The argon market entails of sales of argon gas. Argon is a chemical element well-known as a Nobel gas (inert gas) inaccessible on a great scale by fractional distillation of liquid air and can be transformed into colorless liquid form by depressing the temperature to below -186 degrees.
According to the report analysis, ‘Argon Global Market Report 2020’ states that in the argon market there are several companies which presently functioning more effectively for leading the highest market growth and registering the effective value of market share around the globe during the upcoming years while spreading the awareness related to argon, increasing the applications and benefits of such, delivering the better consumer satisfaction, analyzing and studying the strategies of the government and competitors, implementing the profitable strategies, employing the young work force and developing the specifications of the argon includes Airgas, Air Liquide, Linde, Messer Group, Praxair, Air Water, Air Products, American Gas Group, BASF, Buzwair, Eurochem, SABIC and several others.
The worldwide argon market was worth USD 5.04 billion in 2019. It is projected to increase at a compound annual growth rate (CAGR) of 10% and reach USD 7.27 billion by 2023. Whereas, the argon market has been geographically sectored into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific registers for around 39% of the market.
The argon market sheltered in the market is classification by phase into liquid, gas. It is also divided by end-user into metal producing& fabrication, chemicals, energy, healthcare, electronics, food & beverage, others (involves scuba diving, automotive & transportation equipment).
The argon gas market is projected to be driven by the increasing demand from the electronics industry. As argon gas delivers inert atmosphere needed for speedy cooling and heating of materials it will be broadly used for manufacturing semiconductors, flat panels, solar PV cells and microelectronic devices across electronics industry. The electronics industry has more scope owing to the growth in the technology market especially across Asia Pacific, which is propelling the requirement for advanced semiconductor components and great reliance on the specialty gases such as argon.
Increasing costs had anundesirable impact on the growth of the argon gas market. This growth in raw material costs resulted in greater manufacturing costs, thus declining the investments available for the research and development of new products. Additionally, entities invested profoundly on marketing their products owing to intense competition in the market. Increasing trucking, railroad, dry-bulk and air-freight rates also destructively impacted the market. This growth in operating costs augmented the pressure on corporates to safeguard margins, while maintaining the quality of their products.
Voluminous chemical manufacturers are accepting IoT (Internet of Things) technologies to connect equipment and smart devices to harvest real time insights and locate gaps in the manufacturing process. The data acquired through these devices is administered, analyzed and understood by plant managers and senior level management to advance quality and achieve optimal production levels. For example, smart systems give information on the working situation and performance of chemical apparatuses with the embedded software and analytics tools to advise plant operators and managers on imaginable machine breakdowns. Major industrial gas manufacturers espousing IoT technology consist of Praxair-Linde and Air Products. Therefore, in the near years, it is anticipated that the market of argon will increase around the globe more effectively over the forthcoming years.
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