ASEAN: Rare Gases Market 2024

Rare Gases Market Size in ASEAN

The ASEAN rare gases market skyrocketed to $X in 2022, surging by 68% against the previous year. Over the period under review, consumption, however, posted prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Rare Gases Production in ASEAN

In value terms, rare gases production surged to $X in 2022 estimated in export price. Overall, production recorded a resilient increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Rare Gases Exports

Exports in ASEAN

In 2022, shipments abroad of rare gases (excluding argon) increased by 51% to X cubic meters, rising for the second consecutive year after two years of decline. Overall, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 61%. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, rare gases exports soared to $X in 2022. In general, exports continue to indicate a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore prevails in exports structure, resulting at X cubic meters, which was approx. 89% of total exports in 2022. It was distantly followed by Malaysia (X cubic meters), mixing up a 5.9% share of total exports. The following exporters - Thailand (X cubic meters) and Indonesia (X cubic meters) - together made up 5.3% of total exports.

Exports from Singapore increased at an average annual rate of +14.3% from 2012 to 2022. At the same time, Malaysia (+35.1%) and Indonesia (+5.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +35.1% from 2012-2022. By contrast, Thailand (-1.5%) illustrated a downward trend over the same period. While the share of Singapore (+8.7 p.p.) and Malaysia (+4.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-1.7 p.p.) and Thailand (-10.6 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest rare gases supplier in ASEAN, comprising 93% of total exports. The second position in the ranking was held by Malaysia ($X), with a 4.6% share of total exports. It was followed by Thailand, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +18.0%. In the other countries, the average annual rates were as follows: Malaysia (+36.9% per year) and Thailand (+30.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per cubic meter in 2022, with an increase of 6.4% against the previous year. Over the period under review, the export price enjoyed perceptible growth. The pace of growth was the most pronounced in 2019 when the export price increased by 41%. Over the period under review, the export prices hit record highs at $X per cubic meter in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per cubic meter), while Indonesia ($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 Thailand (+32.6%), while the other leaders experienced more modest paces of growth.

Rare Gases Imports

Imports in ASEAN

In 2022, after three years of growth, there was significant decline in purchases abroad of rare gases (excluding argon), when their volume decreased by -11.9% to X cubic meters. Overall, imports, however, continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2019 with an increase of 59%. Over the period under review, imports reached the maximum at X cubic meters in 2021, and then reduced in the following year.

In value terms, rare gases imports soared to $X in 2022. Over the period under review, imports, however, enjoyed a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia (X cubic meters) and Singapore (X cubic meters) prevails in imports structure, together making up 78% of total imports. It was distantly followed by Thailand (X cubic meters) and the Philippines (X cubic meters), together creating a 16% share of total imports. Malaysia (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +10.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported rare gases (excluding argon) in ASEAN, comprising 76% of total imports. The second position in the ranking was held by the Philippines ($X), with a 7.6% share of total imports. It was followed by Malaysia, with a 6% share.

In Singapore, rare gases imports increased at an average annual rate of +22.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Philippines (+27.3% per year) and Malaysia (+11.2% per year).

Import Prices by Country

The import price in ASEAN stood at $X per cubic meter in 2022, with an increase of 105% against the previous year. Over the period under review, the import price saw prominent growth. As a result, import price reached 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 Singapore ($X per cubic meter), while Indonesia ($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 (+29.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform