New York City, NY -- (SBWIRE) -- 02/22/2023 -- RISING SEMICONDUCTOR DEMAND SETS THE STAGE FOR ARGON GAS MARKET GROWTH IN THIS DECADE
Due to ongoing technological advancements and the growing usage of electronics, global semiconductor demand is witnessing rapid growth. According to the Semiconductor Industry Association (SIA), global semiconductor sales are expected to top US$ 580 billion in 2022, up 4.4% compared to 2021. Argon gas is a critical element of various semiconductor manufacturing processes. A 2022 study by McKinsey estimates that the global semiconductor industry could be worth more than US$ 1 trillion by 2030, averaging an annual growth rate of 6-8%. The increasing global demand for semiconductors is expected to be a key driver for the growth of the global argon gas market.

THE PREVAILING RUSSIA UKRAINE CONFLICT PRESENTS CHALLENGES TO MARKET GROWTH
One of the major challenges for the global market has been supply chain constraints due to the prevailing global geopolitical situation. The ongoing Russia-Ukraine war has hobbled supplies of argon gas. Ukraine is a major supplier of rare gases for industrial processes. Although the drop in gas supplies is unlikely to affect end-user industries in the short-term, reduction in supplies could lead to high input costs for industries in the medium term.

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U.S. AND CHINESE POLICIES TO SHAPE GLOBAL DEMAND DYNAMICS
The global argon gas market will find major opportunities in emerging nations such as China, undertaking a big push for chip self-sufficiency. Geopolitical tensions with U.S. is prompting a major investment in domestic semiconductor production. For instance, in December 2022, the Chinese government announced plans to roll out a 1 trillion yuan (US$ 143 billion) support package for domestic chip companies. Developed markets such as the U.S. also represent major new opportunities for the global market, particularly due to the new impetus given for reviving the domestic semiconductor industry. In August 2022, U.S. passed the CHIPS act, which envisages US$ 280 billion in funding to boost research, development and production of advanced semiconductors in U.S.

ELECTRONICS AND STEEL PRODUCTION TO EMERGE AS KEY APPLICATION FOR ARGON GAS
Electronics manufacturing is expected to provide major opportunities for the global argon gas market, especially due to the expansion of production in emerging countries. In December 2022, the Indian government's Ministry of Electronics and IT announced incentives of ?10,000-12,000 crore (US$ 1.22-1.46 billion) to promote the domestic manufacturing of high-end electronic components. Another major end-user for argon gas is steel production. According to the World Steel Association (WSA), nearly 1,951 million tonnes of steel were produced globally in 2022. Major steel producers are gradually expanding production capacity due to anticipated demand. For instance, in January 2023, Acerinox, a Spanish metals producer, announced plans to boost stainless steel production by 200,000 tons at its plant in Ghent, Kentucky, U.S.

LINDE PLC MAKES A PLAY FOR INCREASED MARKET SHARE
The global market is also witnessing new developments from the major market players as they position themselves to take advantage of the growing global demand. In January 2022, Linde plc, a major UK-based industrial gas company, inaugurated a major rare gas production facility in Leuna, Germany.

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GLOBAL ARGON MARKET REPORT SCOPE
1. By Mixture
a. Argon-Helium
b. Argon-Hydrogen
c. Argon- Nitrogen
d. Transportation
e. Cylinders & Liquid Containers
f. Tonnage Distribution
g. Bulk And Micro Bulk Delivery
2. By End User
a. Electronics
b. Chemical
c. Energy
d. Healthcare
e. Manufacturing
f. Welding & Metal Fabrication
g. Food & Beverages
3. By Application
a. Shielding Gas for welding
b. Electronic manufacturing
c. Carrier gas for chromatography
d. Fill gas for specialized lamps
e. Blanketing Wine
f. Graphite furnace atomic absorption
g. Destroying defective cancer cells