New York, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Argon Global Market Report 2023" - https://www.reportlinker.com/p06281605/?utm_source=GNW
Major players in the argon market are Airgas, Air Liquide, Linde, Messer Group, Praxair, Air Water, Air Products, American Gas Group, BASF, Buzwair, and Eurochem.
The global argon market will grow from $6.06 billion in 2022 to $6.84 billion in 2023 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The argon market is expected to grow from $10.28 billion in 2027 at a CAGR of 10.7%.
The argon market consists of the sales of argon used in refrigeration, cryosurgery, airbag inflation, fire extinguishing, and spectroscopy.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Argon is a chemical element known as a Nobel gas (inert gas) that is isolated on a large scale by fractional distillation of liquid air and can be converted into colorless liquid form by lowering the temperature to below-186 degrees. Argon is frequently used when there is a requirement for inert atmosphere.
Asia Pacific was the largest region in the argon market in 2022.North America was the second-largest region in the argon market.
The regions covered in the argon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main phases of argon are liquid and gas.The liquid is flowing freely like water.
Argon is used for functions such as cooling, illumination, and illusion. These are used by end users such as metal manufacturing and fabrication, chemicals, energy, healthcare, electronics, food and beverage, and other sectors.
The argon gas market is expected to be driven by the growing demand from the electronics industry.As argon gas provides an inert atmosphere needed for rapid cooling and heating of materials, it will be widely used for manufacturing semiconductors, flat panels, solar PV cells, and microelectronic devices in the electronics industry.
The electronics industry has more scope due to the growth in the technology market, especially in Asia Pacific, which is driving the requirement for advanced semiconductor components and a high reliance on specialty gases such as argon.
Rising costs had a negative impact on the growth of the argon gas market.This rise in raw material costs resulted in higher manufacturing costs, thus decreasing the investments available for research and development of new products.
Additionally, companies invested heavily in marketing their products due to intense competition in the market.Rising trucking, railroad, dry-bulk, and air-freight rates also negatively impacted the market.
This rise in operating costs increased the pressure on companies to protect margins while maintaining the quality of their products.
Many chemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps in the manufacturing process.The data obtained through these devices is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels.
For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. Major industrial gas manufacturers adopting IoT technology include Praxair-Linde and Air Products.
In December 2020, Air Products & Chemicals, a US corporation, purchased the Oxygen and Argon works for NIS 575 million ($176.84 million). This acquisition aids Air Products & Chemicals’ business expansion and rapid growth potential. Israel’s Oxygen & Argon Works is Israel’s leading producer of industrial gases, including helium, oxygen, hydrogen, and argon.
The countries covered in the argon market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The argon market research report is one of a series of new reports that provides argon market statistics, including argon industry global market size, regional shares, competitors with an argon market share, detailed argon market segments, market trends and opportunities, and any further data you may need to thrive in the argon industry. This argon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06281605/?utm_source=GNW
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