Australia: Argon Market 2024

Argon Market Size in Australia

The Australian argon market fell to $X in 2022, declining by -5.2% against the previous year. Overall, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.0% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Argon Production in Australia

In value terms, argon production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a slight setback. The pace of growth appeared the most rapid in 2014 with an increase of 31% against the previous year. Argon production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports from Australia

In 2022, approx. X cubic meters of argon were exported from Australia; increasing by 19% against the previous year's figure. Overall, exports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 66% against the previous year. Over the period under review, the exports reached the maximum at X cubic meters in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, argon exports surged to $X in 2022. In general, exports, however, continue to indicate a precipitous decline. The most prominent rate of growth was recorded in 2020 when exports increased by 68% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

New Zealand (X cubic meters) was the main destination for argon exports from Australia, with a 82% share of total exports. Moreover, argon exports to New Zealand exceeded the volume sent to the second major destination, New Caledonia (X cubic meters), ninefold. The third position in this ranking was taken by Papua New Guinea (X cubic meters), with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand totaled -19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Caledonia (-5.7% per year) and Papua New Guinea (-23.1% per year).

In value terms, New Zealand ($X) remains the key foreign market for argon exports from Australia, comprising 82% of total exports. The second position in the ranking was taken by New Caledonia ($X), with a 7% share of total exports. It was followed by Papua New Guinea, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to New Zealand amounted to -23.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Caledonia (-12.1% per year) and Papua New Guinea (-21.8% per year).

Export Prices by Country

In 2022, the average argon export price amounted to $X per cubic meter, surging by 6.3% against the previous year. Overall, the export price, however, saw a perceptible descent. The pace of growth appeared the most rapid in 2014 an increase of 30%. Over the period under review, the average export prices reached the maximum at $X per cubic meter in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Fiji ($X per cubic meter), while the average price for exports to New Caledonia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Fiji (+6.8%), while the prices for the other major destinations experienced mixed trend patterns.

Argon Imports

Imports into Australia

In 2022, purchases abroad of argon decreased by -25.9% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.3% 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 +42.3% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 90% against the previous year. As a result, imports reached the peak of X cubic meters, and then dropped dramatically in the following year.

In value terms, argon imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 160%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Singapore (X cubic meters) constituted the largest argon supplier to Australia, accounting for a 73% share of total imports. Moreover, argon imports from Singapore exceeded the figures recorded by the second-largest supplier, China (X cubic meters), fourfold. The third position in this ranking was taken by Malaysia (X cubic meters), with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore stood at +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+47.9% per year) and Malaysia (-25.0% per year).

In value terms, the largest argon suppliers to Australia were Singapore ($X), China ($X) and Malaysia ($X), together comprising 87% of total imports.

In terms of the main suppliers, China, with a CAGR of +53.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average argon import price stood at $X per cubic meter in 2022, jumping by 69% against the previous year. In general, the import price continues to indicate prominent growth. The pace of growth was the most pronounced in 2015 an increase of 88%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per cubic meter), while the price for Singapore ($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 Malaysia (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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