ASEAN: Argon Market 2024

Argon Market Size in ASEAN

In 2022, the ASEAN argon market increased by 3.6% to $X, rising for the second consecutive year after four years of decline. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Argon Production in ASEAN

In value terms, argon production fell slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw modest growth. The most prominent rate of growth was recorded in 2016 with an increase of 49%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Argon Exports

Exports in ASEAN

In 2022, the amount of argon exported in ASEAN reduced to X cubic meters, waning by -7.5% against the previous year. Total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +82.3% against 2017 indices. The most prominent rate of growth was recorded in 2019 with an increase of 35% against the previous year. Over the period under review, the exports attained the peak figure at X cubic meters in 2021, and then declined in the following year.

In value terms, argon exports rose slightly to $X in 2022. Total exports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +111.9% against 2016 indices. The growth pace was the most rapid in 2019 when exports increased by 32%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

Singapore (X cubic meters) and Malaysia (X cubic meters) dominates exports structure, together comprising 84% of total exports. Vietnam (X cubic meters) held the next position in the ranking, followed by Indonesia (X cubic meters). All these countries together held approx. 13% share of total exports. Lao People's Democratic Republic (X cubic meters) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Indonesia (with a CAGR of +64.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest argon supplying countries in ASEAN were Singapore ($X), Malaysia ($X) and Vietnam ($X), with a combined 89% share of total exports. These countries were followed by Indonesia and Lao People's Democratic Republic, which together accounted for a further 6.9%.

Indonesia, with a CAGR of +57.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per cubic meter in 2022, rising by 12% against the previous year. Overall, the export price, however, showed a perceptible setback. The pace of growth was the most pronounced in 2014 an increase of 23%. As a result, the export price reached the peak level of $X per cubic meter. From 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per cubic meter), while Lao People's Democratic Republic ($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 Singapore (+0.0%), while the other leaders experienced a decline in the export price figures.

Argon Imports

Imports in ASEAN

Argon imports surged to X cubic meters in 2022, with an increase of 17% on the previous year's figure. In general, imports recorded a buoyant increase. The growth pace was the most rapid in 2021 when imports increased by 55% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, argon imports soared to $X in 2022. Overall, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 89% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

Imports by Country

Indonesia was the main importer of argon in ASEAN, with the volume of imports finishing at X cubic meters, which was approx. 51% of total imports in 2022. Thailand (X cubic meters) ranks second in terms of the total imports with a 23% share, followed by Singapore (17%). The Philippines (X cubic meters), Cambodia (X cubic meters) and Vietnam (X cubic meters) held a relatively small share of total imports.

Imports into Indonesia increased at an average annual rate of +18.5% from 2012 to 2022. At the same time, Cambodia (+40.4%), Singapore (+16.9%), the Philippines (+4.9%) and Thailand (+2.6%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +40.4% from 2012-2022. By contrast, Vietnam (-16.4%) illustrated a downward trend over the same period. Indonesia (+33 p.p.), Singapore (+9.8 p.p.) and Cambodia (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Thailand and Vietnam saw its share reduced by -11.2% and -21.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported argon in ASEAN, comprising 65% of total imports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total imports. It was followed by Singapore, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia amounted to +21.5%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+3.6% per year) and Singapore (+18.9% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per cubic meter, rising by 49% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, argon import price increased by +91.3% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per cubic meter), while Cambodia ($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 the Philippines (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform