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IMARC Group's report titled "Argon Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global argon market growth.The global market size reached US$ 415.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 637.5 Million by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032.
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Factors Affecting the Growth of the Argon Industry:
Argon is commonly used as a shielding gas in welding processes, such as gas tungsten arc welding and gas metal arc welding. It creates an inert atmosphere that protects the weld area from atmospheric contaminants like oxygen and nitrogen, preventing oxidation and ensuring high-quality welds. Moreover, the utilization of argon as a shielding gas result in cleaner, stronger, and more precise welds compared to other gases or fluxes, which leads to improving weld quality, reducing the need for rework, and enhancing the overall efficiency of welding operations.
Argon is used in medical gas mixtures, particularly in anesthesia and respiratory therapy. These mixtures help in maintaining stable oxygen levels in patients undergoing surgery or experiencing respiratory conditions. As the healthcare sector is expanding to meet the growing population needs across the globe, the demand for medical gases like argon is expected to increase. Furthermore, argon is employed in certain types of diagnostic imaging equipment, such as magnetic resonance imaging (MRI) machines. These technologies play a crucial role in medical diagnosis and treatment planning, contributing to the overall growth of the healthcare sector.
Argon is commonly used in modified atmosphere packaging (MAP), where it replaces the air inside food packaging with a mixture of gases to create an optimal atmosphere for preserving freshness and extending shelf life. Argon is inert in nature that helps in preventing oxidative reactions and microbial growth, preserving the color, flavor, and texture of food products. In addition, argon is utilized in the packaging of wine and other beverages to prevent oxidation and maintain product quality. In wine production, argon is often injected into wine bottles before sealing to create a barrier between the wine and oxygen, preserving its flavor and aroma over time.
Leading Companies Operating in the Global Argon Industry:
Argon Report Segmentation:
By Type:
Based on the type, the market has been bifurcated into liquid argon and gas argon.
By End User:
Metal manufacturing and fabrication account for the majority of the market share due to their indispensable role in ensuring product quality, process efficiency, and overall industry advancement.
Regional Insights:
Asia Pacific enjoys the leading position in the argon market on account of the thriving healthcare industry in the region, coupled with the increasing adoption of medical gases for various therapeutic and diagnostic purposes.
Global Argon Market Trends:
Additive manufacturing, also known as 3D printing, is revolutionizing the manufacturing industry by enabling the production of complex components with high precision. Argon is utilized in certain additive manufacturing processes, such as selective laser melting (SLM) and electron beam melting (EBM), to create a controlled atmosphere, reducing oxidation during metal powder sintering, thereby bolstering the growth of the market.
Furthermore, the rising awareness among the masses about environmental sustainability is encouraging industries to adopt eco-friendly practices, including the use of inert gases like argon for reducing environmental impact and improving process efficiency.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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