The Ultra-High Purity Grade Argon Market Size was valued at USD 137.2 Mn in 2023 and is predicted to reach USD 319.2 Mn by 2031 at a 11.5% CAGR during the forecast period for 2024-2031.
Ultra-high purity grade argon refers to argon gas that has been processed to have exceptionally low levels of contaminants, often ranging from 99.99% to 99.999% pure. High-purity argon is in high demand in several sectors, including the semiconductor industry, aircraft, and academia, which is driving up prices and expanding the market worldwide. Industries that rely on precision and cleanliness necessitate ultra-pure argon. Technological progress, including the creation of increasingly delicate electronic gadgets and intricate aerospace parts, calls for the utilization of ultra-high purity grade argon.
The need for this gas is increasing in critical applications where even small impurities can influence performance and functionality due to rising investments in high-precision manufacturing processes that guarantee the quality and reliability of end products. Modern technology and real-time monitoring systems improve this argon efficiency and safety. The growing number of SMEs and the market for ultra-high purity grade argon is anticipated to provide exciting opportunities in the coming years.
However, the high upfront costs of producing and evaluating ultra-high purity grade argon limited their application, and stringent rules slowed down the market’s growth. Due to disturbances of the supply chain and manufacturing slowdowns, the COVID-19 pandemic caused a stir in the extremely high-purity grade argon market. After a decrease during the pandemic, the market has recovered due to rising demand for medicinal gases and an increase in industrial activity. In addition, technical innovation and strong collaborations with high-purity grade argon companies will propel the industry's growth during the forecast period.
Competitive Landscape
Some of the Major Key Players in the Ultra High Purity Grade Argon Market are
- Airgas
- Linde Gas
- NST
- MESA
- Supagas
- Air Products
- Ozarc Gas
- WestAir Gases
- Air Liquide
- Messer Canada Inc.
- Apollo Engineering
- Airtec
- Dinesh Gases
- Wagner Welding
- Qiaoyuan
- Hangyang
- Huate Gas
- Other Prominent Players
Market Segmentation:
The ultra-high purity grade argon market is segmented based on type and application. Based on type, the market is segmented into 99.99%-99.999% and above 99.999%. By application, the market is segmented into building & infrastructure, metallurgy, petroleum and chemical, and others.
Based on Type, the 99.99%-99.999% Segment is Accounted as a Major Contributor in the Ultra-High Purity Grade Argon Market
The 99.99%-99.999% category will hold a major share of the global ultra-high purity grade argon market in 2023 in high-precision applications, where it plays a crucial role. Because even trace amounts of contaminants can have a major effect on the quality and performance of semiconductors, advanced electronics, and aircraft, this level of purity is necessary for their production. Additionally, this market segment is being propelled by the rising demand for high-quality materials and strict quality standards.
The Building & Infrastructure Segment Witnessed Growth at a Rapid Rate
The building & infrastructure segment is projected to grow rapidly in the global ultra-high purity grade argon market due to its growing incorporation into cutting-edge building methods and materials. Precision welding and cutting operations rely on ultra-high purity argon to guarantee structural integrity and high-quality joints. The need for highly pure gases in the construction industry is also being driven by the rising popularity of smart building technologies and infrastructure modernization initiatives, which drives the expansion of the worldwide market for ultra-high purity grade argon.
In the Region, the North American Ultra High Purity Grade Argon Market Holds a Significant Revenue Share.
The North American ultra-high purity grade argon market is expected to register the highest market share in revenue in the near future because of the region’s emphasis on high-quality manufacturing standards and strong regulatory frameworks. The expansion of the North American market for ultra-high purity grade argon is anticipated to be bolstered by positive policy initiatives and increasing research and development efforts. In addition, the Asia Pacific region’s market is anticipated to experience expansion in the global market for ultra-high purity grade argon because the semiconductor and electronics sectors have grown substantially, and industrialization has progressed at a rapid pace. Demand for ultra-high-purity grade argon is driven in part by the region’s growing investments in innovative manufacturing technologies and infrastructural initiatives.
Recent Developments:
- In February 2024, Airgas, a subsidiary of Air Liquide and a major U.S. provider of industrial, medical, and specialty gases, as well as safety and welding products, installed two strategically placed argon storage nodes to improve the argon supply chain for its customers. These customers use argon in electronics, manufacturing, metal fabrication, and automotive and aerospace applications.
- In January 2024, Linde announced that its McIntosh, Alabama, facility has increased its capacity to produce liquid hydrogen. Linde’s McIntosh facility will now produce 30 tons of liquid hydrogen daily for the local merchant market. Existing and new Linde clients in end markets, including electronics and manufacturing, are driving up hydrogen demand, which the plant will help to satisfy.
- In May 2024, Apollo is pleased to announce that it has been awarded the PMC Contract for INEOS E&P’s Here Project. Apollo is a prominent engineering and energy advising firm. The construction of subsea infrastructure, complicated brownfield alterations, and a greenfield platform are all part of this project.
Ultra-High Purity Grade Argon Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 137.2 Mn |
|
Revenue Forecast In 2031 |
USD 319.2 Mn |
|
Growth Rate CAGR |
CAGR of 11.5% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, By Application and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Airgas, Linde Gas, NST, MESA, Supagas, Air Products, Ozarc Gas, WestAir Gases, Air Liquide, Messer Canada Inc., Apollo Engineering, Airtec, Dinesh Gases, Wagner Welding, Qiaoyuan, Hangyang, Huate Gas, and other notable companies. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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