Argon: Key market research findings
- APAC dominates the market geographically
- Electronics segment accounts for a majority of the market’s revenue
- Key vendors – Airgas, Air Liquide, Linde, Messer, and Praxair
Technavio’s market research analysts predict the global argon market to grow at a CAGR of more than 6% between 2016 and 2020. The demand for argon is augmented by the need to comply with strict regulatory regime and safety regulations. Industrial gases are subject to intense regulatory scrutiny due to the potential hazards they may cause during leakage or accidents throughout their production, storage, transportation, and distribution. As a result, the adherence to such legislations reduces the risk of accidents and the costs associated with the damages. During 2015, APAC dominated the global argon market by occupying more than 32% of the overall market share. The high demand from noteworthy suppliers of electronics and semiconductors such as Taiwan, South Korea, Japan, and China will boost growth in the argon market in APAC by 2020.
The new market research report from Technavio presents a breakdown and analysis of the argon segments based on application.
“Of late, argon is being increasingly used in chromatography and electrosurgery. Argon finds extensive application in electrosurgery, where it is used to induce superficial thermal effects on tissues in a non-contact manner. The technique, called argon plasma coagulation, is increasingly largely used during endoscopy. The technique is also used in other surgical areas, including urology, general and visceral surgery, gynecology, gastroenterological and bronchological endoscopy, and ear, nose, and throat surgeries,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
By 2020, the electronics segment will continue its dominance over the global argon market with almost a 30% share of the overall market space. Argon gas is used for cleansing the process environment that involves silicon or germanium crystal growth to minimalize the formation of nitrides and exogenous metal adulteration. It also finds application in purging the process environment to lower the sheet resistance, reducing piling faults and connection leakages in photolithography and epitaxial thin-film deposition procedures.
The key vendors in the market include Airgas, Air Liquide, Linde, Messer, and Praxair. The market is oligopolistic in nature and is dominated by prominent chemical manufacturers, who have an expanded portfolio of industrial gases with exclusive manufacturing technologies and efficient delivery networks. These vendors are establishing new capacities to ensure proximity and easy access to the fast growing markets of China, India, and other Southeast Asian countries. To sustain themselves in the competitive environment, these players are offering products in terms of availability, price, and mode of distribution.
A more detailed analysis is available in the Technavio report, Global Argon Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
