Africa: Argon Market 2024

Argon Market Size in Africa

For the eleventh year in a row, the African argon market recorded growth in sales value, which increased by 0.1% to $X in 2022. The market value increased at an average annual rate of +5.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in years to come.

Argon Production in Africa

In value terms, argon production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 23%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports in Africa

In 2022, exports of argon in Africa soared to X cubic meters, with an increase of 19% against the previous year. Over the period under review, exports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 35%. The volume of export peaked at X cubic meters in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, argon exports skyrocketed to $X in 2022. In general, exports, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2021 with an increase of 34%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, South Africa (X cubic meters) represented the largest exporter of argon, making up 69% of total exports. Egypt (X cubic meters) took a 16% share (based on physical terms) of total exports, which put it in second place, followed by Kenya (5.5%). The following exporters - Senegal (X cubic meters) and Morocco (X cubic meters) - each amounted to a 3.4% share of total exports.

Exports from South Africa decreased at an average annual rate of -3.6% from 2012 to 2022. At the same time, Morocco (+69.5%), Senegal (+9.0%) and Kenya (+1.8%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in Africa, with a CAGR of +69.5% from 2012-2022. Egypt experienced a relatively flat trend pattern. While the share of Egypt (+4 p.p.), Kenya (+2.2 p.p.) and Morocco (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Africa (-2.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest argon supplier in Africa, comprising 56% of total exports. The second position in the ranking was held by Egypt ($X), with a 13% share of total exports. It was followed by Kenya, with an 11% share.

In South Africa, argon exports plunged by an average annual rate of -2.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (-1.5% per year) and Kenya (+4.7% per year).

Export Prices by Country

The export price in Africa stood at $X per cubic meter in 2022, increasing by 9% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 11% against the previous year. Over the period under review, the export prices hit record highs at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kenya ($X per cubic meter), while Egypt ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (+2.9%), while the other leaders experienced more modest paces of growth.

Argon Imports

Imports in Africa

In 2022, imports of argon in Africa declined notably to X cubic meters, falling by -16.2% against the year before. Total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 43% against the previous year. The volume of import peaked at X cubic meters in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, argon imports rose notably to $X in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 32% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Morocco (X cubic meters), Nigeria (X cubic meters), Angola (X cubic meters) and Tunisia (X cubic meters) represented roughly 58% of total imports in 2022. Democratic Republic of the Congo (X cubic meters) ranks next in terms of the total imports with a 6.4% share, followed by Kenya (4.9%). The following importers - Algeria (X cubic meters), Tanzania (X cubic meters), Namibia (X cubic meters), Zambia (X cubic meters), Ghana (X cubic meters), Mauritius (X cubic meters) and Mozambique (X cubic meters) - together made up 15% of total imports.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +31.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Morocco ($X) and Angola ($X) constituted the countries with the highest levels of imports in 2022, together comprising 53% of total imports. These countries were followed by Tunisia, Democratic Republic of the Congo, Algeria, Tanzania, Kenya, Mauritius, Mozambique, Ghana, Namibia and Zambia, which together accounted for a further 28%.

Mozambique, with a CAGR of +33.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Africa amounted to $X per cubic meter, growing by 27% against the previous year. In general, the import price, however, saw a mild shrinkage. Over the period under review, import prices attained the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per cubic meter), while Namibia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritius (+8.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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