The report examines the global gas and liquid argon market’s historical growth trajectory and present conditions in order to forecast the market’s likely growth trajectory over the forecast period from 2021 to 2030. According to the report, the global gas and liquid argon market is expected to rise to a valuation of USD 542.33 million by the end of 2030, growing at a CAGR of 5.52% over the forecast period (2021-2030).
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The gas and liquid argon market is expected to rise mainly due to the growing demand for argon in metalworking applications in automotive, construction, electronics, and energy industries. Argon is used in the manufacture of high-quality steel and aluminum, as well as silicon and germanium crystals. Argon is mainly used as a shield gas in these applications, as it is inert and thus provides the perfect material to protect the mixture from environmental reagents that could hamper the stability of the resultant materials.
The increasing use of argon in the healthcare sector could also emerge as a key driver for the global gas and liquid argon market over the coming years.
On the other hand, the high cost and high level of complexity of the production process of argon can deter growth of the global gas and liquid argon market over the forecast period.
Segmentation Analysis:
The global gas and liquid argon market is segmented on the basis of type, mixture, function, end-use industry, and region.
By type, the global gas and liquid argon market is segmented into gas and liquid. Gas is likely to remain by far the more dominant segment in the global gas and liquid argon market over the forecast period, clocking in a valuation of USD 411.42 million by 2030. It can accrue close to 941.49 kilotons (KT) by the same year. The liquid argon segment is expected to touch a value of USD 130.91 million by 2030 at a CAGR of 4.87% over the forecast period.
By mixture, the global gas and liquid argon market is segmented into Ar-CO2, Ar-O2, Ar-He, Ar-H2, and others. The Ar-CO2 segment is likely to dominate the global gas and liquid argon market over the forecast period. The segment is expected to rise to a valuation of USD 258.98 million by 2030, followed by Ar-O2 at USD 131.92 million. It can accumulate close to 576.45 KT by 2030.
By function, the gas and liquid argon market is segmented into cooling, illumination, and insulation. Cooling, followed by illumination, is likely to be the leading contributor to the global gas and liquid argon market over the forecast period, the two segments expected to account for valuations of USD 282.41 million and USD 176.68 million, respectively, by 2030.
Key end-use industries requiring gas and liquid argon include welding and metal fabrication, automotive and transportation, electronics, food and beverage, healthcare, energy, and others. Welding and metal fabrication remains by far the leading contributor to the global gas and liquid argon market, accounting for more than twice as much of the market as the next highest contributor, automotive and transportation. The segment accounted for USD 170.21 million in 2017 and is likely to rise to USD 230.34 million by 2030, while the automotive and transportation segment is expected to rise to a value of USD 91.02 million by 2030.
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Regional Analysis:
Regionally, the global gas and liquid argon market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific accounted for a dominant share of 38.74% in the global gas and liquid argon market in 2017 and is likely to further exhibit the fastest growth in the market over the forecast period between 2021 and 2030 at a CAGR of 6.53% to rise to a valuation of USD 222.46 million.
North America accounted for USD 119.86 million in 2017 and is likely to rise to a valuation of USD 158.49 million by 2030. It can register close to 306.35 KT at a CAGR of 4.68% over the forecast period.
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