ECOWAS: Argon Market 2024

Argon Market Size in ECOWAS

The ECOWAS argon market reached $X in 2022, remaining relatively unchanged against the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.4% 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 -1.8% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Argon Production in ECOWAS

In value terms, argon production dropped slightly to $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +1.7% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 28% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports in ECOWAS

Argon exports shrank to X cubic meters in 2022, declining by -5.3% against the previous year's figure. Overall, exports saw a noticeable descent. The most prominent rate of growth was recorded in 2018 with an increase of 160% against the previous year. Over the period under review, the exports attained the maximum at X cubic meters in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, argon exports totaled $X in 2022. Over the period under review, exports saw a deep setback. The pace of growth appeared the most rapid in 2018 when exports increased by 122% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal represented the key exporter of argon in ECOWAS, with the volume of exports resulting at X cubic meters, which was near 52% of total exports in 2022. Ghana (X cubic meters) took the second position in the ranking, followed by Burkina Faso (X cubic meters), Cote d'Ivoire (X cubic meters) and Benin (X cubic meters). All these countries together took approx. 46% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to argon exports from Senegal stood at +9.0%. At the same time, Cote d'Ivoire (+24.4%), Benin (+17.2%), Ghana (+7.1%) and Burkina Faso (+3.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +24.4% from 2012-2022. From 2012 to 2022, the share of Senegal, Ghana, Burkina Faso, Cote d'Ivoire and Benin increased by +38, +11, +8.2, +7.7 and +4.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest argon supplying countries in ECOWAS were Senegal ($X), Ghana ($X) and Burkina Faso ($X), with a combined 85% share of total exports. These countries were followed by Cote d'Ivoire and Benin, which together accounted for a further 11%.

Cote d'Ivoire, with a CAGR of +21.9%, saw 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 ECOWAS amounted to $X per cubic meter, jumping by 15% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 112%. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per cubic meter), while Burkina Faso ($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 Senegal (+1.7%), while the other leaders experienced a decline in the export price figures.

Argon Imports

Imports in ECOWAS

In 2022, approx. X cubic meters of argon were imported in ECOWAS; growing by 10% compared with 2021 figures. Overall, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 124%. Over the period under review, imports hit record highs at X cubic meters in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, argon imports surged to $X in 2022. In general, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 83% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, recording X cubic meters, which was near 70% of total imports in 2022. Ghana (X cubic meters) ranks second in terms of the total imports with an 8% share, followed by Niger (6.3%) and Cote d'Ivoire (5.8%). The following importers - Sierra Leone (X cubic meters) and Senegal (X cubic meters) - each accounted for a 4.3% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to argon imports into Nigeria stood at +11.3%. At the same time, Niger (+68.7%), Sierra Leone (+20.4%), Cote d'Ivoire (+9.9%), Ghana (+8.3%) and Senegal (+7.2%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +68.7% from 2012-2022. Niger (+6.2 p.p.) and Nigeria (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -1.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported argon in ECOWAS, comprising 76% of total imports. The second position in the ranking was held by Niger ($X), with a 10% share of total imports. It was followed by Ghana, with a 3.7% share.

In Nigeria, argon imports expanded at an average annual rate of +13.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Niger (+66.0% per year) and Ghana (+5.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per cubic meter in 2022, growing by 38% against the previous year. Over the period under review, the import price continues to indicate a modest increase. 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 Niger ($X per cubic meter), while Sierra Leone ($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 Nigeria (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform