Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- Gas and Liquid Argon Market is Estimated to touch a valuation of USD 542.33 million by 2023 propelling at a CAGR of 5.52% during the assessment period (2018 to 2023), according to a new report from Market Research Future (MRFR).
Gas and liquid argon find substantial application in welding, cutting, melting of metals and metal alloys. It is used as a protective shielding. Production of gas and liquid argon require rectification of tail gases in low-temperature. Ammonia production is used as a source for tail gases. With the rise in construction and manufacturing activities across the world, gas and liquid argon are bound to get large-scale traction that would help the market climb the expected valuation by 2023 quite easily.
Key Players Head-to-Head:
Several companies are investing substantially to profit more from this huge market. Their strategies include a merger, collaboration, product launch, and other effective measures that aid in market expansion as well. Companies listed in MRFR report are Eurochem (Switzerland), SOL Spa (Italy), Praxair Inc. (U.S.), Messer Group (Germany), Air Liquide (France), BASF SE (Germany), SABIC (Saudi Arabia), Nippon Shokubai Co. Ltd. (Japan), The Linde Group (Germany), and Air Products and Chemicals Inc. (U.S.).
Industry Updates:
In 2019, Bruker launched a few innovative applications to better their product category and increase its product portfolio. One such is G6 Leonardo, which is an inert gas fusion analyzer. The equipment is robust, precise, and cost-effective. The machine offers pre-calibrated standard methods and argon which simplifies several industrial processes.
In December 2018, Air Products announced that they would build, own, and operate a new air separation unit (ASU) in Minnesota to produce argon, oxygen, and nitrogen on a large scale. These will be available in the liquid form mostly for local customers and distributors.
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Segments in Brief:
A detailed analysis of the gas and liquid argon market requires a complete break down of the market to get close to each and every founding component as close as possible. MRFR’s report segments the market by mixture, function, and end-user industries. By mixture, the gas and liquid argon market can be segmented into Ar-CO2, Ar-O2, Ar-He, Ar-H2, and others. The Ar-CO2 segment has the upper-hand in the market and with a predicted rise to USD 258.98 million by the end of 2023. By function, the gas and liquid argon market includes cooling, illumination, and insulation. The cooling segment to lead the charge with an expected valuation of USD 282.41 million by 2023. By end-use industries, the gas and liquid argon market comprises welding & metal fabrication, automotive & transportation, electronics, food & beverage, healthcare, energy, and others. The welding & metal fabrication segment has the lion’s share of the market, and it can expect to scale USD 230.34 million worth during the forecast period.
Global Presence: Asia Pacific Leads
The region-specific analysis of the Gas and Liquid Argon Market incorporates, namely, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), North America, and Latin America. The APAC market has a dominant share. In 2017, the market used to serve 38.74% of the global market. During the forecast period, the regional market could rise with a 6.53% CAGR to reach a valuation of USF 222.46 million. North America, on the other hand, is expected to clock USD 158.49 million valuation by 2023with a 4.68% CAGR.
Browse the market data and information spread across 235 pages with 337 data tables and 25 figures of the report “Gas and Liquid Argon Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/gas-liquid-argon-market-7114
Gas and Liquid Argon Market to Ride Well on its Shielding Ability
Among its several features, the one that builds its appeal the most is its ability to render a shield during various metalworking applications. The component prevents any contact between the metal and atmospheric elements such as reaction with atmospheric oxygen or nitrogen. The element itself finds almost no change in its composition. Hence, its name Argon, Greek in origin which means inert. Instances such as welding with carbon and stainless-steel alloys require no contamination, or else, it would have a far-reaching impact on the ductility and structural strength of the construction. Gas and liquid argon work well in such constructions. It is also used widely in the metal refining process.
Apart from the construction sector, gas and liquid argon market find prolific utility in the electronics and energy sectors. Healthcare sector is also witnessing a growth in the intake of gas and liquid argon. Its narcotic and protective abilities can be used in various ways in the healthcare sector. The packaging industry is also expecting substantial growth in the sale as it can protect foods from moisture and prevent reaction with oxygen. In the wine industry, its use is quite intensive. It is used to arrest change in microbial metabolism and stop wine from getting spoiled.
However, the gas and liquid argon market can get daunted in the coming years. The costly manufacturing process and the rise of adhesives in the construction industry as a better alternative can impact the market.
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