The dual-phase liquid argon time projection chamber is presently one of the leading technologies to search for dark matter particles with masses below 10 GeV/c$^2$. This was demonstrated by the DarkSide-50 experiment with approximately 50 kg of low-radioactivity liquid argon as target material. The next generation experiment DarkSide-20k, currently under construction, will use 1,000 times more argon and is expected to start operation in 2027. Based on the DarkSide-50 experience, here we assess the DarkSide-20k sensitivity to models predicting light dark matter particles, including Weakly Interacting Massive Particles (WIMPs) and sub-GeV/c$^2$ particles interacting with electrons in argon atoms. With one year of data, a sensitivity improvement to dark matter interaction cross-sections by at least one order of magnitude with respect to DarkSide-50 is expected for all these models. A sensitivity to WIMP--nucleon interaction cross-sections below $1\times10^{-42}$ cm$^2$ is achievable for WIMP masses above 800 MeV/c$^2$. With 10 years exposure, the neutrino fog can be reached for WIMP masses around 5 GeV/c$^2$.