GCC: Argon Market 2024

Argon Market Size in GCC

In 2022, the GCC argon market decreased by -1.2% to $X, falling for the fifth consecutive year after four years of growth. In general, consumption, however, showed modest growth. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Argon Production in GCC

In value terms, argon production contracted modestly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 36% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Argon Exports

Exports in GCC

After two years of growth, overseas shipments of argon decreased by -1.4% to X cubic meters in 2022. Total exports indicated a pronounced expansion from 2012 to 2022: its volume 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, exports increased by +68.7% against 2019 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 73% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, argon exports declined slightly to $X in 2022. Overall, exports continue to indicate a perceptible contraction. The pace of growth was the most pronounced in 2018 when exports increased by 89%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Kuwait (X cubic meters), Saudi Arabia (X cubic meters) and the United Arab Emirates (X cubic meters), together resulting at 93% of total export. It was distantly followed by Bahrain (X cubic meters), committing a 6.7% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Bahrain (with a CAGR of +54.3%), while the other leaders experienced more modest paces of growth.

In value terms, Kuwait ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 94% share of total exports. Bahrain lagged somewhat behind, accounting for a further 5.9%.

Bahrain, with a CAGR of +49.7%, 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

The export price in GCC stood at $X per cubic meter in 2022, leveling off at the previous year. Overall, the export price, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2018 when the export price increased by 9.3% against the previous year. The level of export peaked at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United Arab Emirates ($X per cubic meter) and Kuwait ($X per cubic meter), while Bahrain ($X per cubic meter) and Saudi Arabia ($X per cubic meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (-3.0%), while the other leaders experienced a decline in the export price figures.

Argon Imports

Imports in GCC

In 2022, imports of argon in GCC reduced to X cubic meters, dropping by -12.6% on the previous year's figure. Total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% 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 -40.2% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 133%. As a result, imports reached the peak of X cubic meters. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, argon imports rose sharply to $X in 2022. In general, imports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 212% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the main importing country with an import of around X cubic meters, which resulted at 62% of total imports. It was distantly followed by Oman (X cubic meters), achieving a 36% share of total imports. Bahrain (X cubic meters) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +14.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported argon in GCC, comprising 79% of total imports. The second position in the ranking was held by Oman ($X), with a 20% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +11.7%. In the other countries, the average annual rates were as follows: Oman (+4.6% per year) and Bahrain (-24.5% per year).

Import Prices by Country

The import price in GCC stood at $X per cubic meter in 2022, increasing by 29% against the previous year. Overall, the import price, however, recorded a noticeable contraction. The pace of growth appeared the most rapid in 2018 when the import price increased by 33% against the previous year. Over the period under review, import prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 the United Arab Emirates ($X per cubic meter), while Bahrain ($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 the United Arab Emirates (-2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform