the industry's heightened focus on researching more efficient and eco-friendly production methods, in line with global sustainability objectives. These trends collectively underscore a vibrant and expanding market, marked by a broadening scope in applications and production methodologies.
 

Argon Gas Market Analysis

Based on type, the market is segmented into liquid argon and compressed argon. Compressed argon held the dominant market share of USD 503.53 million in 2023 and is expected to grow significantly with CAGR of 5.9% by 2032. Compressed argon leads the global argon gas industry because it is easy to use and has many applications. It does not need special equipment for vaporization, making it practical for industries like welding, metal fabrication, and food preservation. This convenience helps it hold a significant market share. Liquid argon is valued for its high purity in research and electronics manufacturing. It is efficient for large-scale storage and essential for controlled gas delivery in some industrial processes. Although it requires specialized equipment, making it more costly and complex, its benefits make it crucial for high value uses.
 

Based on end use, the market is segmented into healthcare, food & beverage, electronics, manufacturing and others. Manufacturing accounted for major market share in 2023 is projected to grow through 2032 at a CAGR of 5.4%. Manufacturing and electronics are the main drivers of the global argon gas market. In manufacturing, especially metals, argon's inert nature is very useful. It protects welds from oxidation, ensuring strong bonds. This is important for car parts, ships, and airplanes, helping the market grow as these industries expand. In electronics, argon's inert properties are crucial for creating pure environments needed in semiconductor manufacturing, which is essential for modern devices. The growing demand for smartphones and laptops directly boosts the market. Healthcare uses argon in MRI machines, and the food & beverage industry uses it for modified atmosphere packaging to extend shelf life. These sectors are expected to grow steadily as their industries advance. The others category includes uses like scuba diving and light bulbs. Although their individual growth might be slower, together they support the overall market's health.
 

APAC dominated the market in 2023 with revenue of over USD 310.66 million. With rapid industrialization and urbanization, particularly in China and India, APAC stands as the dominant force in the global market. The region's thriving manufacturing sector, notably in electronics, automotive, and metal fabrication, is a key driver of the rising demand for argon. APAC's healthcare industry is expanding, with a growing adoption of advanced medical technologies, further boosting the market. Furthermore, the region's emphasis on infrastructure and construction bolsters its argon consumption.
 

North America, led by the United States, holds a strong position in the market. The region's established industrial base, particularly in aerospace, automotive, and electronics, ensures steady argon demand. North America's advanced healthcare sector and research facilities drive the need for high-purity argon. The region's leadership in technological innovations, such as 3D printing and semiconductor production, further boosts market growth. Additionally, North America's strong oil and gas industry, which uses argon in various applications, adds to its market strength. The presence of major argon producers and a well-developed distribution network supports North America's significant market share.
 

Argon Gas Market Share

The argon gas industry is very competitive, with many key players. BASF SE is a top producer of argon gas, focusing on sustainable solutions. BASF offers high-purity argon for welding, metal fabrication, and electronics. Their global network and production facilities help them stay competitive.
 

Messer is expanding in the argon gas market with strategic investments and new products. They provide a wide range of industrial gases, including high-quality argon. Messer has a strong presence in Europe, Asia, and the Americas, focusing on customized gas solutions and sustainability.
 

Praxair Inc., now part of Linde plc after a merger, is a major player in the global market. They offer a wide range of argon products and services for industries like healthcare, aerospace, and electronics. Praxair's large distribution network and advanced technologies make them a key supplier of argon gas worldwide, focusing on innovation and operational excellence.
 

Argon Gas Market Companies

Major players operating in the argon gas industry include:

• Air Liquide
• Air Products
• Airgas
• American Gas Products
• Axcel Gases
• BASF SE
• Ellenbarrie Industrial Gases Ltd
• Linde plc
• Matheson Tri-Gas Inc.
• Messer
• nexAir
• Southern Industrial Gas
• Taiyo Nippon Sanso
   

Argon Gas Industry News

• In June 2024: Air Liquide is investing $850 million to build air separation units in Texas to supply oxygen and nitrogen for ExxonMobil's low-carbon hydrogen project. This will also produce significant amounts of argon, a rare gas used in electronics and other industries, strengthening Air Liquide's position in that market.
   
• In May 2024: Linde plans to invest around $150 million in constructing and managing a new air separation unit (ASU) in Boden, located in northern Sweden. This facility will provide oxygen, nitrogen, and argon to H2 Green Steel's advanced plant, which aims to cut carbon emissions by up to 95% compared to traditional steelmaking methods using innovative technology.
   

The argon gas market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2021 to 2032, for the following segments:

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Market, By Type

• Liquid Argon
• Compressed Argon

Market, By End Use

• Healthcare
• Food & Beverage
• Electronics
• Manufacturing
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA