New York, June 04, 2020 (GLOBE NEWSWIRE) — Market Size – USD 364.9 Million in 2019, Market Growth – CAGR of 5.3%, Market Trends – High demand from developing nations.
New York, June 04, 2020 – The global Argon Gas market is forecast to reach USD 553.7 Million by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the welding & metal fabrication industries, owing to the properties exhibited by argon gas, such as non-flammability, colorlessness, non-toxic, and non-reactive under extreme temperature conditions. Moreover, a rise for lighting purposes, owing to the increasing number of malls, shopping complexes are driving the growth of the market. However, the high transportation cost account for an increase in fuel cost arising the need for exploring and adopting other material as a substitute to reduce the overall cost of the operation and hence, will be hampering the demand of the Argon Gas market.
Rapid urbanization has changed the way of life of the individuals and, thus, has expanded the pervasiveness of the chemical and welding & metal fabrication sectors over a broad aspect, therefore, augmenting the demand for the market product. Burgeoning energy markets are also expected to drive the product demand, owing to applications in solar and insulated windows market. Argon and krypton gases are used for insulating windows to cover the space between glass panes to prevent cold air from coming inside the rooms. Furthermore, inhalation of argon gas causes asphyxiation, which can be fatal to humans anticipating to hinder the growth of the Argon Gas market.
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The use of Argon Gas is supported by the Ministry of New and Renewable Energy, Ministry of Science & Technology, Ministry of Commerce and Industry, Ministry of Agriculture and Department of Atomic Energy, of the Indian Government, as the industrial gas market in India, is the principal supporter of the general manufacturing division, subsequently making interest for the product in the market. Kerala Government reviewed the industrial gas production project of Air Products, which is one of the major suppliers of gases like oxygen, nitrogen, and argon used primarily in industries and medicines. It is the most significant foreign investment in Kerala that has come up as part of an integrated refinery expansion project (IREP) of Bharat Petroleum Corporation Limited at Kochi Refinery. Moreover, other nations such as China, Japan, and the United States are also supported by their respective government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Argon Gas sector. The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of Argon Gas.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for industrial gases in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. Argon Gas markets are reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand from the downstream market. While some are having their production suspended by the governments of their respective nations as a precautionary measure to combat the spread of the virus. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.
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Further key findings from the report suggest
- Insulation function is expected to grow with a CAGR of 5.1% over the forecasted period as argon gas is in high demand for gas-insulated glass units due to its reliability and pound-for-pound energy efficiency, thereby saving considerable amount of cost.
- The welding & metal fabrication sector is the major contributor to the Argon Gas market and is likely to grow at a rate of 5.0% in the forecast period. Argon often used to create an inert gas shield during welding frequently blended with hydrogen, helium, oxygen, or with carbon dioxide to enhance the arc characteristics or facilitate metal transfer in the Gas Metal Arc Welding.
- The Asia Pacific dominated the market for Argon Gas. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 34.0% of the Argon Gas market, followed by Europe, which held around 26.0% market in the year 2019.
- Key participants include National Industrial Gas Plants, BASF, The Linde Group, AMCS Corporation, Air Products and Chemicals Inc., Praxair Inc., Iwatani Corporation, Messer Group GmbH, Air Liquide, and KBR, among others.
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For the purpose of this report, Reports and Data have segmented into the global Argon Gas market on the basis of mixture, function, application, and region:
Mixture Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Argon-Helium
- Argon-Hydrogen
- Argon-Nitrogen
- Others
Function Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Insulation
- Illumination
- Cooling
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Chemical
- Electronics
- Power & Energy
- Pharmaceutical
- Welding & Metal Fabrication
- Food & Beverage
- Others
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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