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The global Argon Gas market has reached USD 277.4 million in 2019 and estimated to reach USD 358.1 million by 2026 at a CAGR of 3.7% during the forecast period from 2020-2026 due to the rising demand in various application such as electronics, automotive, metal fabrication, healthcare, and lighting is the key factor which driving the growth of argon gas industry.
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According to BlueWeave Consulting, The global Argon Gas market has reached USD 277.4 million in 2019 and projected to reach USD 358.1 million USD by 2026 at a CAGR of 3.7% during the forecast period from 2020-2026. The rising need for electronic products, the growing food & beverage sector, and the increasing demand for energy are some of the other factors that are expected to drive the growth of the global argon gas market globally during the forecast period from 2020-2026. Argon gas is naturally odorless, colorless, inert gas produced by fractional liquid air distillation. Several isotopes such as 40Ar, 38Ar, and 36Ar form argon gas naturally. Companies consider inorganic growth approaches, such as acquisitions, to cope with rising argon gas demand in developing markets. These approaches have enabled companies to build a broad partner and client base in the Argon gas markets. The argon gas market players in the Asia-Pacific have diverse prospects attributed to rapidly growing manufacturing industries. Argon gas is odorless, colorless, inert gas in nature, which is formed by the fractional distillation of liquid air. Argon gas is formed naturally in the form of multiple isotopes such as 40Ar, 38Ar, and 36Ar.
Growth drivers The growing technologies During the forecast period from 2020-2026, technological up-gradation and the growing chemical end-use industry in emerging and underdeveloped economies are anticipated to drive revenue growth on the argon gas market. Major manufacturers invest and focus on local players to develop advanced technology equipment and extend their footprint across the country. The high price of helium The argon also replaces helium in different sectors. The increasing helium prices are projected to propel the argon demand in several regions due to its high cost as compared to argon, which has low cost and also has broad applications. Due to the growing demand in various application segments such as stainless steel, electronics, and industrial metalworking industries, argon is used instead of helium. Report Sample:https://www.blueweaveconsulting.com/argon-gas-market-bwc19408/report-sample
