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TORONTO, Nov. 14, 2022 (GLOBE NEWSWIRE) — “Argon Gas Market” is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive environment are all dissected in detail in the research. In this era of globalization, the whole world is the marketplace and hence businesses seek to adopt a global market research report. The Argon Gas report covers market analysis, market definition, market segmentation, key developments in the market, key players or competitor analysis, and detailed research methodology. The numerical data brought together to produce this report is mostly signified with the graphs, tables, and charts which make this report more user-friendly. The market analysis included here gives an examination of various segments that are relied upon to witness the fastest development amid the estimated forecast frame.
The global argon gas market was valued at USD 5.27 billion in 2021 and is expected to reach USD 16.81 billion by 2029, registering a CAGR of 15.60% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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The third noble gas in period 8, with an atomic number of 18, is argon gas. This gas has no flavour or color and is inert. It is separated from liquid air through a process called fractional distillation, and it exists in the form of natural isotopes like 40Ar, 36Ar, and 38Ar. It accounts for around 1% of the Earth’s atmosphere.
The argon gas market has witnessed immense popularity owing to its ability to connect several ferrous and nonferrous alloys. These factors also make argon gas very useful in the aerospace, aviation, and automobile industries, where it is used to weld parts and frames. Due to its superior thermal insulation capabilities over air, argon gas is one of the most often utilized gases to fill scuba divers’ dry suits.
The Global Market Is Analyzed in Depth in the Latest Study. Taking into account the current level of competition and its projected evolution over the next few years.
Rapidly increasing demands, a rise in industrialization, consumer awareness, growing sectors, and technical improvements are fueling the expansion of the global Argon Gas market. Sales and revenue in this sector have increased at an exponential rate. The market’s size and growth are both expected to increase thanks to the factors driving the market’s expansion over the projected period.
Leading businesses in the Argon Gas industry are investing heavily in R&D in order to build a larger client base and expand their share of the market by reintroducing improved products to consumers. All of the companies’ strategy, as well as their financial health, revenue, gross margin, and growth rate, are detailed in the study.
The research promotes high-end commercialization and profit-steering opportunities, and it takes market dimensions and volatility into account.
This section of the report also focuses on accurately decoding the competitive landscape with astute high-end identification of frontline players, complete with an in-depth analytical study of their business choices and investment discretion, to ensure thoroughly impeccable investor participation and noteworthy growth prospects.
To ensure a smooth ride and hopeful business returns despite numerous odds and unprecedented hurdles, this research has carefully gauged facts pertaining to portfolio advancements, geographical presence, and other essential market details.
The Argon Gas Market is Dominated by Firms Such as
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Opportunities for Key Players:
Furthermore, the increased investments in various acquisitions and expansion strategies further enhance product applications and extend profitable opportunities to the market players in the forecast period of 2022 to 2029. For instance, The Oxygen and Argon Works were bought by Air Products & Chemicals, a US company, in December 2020 for NIS 575 million ($176.84 million). The business expansion and prospects for quick growth of Air Products & Chemicals are aided by this acquisition. Israel’s top producer of industrial gases such helium, oxygen, hydrogen, and argon is Oxygen & Argon Works.
Additionally, the growing adoption of the internet of things (IoT) technologies to link machinery and smart devices in order to get real-time insights and find manufacturing process gaps will further expand the future growth of the argon gas market. For instance, smart systems provide data on the operation and performance of chemical reactors with embedded analytics capabilities to alert plant managers and operators of potential machine failures. Praxair-Linde and Air Products are two significant producers of industrial gases that have embraced IoT technology.
Key Market Segments Covered in Argon Gas Industry Research
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Key Industry Drivers:
Argon is utilized to create an inert barrier between molten metals and slags and atmospheric oxygen, nitrogen, or carbon dioxide. In addition, argon’s resistance to heat cracking and other properties, such as its high thermal conductivity, which allows for quick travel rates throughout the welding process, make it vital when welding stainless steel. The welding industry uses argon gas because it helps shield workpieces from contamination. This characteristic of argon gas makes it a well-liked element for usage in manufacturing and metalworking processes. It is the most desired gas for the metal industry because of its inert reactivity; it is utilized as an inert gas to protect metals from oxidation during welding as well as being used to join many nonferrous and ferrous alloys. It is also the most frequently utilized gas for filling the dry suits used for scuba diving because of its outstanding thermal insulation qualities.
In the food and beverages industry, argon gas is frequently employed for packaging. Argons can be utilized as a preservative for meat products because they are odorless and inert. Additionally, by inhibiting oxidation and other chemical reactions of oxygen-sensitive components contained in packaged foods like fruits and vegetables, argon aids in maintaining product quality. By regulating temperature and maintaining storage pressure, argon gas is used in the beverage industry for wine preservation, beer foam stability, and carbonation management.
Furthermore, its wide range of uses across the industries such as the manufacturing, food, beverage, electronics, chemical, image and lighting, and metal fabrication industries will further propel the growth rate of argon gas market. Additionally, the surge in infrastructural activities along with the increasing industrialization across the globe will also drive market value growth. The qualities and benefits of argon gas, including its inertness, low cost, non-toxic nature, non-flammability, colorlessness, and non-reactive nature, even under extreme temperature, have helped it replace many other gases in the industry, increasing its demand in a variety of market sectors.
Rising prices largely hamper the argon gas market’s expansion. This increase in production expenses as a result of the rising cost of raw materials reduced the funds available for new product development and research. Additionally, the rising freight prices for trucks, railroads, dry bulk, and air freight and the demand on businesses to safeguard margins while preserving the quality of their products increased as a result of the rise in operational costs.
Presence of Substitutes
The argon is also difficult to separate from oxygen due to its diffusive and adsorptive qualities. The sales of argon gas are being restricted by the development of nitrogen microwave inductively coupled atmospheric pressure plasma (MICAP), which is more affordable in comparison. In addition, manufacturers are switching from argon to krypton since it is denser and gives greater thermal efficiency. Therefore, the presence of these substitutes which offer better features will challenge the argon gas market growth rate.
This argon gas market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the argon gas market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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Argon Gas Market Regional Analysis/Insights:
The countries covered in the argon gas market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rising demand from various industries such as food and beverages, pharmaceuticals, and others.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rising number of developmental activities in the region.
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Table of Contents:
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