Argon Gas Market is to Touch $597.5 Million by 2030; driven by the growing adoption of advanced technologies across various industrial applications, rising demand for environmentally friendly and sustainable gas solutions, and expanding utilization i

The Argon Gas Market size is estimated to reach $597.5 million by 2030, growing at a CAGR of 5.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Argon Gas Market – By Grade: (Food Grade, Industrial Grade, Scientific Grade, and Others By Mixture: Argon-carbon dioxide, Argon-oxygen, Argon-nitrogen, Argon-hydrogen, and Others), By Function: (Insulation, Illumination, and Cooling), By Application: Manufacturing & Fabrication, Lighting, 3-D printing, Lasers, Gas discharge tubes, Cinematography, Refrigeration, Windows, Tire), By End-Use Industry: Chemical Industry, Healthcare Industry, Transportation Industry, Food & Beverage Industry, Electrical & Electronics Industry, and Others), By 

Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising industrial applications and technological advancements, coupled with the increasing demand for sustainable gas solutions and their expanding use in sectors such as electronics, healthcare, and metal fabrication, are the key drivers of market expansion for the Argon Gas industry during the forecast period. 

Asia Pacific held the largest share with 32% in the argon gas market in 2023. China, India, and Australia are expected to have the fastest as well as the largest argon gas market due to the increasing demand for argon gas in the food & beverage and healthcare industries across the region during the forecast period. According to the India Brand Equity Foundation, the healthcare sector in India is considered one of the largest sectors both in terms of revenue and employment. Also, the healthcare market is anticipated to increase by US$ 133.44 billion by 2022. According to the USDA Foreign Agricultural Service, in 2022, the value of Australian consumer-oriented imports—which include fish and seafood—totaled US$14.5 billion. 

The increasing adoption of argon gas in advanced industries, particularly in electronics and healthcare, is a significant driver for market growth. In the electronics sector, argon gas is extensively used in semiconductor manufacturing processes to create a protective inert atmosphere, preventing oxidation of sensitive components. Its critical role in manufacturing chips and microprocessors is expected to rise as the demand for consumer electronics and smart devices grows. In the healthcare sector, argon gas is utilized in cryosurgeries and laser procedures due to its unique properties. With ongoing advancements in medical technologies and the increasing need for high-performance electronic components, these sectors are set to bolster the demand for argon gas in the coming years.

Argon gas plays a vital role in the metal fabrication industry, particularly in welding and cutting processes. Its inert properties make it ideal for shielding metal from oxidation, ensuring high-quality welds in applications such as TIG (tungsten inert gas) and MIG (metal inert gas) welding. This is crucial for industries like automotive, aerospace, and construction, where precision and durability are key. With the increasing demand for lightweight and strong materials in infrastructure and automotive manufacturing, the metal fabrication sector is experiencing rapid growth. Argon’s contribution to enhancing weld quality and reducing material defects positions it as an indispensable resource in this sector, driving the market's expansion over the forecast period.

In October 2023, Inox Air Products intends to invest between Rs 300 and Rs 500 crore to build a supply network and purifying facilities for gases used by Indian semiconductor production facilities. Inox Air Products has started making investments in the purification of raw gases, such as oxygen, nitrogen, argon, helium, nitrous oxide, methane, silane, and ammonia, that are currently available in India. We'll transform these gases into ultra-high purity.  

Key companies profiled in the Argon Gas Market are Taiyo Nippon Sanso Corporation, The Linde Group, Iwatani Corporation and others.