Eastern Europe: Argon Market 2024

Argon Market Size in Eastern Europe

In 2022, the East European argon market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. The total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.6% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Argon Production in Eastern Europe

In value terms, argon production rose sharply to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 47% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Argon Exports

Exports in Eastern Europe

In 2022, approx. X cubic meters of argon were exported in Eastern Europe; with an increase of 11% against 2021 figures. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when exports increased by 17%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, argon exports skyrocketed to $X in 2022. Over the period under review, exports saw a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Czech Republic (X cubic meters) and Poland (X cubic meters) represented roughly 56% of total exports in 2022. Romania (X cubic meters) ranks next in terms of the total exports with a 12% share, followed by Ukraine (6.3%), Russia (5.3%) and Moldova (4.5%). The following exporters - Belarus (X cubic meters), Latvia (X cubic meters) and Slovakia (X cubic meters) - together made up 9.6% of total exports.

From 2012 to 2022, the biggest increases were recorded for Moldova (with a CAGR of +77.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest argon supplying countries in Eastern Europe were the Czech Republic ($X), Poland ($X) and Romania ($X), together comprising 56% of total exports. These countries were followed by Moldova, Russia, Ukraine, Belarus, Slovakia and Latvia, which together accounted for a further 33%.

Moldova, with a CAGR of +107.4%, 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

In 2022, the export price in Eastern Europe amounted to $X per cubic meter, growing by 27% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +85.3% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Moldova ($X per cubic meter), while the Czech Republic ($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 Moldova (+16.9%), while the other leaders experienced more modest paces of growth.

Argon Imports

Imports in Eastern Europe

In 2022, the amount of argon imported in Eastern Europe shrank to X cubic meters, with a decrease of -4.4% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 19%. Over the period under review, imports attained the maximum at X cubic meters in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, argon imports soared to $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +82.8% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Poland (X cubic meters), distantly followed by Hungary (X cubic meters), Russia (X cubic meters), Slovakia (X cubic meters), the Czech Republic (X cubic meters), Romania (X cubic meters), Belarus (X cubic meters), Latvia (X cubic meters) and Bulgaria (X cubic meters) represented the major importers of argon, together making up 91% of total imports.

From 2012 to 2022, average annual rates of growth with regard to argon imports into Poland stood at +5.7%. At the same time, Belarus (+20.8%), Latvia (+4.8%), Romania (+4.0%), Hungary (+3.5%), Bulgaria (+3.1%) and Slovakia (+1.8%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +20.8% from 2012-2022. By contrast, the Czech Republic (-1.9%) and Russia (-7.0%) illustrated a downward trend over the same period. While the share of Poland (+7.6 p.p.) and Belarus (+4.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Czech Republic (-3.5 p.p.) and Russia (-17 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported argon in Eastern Europe, comprising 31% of total imports. The second position in the ranking was held by Hungary ($X), with a 14% share of total imports. It was followed by Romania, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Poland totaled +10.7%. In the other countries, the average annual rates were as follows: Hungary (+3.8% per year) and Romania (+9.3% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per cubic meter in 2022, with an increase of 22% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. 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 Romania ($X per cubic meter), while Russia ($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 Romania (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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