Argon Gas Market was valued at USD 294.5 million in 2021 and is poised to grow at a significant CAGR of 5.9% over 2022–2028. Argon is a colorless, odorless, and inert gas obtained by fractional distilling liquid air. Argon is one of the most used gases for shielding metals from oxidation during welding because of its sluggish reactivity. It’s also used in the aerospace, aviation, and automobile industries, where it’s utilized to weld parts and frames. Because argon gas has better thermal insulation qualities than air, it is one of the most commonly used gases for filling scuba diving dry suits. The properties and advantages of argon gas, such as its inert nature, low cost, non-toxic, non-flammability, colorlessness, and non-reactive nature even at severe temperatures, have helped it replace many other gases in the industry, increasing its demand in numerous industries. Increase in urbanization, there has been an increase in spending on infrastructure development, which has increased manufacturing activity. Argon gas is widely utilized in metal fabrication, and the increase in manufacturing activity will boost the market’s growth. Moreover, the argon gas industry is developing due to the increasing popularity of 3-D printed parts, components, and even whole systems. A prominent trend currently witnessed in the market is that large manufacturers are emphasizing and investing with local companies to produce technologically advanced equipment and expand their geographical presence.
Recent Market Developments:
In February 2020, Air Products and Chemicals acquired Oxygen & Argon Works to provide significant growth opportunities for Oxygen & Argon in the United States.