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 2018 to 2023.
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 2023, growing at a CAGR
of 5.52% over the forecast period (2018-2023).
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.
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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.
Competitive Landscape:
Major companies profiled in the report include Air Liquide
(France), Praxair Inc. (U.S.), Messer Group (Germany), Eurochem (Switzerland),
BASF SE (Germany), Nippon Shokubai Co. Ltd. (Japan), SOL Spa (Italy), SABIC
(Saudi Arabia), The Linde Group (Germany), and Air Products and Chemicals Inc.
(U.S.).
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 2023. 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 2023 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 2023,
followed by Ar-O2 at USD 131.92 million. It can accumulate close to 576.45 KT
by 2023.
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 2023.
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 2023,
while the automotive and transportation segment is expected to rise to a value
of USD 91.02 million by 2023.
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 2018 and 2023 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 2023. It can register
close to 306.35 KT at a CAGR of 4.68% over the forecast period.
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