The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global argon market is experiencing a significant surge, set to grow from $6.06 billion in 2022 to $6.84 billion in 2023 at a robust Compound Annual Growth Rate (CAGR) of 12.9%. Looking ahead, the market is poised to reach $10.28 billion by 2027, maintaining a steady CAGR of 10.7%. At the core of this growth lies the increasing demand from the electronics industry, a trend propelled by the need for inert atmospheres in semiconductor and microelectronic manufacturing.

Driving Force: Electronics Industry’s Thirst for Argon

Argon’s Role in Electronics

• Inert Atmosphere: Argon facilitates rapid cooling and heating of materials, crucial in semiconductor, flat panel, solar PV cell, and microelectronic device manufacturing.
• Growing Demand: Electronics industry, particularly in Asia-Pacific, propelling the need for advanced semiconductor components and specialty gases like argon.

Market Impact

• Broad Scope: As technology markets burgeon, the electronics industry experiences increased demand, intensifying the reliance on argon.
• Asia-Pacific Dominance: The region’s technological growth cements its position as a major contributor to the expanding argon market.

Industry Titans: Leading the Charge

Key Players

• Prominent Companies: Airgas, Air Liquide, Linde, Messer Group, Praxair, Air Water, Air Products, American Gas Group, BASF, Buzwair, Eurochem.
• IoT Integration: Adoption of IoT technologies by major chemical manufacturers, including Praxair-Linde and Air Products.

IoT Revolution: Transforming Chemical Manufacturing

IoT Adoption in Chemical Manufacturing

• Smart Systems: Integration of IoT technologies connecting equipment and devices to garner real-time insights.
• Process Optimization: Data obtained through smart devices is processed and analyzed to improve quality and achieve optimum production levels.

Benefits of IoT in Argon Production

• Real-time Monitoring: IoT facilitates real-time monitoring of working conditions and performance of chemical reactors.
• Predictive Maintenance: Embedded software and analytics tools notify operators of possible machine breakdowns, enabling timely maintenance.

Market Segmentation: Unraveling the Layers of Argon Usage

Market Segmentation

1. By Phase:
   • Liquid
   • Gas
2. By Function:
   • Cooling
   • Illumination
   • Illusion
3. By End User:
   • Metal Manufacturing & Fabrication
   • Chemicals
   • Energy
   • Healthcare
   • Electronics
   • Food & Beverage
   • Other End-Users (includes scuba diving, automotive & transportation equipment)

Regional Dynamics: Asia-Pacific Takes the Lead

Market Landscape

• Asia-Pacific’s Dominance: Largest region in the argon market in 2022.
• Contributing Factors: Booming technology markets, increasing demand in the electronics industry, and overall industrial growth.

Future Outlook

• Fastest-Growing Region: Asia-Pacific is expected to continue its rapid growth, further solidifying its position in the global argon market.

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Read The Full Argon Market Report Here:
https://www.thebusinessresearchcompany.com/report/argon-global-market-report

The Argon Global Market Report 2023  provides an overview of the argon market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The argon market forecast analyzes argon market size, argon market share, leading competitor and their market positions.

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