2020 Ar Gas/Argon Market Analysis by End-user - Chemicals, Energy, Healthcare, Electronics, F&B | By TBRC
LONDON, Jan. 22, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com announces addition of new report "Global Argon Market Report 2020" from its research database. The complete report is spread across 250+ pages covering Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia countries data.
Demand From The Electronics Industry Will Drive The Argon Market At 10% CAGR
The argon gas market is segmented by end-user industries into metal manufacturing & fabrication, chemicals, energy, healthcare, electronics, food & beverage, and others, which includes scuba diving and automotive & transportation equipment. The argon gas market is expected to be driven by the growing demand from the electronics industry. As argon gas provides inert atmosphere needed for rapid cooling and heating of materials it will be widely used for manufacturing semiconductors, flat panels, solar PV cells and microelectronic devices in the electronics industry. The electronics industry has more scope due to the growth in the technology market especially in Asia Pacific, which is driving the requirement for advanced semiconductor components and high reliance on specialty gases such as argon. The global argon market was worth $5.04 billion in 2019. It is expected to grow at a rate of about 10% and reach $7.27 billion by 2023. View more on Argon Market Report @ https://www.thebusinessresearchcompany.com/report/argon-global-market-report
Argon is a chemical element known as a Nobel gas (inert gas) isolated on a large scale by fractional distillation of liquid air and can be converted into colourless liquid form by lowering the temperature to below -186 degrees. The argon gas market can be segmented by phase into liquid and gaseous.
Implementation Of Internet Of Things In The Argon Market
Many chemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real time insights and locate gaps in the manufacturing process. The data obtained through these devices is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns. Major industrial gas manufacturers adopting IoT technology include Praxair-Linde and Air Products. Request A Free Sample Of The Argon Market Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2662&type=smp
Merger Of The Linde Group And Praxair
Major players in the global argon market include Airgas, Air Liquide, Linde, Messer Group, Praxair, Air Water, Air Products, American Gas Group, BASF, Buzwair, Eurochem, and SABIC. A noteworthy merger in the argon gas manufacturing industry is that of The Linde Group with Praxair. In October 2018, The Linde Group and Praxair, Inc. merged to create a combined entity with a market capitalization of $90 billion. As part of the agreement, Praxair shareholders will receive one share of Linde plc for each Praxair share. Linde AG shareholders will receive 1.54 shares of Linde plc for each Linde AG share tendered. This merger is expected to further consolidate the argon market by creating a global leader in terms of both sales and geographic footprint. Praxair has a strong presence in Eastern Europe and the Middle East, whereas Linde has a strong presence in Europe and Asia. The merged company is expected to be a leader in each of these four regions, thus leaving only three companies to compete in the industrial gas market on a global basis. Linde AG is a Brazil-based producer and supplier of industrial, process and specialty gases. Paxair is a US-based atmospheric, process, and specialty gases, and surface coatings producer.
Rising Costs Have A Negative Impact On The Growth Of The Argon Gas Market
The increase in raw material costs resulted in higher manufacturing costs, thus decreasing the investments available for research and development of new products. Additionally, companies invested heavily on marketing their products due to intense competition in the market. Rising trucking, railroad, dry-bulk and air-freight rates also negatively impacted the market. This rise in operating costs increased the pressure on companies to protect margins, while maintaining the quality of their products, thereby hindering the argon market growth.
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