Eastern Asia: Argon Market 2024

Argon Market Size in Eastern Asia

The East Asian argon market dropped modestly to $X in 2022, falling by -4.1% against the previous year. The market value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Argon Production in Eastern Asia

In value terms, argon production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 21% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports in Eastern Asia

In 2022, argon exports in Eastern Asia contracted significantly to X cubic meters, which is down by -25.1% on 2021. Over the period under review, exports, however, continue to indicate notable growth. The growth pace was the most rapid in 2017 when exports increased by 84% against the previous year. Over the period under review, the exports hit record highs at X cubic meters in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, argon exports fell significantly to $X in 2022. In general, exports, however, continue to indicate a moderate expansion. The most prominent rate of growth was recorded in 2017 with an increase of 95% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, finishing at X cubic meters, which was near 93% of total exports in 2022. South Korea (X cubic meters) and Taiwan (Chinese) (X cubic meters) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to argon exports from China stood at +3.2%. At the same time, Taiwan (Chinese) (+4.9%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +4.9% from 2012-2022. By contrast, South Korea (-9.1%) illustrated a downward trend over the same period. While the share of China (+7.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-7.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest argon supplier in Eastern Asia, comprising 90% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 6.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +6.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+2.9% per year) and South Korea (-13.0% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per cubic meter, falling by -3% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2021 when the export price increased by 41%. As a result, the export price reached the peak level of $X per cubic meter, and then fell modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per cubic meter), while South Korea ($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 China (+2.8%), while the other leaders experienced a decline in the export price figures.

Argon Imports

Imports in Eastern Asia

In 2022, imports of argon in Eastern Asia expanded to X cubic meters, with an increase of 4.4% on 2021 figures. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.0% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 29% against the previous year. The volume of import peaked at X cubic meters in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, argon imports expanded rapidly to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value 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 decreased by -12.0% against 2020 indices. The pace of growth was the most pronounced in 2020 when imports increased by 22%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) prevails in imports structure, resulting at X cubic meters, which was approx. 92% of total imports in 2022. It was distantly followed by Hong Kong SAR (X cubic meters), achieving a 5.7% share of total imports. South Korea (X cubic meters) took a relatively small share of total imports.

Taiwan (Chinese) was also the fastest-growing in terms of the argon imports, with a CAGR of +5.1% from 2012 to 2022. At the same time, Hong Kong SAR (+4.2%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. While the share of Taiwan (Chinese) (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Taiwan (Chinese) ($X) constitutes the largest market for imported argon in Eastern Asia, comprising 88% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 6.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Taiwan (Chinese) totaled +3.5%. In the other countries, the average annual rates were as follows: Hong Kong SAR (+3.5% per year) and South Korea (-14.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per cubic meter in 2022, rising by 7.5% against the previous year. Over the period under review, the import price, however, continues to indicate a slight slump. The growth pace was the most rapid in 2014 when the import price increased by 12%. Over the period under review, import prices hit record highs 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 Hong Kong SAR ($X per cubic meter), while South Korea ($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 Hong Kong SAR (-0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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