Argon Gas Market Size – USD 364.9 Million in 2019, Growth – CAGR of 5.3%, Trends – Strong demand from developing countries.
NEW YORK, NY, USA, October 1, 2021 /EINPresswire.com/ – The global argon gas market is expected to reach $ 553.7 million by 2027, according to a new report from Reports and Data. The market is seeing increased interest from the welding and metal fabrication industries, due to the properties exhibited by argon gas, such as non-flammability, color, non-toxicity and non-reactivity in extreme temperature conditions. In addition, an increase in lighting, due to the increasing number of shopping malls, shopping complexes is driving the growth of the market. However, the high transportation cost explains an increase in fuel cost resulting from the need to explore and adopt other materials as a substitute to reduce the overall cost of the operation and hence will hamper the market demand. argon gas.
The rapid urbanization has changed the way of life of individuals and thus has widened the ubiquity of the chemical and welding and metal fabrication sectors on a wide aspect, thus increasing the demand for the product in the market. Booming energy markets are also expected to drive product demand, driven by applications in the solar and insulated window market. Argon and Krypton gases are used to insulate windows to cover the space between the panes to prevent cold air from entering rooms. Additionally, inhalation of argon gas causes asphyxiation, which can be fatal to humans, anticipating to hamper the growth of the argon gas market.
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The use of argon gas is supported by the Ministry of New and Renewable Energy, the Ministry of Science and Technology, the Ministry of Trade and Industry, the Ministry of Agriculture and the Ministry of Energy Government of India Atomic, as an industrial gas market in India, is the main proponent of the general manufacturing division, subsequently raising interest in the product in the market. The government of Kerala has reviewed the industrial gas production project of Air Products, which is a major supplier of gases like oxygen, nitrogen and argon used mainly in industries and medicines. This is the largest foreign investment in Kerala which was made as part of an Integrated Refinery Expansion Project (IREP) of Bharat Petroleum Corporation Limited at the Kochi Refinery. In addition, other countries such as China, Japan and the United States are also supported by their respective governments, which helps them to maintain their position in the market and increases the potential for increased spending in the sector. argon gas. The Asia-Pacific region is expected to grow with the highest growth rate due to the increase in the use of argon gas.
The impact of COVID-19:
As the COVID-19 crisis grows, manufacturers are rapidly changing their purchasing practices and priorities to meet the demanded demand of a pandemic, which has reduced the need for industrial gases in the market. Over the course of a few months, there will be a series of shocks both positive and negative, as manufacturers and their suppliers respond to the changing needs of suppliers. Argon gas markets are being reshaped by the effects of this pandemic as some suppliers shut down or scale back production, due to a lack of downstream market demand. While some see their production suspended by the governments of their respective nations as a precautionary measure to fight against the spread of the virus. In some regions, markets are focusing on greater localization, looking at the severity of the outbreak and the resulting actions by different national authorities. Under these circumstances, market conditions in the Asia-Pacific regions have been very fluid, declining every week, making it difficult to stabilize.
The main participants include:
National Industrial Gas Plants, BASF, The Linde Group, AMCS Corporation, Air Products and Chemicals Inc., Praxair Inc., Iwatani Corporation, Messer Group GmbH, Air Liquide and KBR, among others.
Other key findings from the report suggest
The insulation function is expected to grow at a CAGR of 5.1% over the forecast period, as argon gas is in high demand for gas-insulated glass units due to its reliability and energy efficiency delivered for book, which saves considerable cost.
The welding and metal fabrication sector is the major contributor to the argon gas market and is expected to grow at a rate of 5.0% during the forecast period. Argon is often used to create an inert gas shield during welding, frequently mixed with hydrogen, helium, oxygen, or carbon dioxide to improve arc characteristics or facilitate arc welding. metal transfer in gas-to-metal arc welding.
Asia-Pacific dominated the argon gas market. The region’s constant focus on cost-effective and innovative procedures adopted in the region is driving the market. The Asia-Pacific region held around 34.0% of the argon gas market, followed by Europe, which held around 26.0% of the market in 2019.
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For the purpose of this report, reports and data have been segmented on the global argon gas market on the basis of mixture, function, application, and region:
Mixing Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, Billions USD; 2017-2027)
Outlook function (Volume, Kilo Tons; 2017-2027) (Revenue, Billions USD; 2017-2027)
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, Billions USD; 2017-2027)
Power and energy
Welding and metal fabrication
food and drinks
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Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, Billions USD; 2017-2027)
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