China: Argon Market 2024

Argon Market Size in China

The Chinese argon market reduced modestly to $X in 2022, flattening at the previous year. In general, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +2.0% against 2020 indices. Argon consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Argon Production in China

In value terms, argon production contracted slightly to $X in 2022 estimated in export price. Overall, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.6% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 33% against the previous year. Argon production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Argon Exports

Exports from China

In 2022, argon exports from China contracted rapidly to X cubic meters, shrinking by -22.9% compared with the previous year. In general, exports, however, saw a temperate increase. The pace of growth appeared the most rapid in 2017 when exports increased by 69%. Over the period under review, the exports hit record highs at X cubic meters in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, argon exports contracted markedly to $X in 2022. Over the period under review, exports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2017 when exports increased by 79% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X cubic meters) was the main destination for argon exports from China, accounting for a 62% share of total exports. Moreover, argon exports to Indonesia exceeded the volume sent to the second major destination, Vietnam (X cubic meters), tenfold. The Philippines (X cubic meters) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia amounted to +83.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-12.9% per year) and the Philippines (+19.6% per year).

In value terms, Indonesia ($X) remains the key foreign market for argon exports from China, comprising 55% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 7.4% share of total exports. It was followed by Nigeria, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia amounted to +87.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-4.2% per year) and Nigeria (+19.3% per year).

Export Prices by Country

The average argon export price stood at $X per cubic meter in 2022, dropping by -4% against the previous year. Overall, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, argon export price increased by +45.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 50% against the previous year. As a result, the export price reached the peak level of $X per cubic meter, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nigeria ($X per cubic meter), while the average price for exports to the Philippines ($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 Vietnam (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Argon Imports

Imports into China

In 2022, the amount of argon imported into China reduced rapidly to X cubic meters, dropping by -73.3% against the previous year. Over the period under review, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 598%. Imports peaked at X cubic meters in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, argon imports dropped rapidly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 391% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X cubic meters), Austria (X cubic meters) and Japan (X cubic meters) were the main suppliers of argon imports to China, together comprising 77% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of -8.5%), while imports for the other leaders experienced a decline.

In value terms, Austria ($X) constituted the largest supplier of argon to China, comprising 61% of total imports. The second position in the ranking was taken by the United States ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Austria amounted to -10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.9% per year) and Japan (-16.2% per year).

Import Prices by Country

In 2022, the average argon import price amounted to $X per cubic meter, surging by 74% against the previous year. Overall, the import price enjoyed significant growth. The growth pace was the most rapid in 2021 when the average import price increased by 322% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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 Austria ($X per cubic meter), while the price for Japan ($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 Austria (+50.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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