Argon Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Argon Market: Overview
Argon is formed due to decay of potassium-40. It rarely undergoes any chemical reactions with other gases, metal, and elements, reason why its demand could rise during the forecast period. It is used for various applications such as research and development, wielding, preservatives, lightning, laboratory processes, and industrial processes. Increased urbanization has led to an increase in demand for argon globally. Argon is also likely to boost the market growth of electrosurgery and chromatography. It is very efficient in plasma generation. Argon also inherits capabilities to display narcotics effects.
Argon can also substitute helium in different sectors. Rising price of helium could boost the demand for argon in various applications. Owing to the rise of the infrastructure industry, the demand of steel has increased, which could provide growth to the global argon market.
Global Argon Market: Trends and Opportunities
The automobile industry is anticipated to increase demand of steel, eventually supporting the growth of the global argon market. The growing energy market is likely to increase demand of argon due to its application in insulated window and solar energy. The solar energy market demands massive volumes of argon for manufacturing process. Argon gas is used for insulation of windows to prevent the cold air from glass panes to enter inside. Growing number of malls and shopping complexes using lighting is expected to boost the market during the forecast period.
Argon is a multi-skilled gas also used for various welding applications such as production of lasers, light bulbs, and welding of few alloys. Lastly, its feature to provide oxygen and nitrogen-free environment for different heating processes could push the global argon market in the coming years.
Global Argon Market: Market Potential
Scientists use software to develop images that trace neutrinos interactions from a giant chamber filled with liquefied argon. The neutrinos plays a key role in the evolution of universe. The MicroBooNE detector consists of a liquid argon time projection chamber, a tank as big as a bus is filled with argon and is lined with electronics that operate in extreme cold environment (-303 degrees Fahrenheit). This acts as an effective tomographic 3D camera to capture the particles generated when the argon atoms interact with neutrinos in the tank. This interaction produces various other particles that carry electric charge.
The charged particles travel through the tank, ionizing and kicking electrons off from other argon atoms in their path. The electronics gather and amplify signals produced by electrons striking the wire. Hence, by following the timing and location of these signals, the images of electrons’ trajectories can be constructed to reveal information about the flavor and energy of neutrino.
Global Argon Market: Regional Outlook
Rise in urbanization and industrialization in North America could help the region to expect a rise in growth during the forecast period. This could be due to increase in growth of the energy and automobile markets. In addition, argon has a high demand for lighting purpose because it does not cause harm to the environment.
Developing countries such as India, Russia, Brazil, and China are anticipated to see decent growth in the global argon market in the next few years. Construction and development of various malls, shopping centers, and commercial complexes could catapult the market for argon lighting. These lights have a high aesthetic appeal besides some non-toxic properties, due to which their demand is likely to rise during the forecast period.
Global Argon Market: Competitive Landscape
Key players of the global argon market are expected to expand their capacity to eliminate the imbalance between demand and supply. This could boost product demand and reduce production cost. The players are also exploring and inventing new applications for argon. Production of argon is connected to oxygen production in air separation units (ASUs), therefore players are focusing on the production process in the market.
Some of key players of the global argon market are BASF, Linde Gas USA LLC, Praxair, AMCS Corporation, and Messer Group GmbH.
Global Argon Market by Region
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