Global Argon Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global argon market size reached USD 415.9 Million in 2023.
• The market is expected to reach USD 637.5 Million by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest argon market share.
• On the basis of type, the market has been bifurcated into liquid argon and gas argon.
• Metal manufacturing and fabrication accounts for the majority of the market share in the end user segment due to the rising need for protective gas in welding methods.
• The growth in metal manufacturing is a primary driver of the argon market.
• Electronics industry expansion and healthcare and medical applications are reshaping the argon market.

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Industry Trends and Drivers:

• Growth in Metal Manufacturing:

Argon plays a critical role in the metal manufacturing industry, particularly in welding and steel production. Its inert nature helps to create a non-reactive atmosphere during the welding process, protecting molten metals from oxidation and ensuring the quality of the final product. With the increasing demand for steel and aluminum, especially in sectors, such as construction, automotive, and aerospace, the need for argon is rising. These industries rely on strong and durable metals for infrastructure projects and vehicle manufacturing, both of which are expanding due to urbanization and technological advancements. Additionally, aluminum is becoming more popular for its lightweight properties in electric vehicle (EV) production. The widespread use of argon in heat-treating processes also supports its growing demand in the metal manufacturing sector.

• Electronics Industry Expansion:

The electronics industry is a major consumer of argon, particularly in the production of semiconductors, microchips, and other advanced electronic components. Argon is used during the manufacturing process to prevent contamination and ensure the purity of the semiconductor materials. The growing demand for semiconductors due to the increasing adoption of smartphones, computers, and other electronic devices is offering a favorable market outlook. In addition, there is a rise in the employment of technologies, such as artificial intelligence (AI), fifth generation (5G) networks, and the Internet of Things (IoT). Apart from this, advanced manufacturing techniques, like plasma etching, heavily rely on argon for precision and consistency, ensuring high-quality electronic products.

• Healthcare and Medical Applications:

Argon’s use in the healthcare industry is expanding, primarily due to its role in medical procedures, such as laser surgeries and cryotherapy. Argon lasers are commonly used in ophthalmology for treating retinal disorders and in dermatology for skin treatments. The gas’s precision and safety in these procedures make it a preferred choice for medical applications. Additionally, argon is used in cryosurgery to destroy abnormal tissues, such as tumors, by freezing them. The escalating demand for minimally invasive (MI) treatments among the geriatric population is supporting the market growth. The expanding medical devices market, coupled with research into new therapeutic applications for argon, is impelling the market growth.

Argon Market Report Segmentation:

Breakup By Type:

• Liquid Argon