Argon Market Projected to Reach $7.27 Billion by 2023 - Major Players are Airgas, Air Liquide, Linde, Messer Group, Praxair, Air Water, Air Products, American Gas Group, BASF, and Buzwair

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Feb 07, 2020, 10:45 ET

DUBLIN, Feb. 7, 2020 /PRNewswire/ -- The "Argon Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider argon market, and compares it with other markets.

The global argon market was worth $5.04 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 10% and reach $7.27 billion by 2023.

The argon market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific accounts for around 39% of the market.

The argon market covered in the market is segmented by phase into liquid, gas. It is also segmented by end-user into metal manufacturing & fabrication, chemicals, energy, healthcare, electronics, food & beverage, others (includes scuba diving, automotive & transportation equipment).

The argon gas market is expected to be driven by the growing demand from the electronics industry. As argon gas provides 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 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 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 on 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 on possible machine breakdowns. Major industrial gas manufacturers adopting IoT technology include Praxair-Linde and Air Products.

In October 2018, The Linde Group and Praxair, Inc. merged to create a combined entity with a market capitalization of $90 billion. As part of the agreement, Praxair shareholders will receive one share of Linde plc for each Praxair share. Linde AG shareholders will receive 1.54 shares of Linde plc for each Linde AG share tendered. This merger is expected to further consolidate the market by creating a global leader in terms of both sales and geographic footprint.

Praxair has a strong presence in Eastern Europe and The Middle East, whereas Linde has a strong presence in Europe and Asia. The merged company is expected to be a leader in each of these four regions, thus leaving only three companies to compete in the industrial gas market on a global basis. Linde AG is a Brazil-based producer and supplier of industrial, process and specialty gases. Paxair is a US-based atmospheric, process, and specialty gases, and surface coatings producer.

Major players in the market are Airgas, Air Liquide, Linde, Messer Group, Praxair, Air Water, Air Products, American Gas Group, BASF, Buzwair.

Key Topics Covered

1. Executive Summary

2. Argon Market Characteristics

3. Argon Market Size And Growth
3.1. Global Argon Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Argon Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Argon Market Segmentation
4.1. Global Argon Market, Segmentation By Phase, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Liquid
Gas

4.2. Global Argon Market, Segmentation By End-User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Metal manufacturing & fabrication
Chemicals
Energy
Healthcare
Electronics
Food & Beverages
Others (includes scuba diving, automotive & transportation equipment)

5. Argon Market Regional And Country Analysis
5.1. Global Argon Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Argon Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

Air Liquide
Air Products
Air Products & Chemicals Inc.
Air Water
Airgas
American Gas Group
BASF
Buzwair
Dongxiang Gas
Dow Company
Eurochem
Ho Tung Chemical
JinHong Gas
Jiuce Group
Koatsu Gas
Linde
Lutianhua
Markor
Messer Group
Praxair
SABIC
Sichuan Vinylon
Xinju Chemical
Xinlong Group

For more information about this report visit https://www.researchandmarkets.com/r/l9ens2

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