Argon gas is in the group 18 of the periodic table and is a noble gas. It is a colorless, odorless, inert gas in nature. Gas industry has been on the growth and because of its cheap and inert nature Argon gas has replaced many of the other gases in the Industry and hence experienced a tremendous market growth and demand. Ever increasing need for fabrication, welding and chemical analysis is the main reason for the growth of argon gas industrial value and its revenue generating aspect.
In the present global context, argon gas industry is segmented on the basis of grade, outlook for major applications/end user industries and mixtures. On the basis of grade it is divided into mainly three types; food grade, industrial grade and scientific grade. The chemical mixture divisions include Argon Carbon Dioxide Mixture, Argon Nitrogen mixture, Argon Hydrogen, Argon Helium and other mixtures. Argon helium is the most used mixture in argon market. It is used as a welding gas for copper alloys.
The industries that utilize argon gases include welding and fabrication, food and beverages and chemical industry. Growing infrastructural activities and application of steel in it is forecasted to drive the argon market. Fabrication sector is the fastest growing industry followed by the chemical sector. The global market size for argon gas is estimated to grow multifold owing to the increasing demand from the end user industries and rising helium prices. Liquid argon is used to destroy cancer cells in medical procedures. The metal manufacturing & fabrication is the most promising end-use industry segment and various trends like Argon gas application as a cryogenic inert gas is accelerating its market.
It is forecasted via acute analysis in this report to experience growth at the highest CAGR from 2018 to 2023. The key players to withhold the dominant position implement different policies such as expansions & investments, launching of new products, agreements, partnerships, contracts, and partnerships to gain a larger share in the market.
By scrutinizing the regional outlook the major market for the argon gas is North American region, while Europe and APAC also contribute a good fraction of the share. In North America U.S. is the dominant market while in Europe it is led by Germany.
The argon gas market is dominated by five major companies namely:
- Praxair Inc (The U.S.)
- Linde group (Germany)
- Air Liquide SA (France)
- Messer Group (Germany)
- Airgas Inc(The U.S.)
These companies have shown their dominant presence in various fields of the gas industry.
- The other key players in the market are
- Airtec Gases Inc (U.S.)
- Matheson Trigas, Inc (the U.S.)