GCC: Rare Gases Market 2024

Rare Gases Market Size in GCC

The GCC rare gases market reduced to $X in 2022, which is down by -10.1% against the previous year. Overall, consumption, however, enjoyed a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank in the following year.

Rare Gases Production in GCC

In value terms, rare gases production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, posted prominent growth. The pace of growth was the most pronounced in 2013 with an increase of 86%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Rare Gases Exports

Exports in GCC

Rare gases exports soared to X cubic meters in 2022, rising by 156% on 2021. In general, exports continue to indicate a prominent increase. The volume of export peaked at X cubic meters in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, rare gases exports soared to $X in 2022. Over the period under review, exports posted a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 83%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X cubic meters, which was near 88% of total exports in 2022. It was distantly followed by Saudi Arabia (X cubic meters), mixing up a 9.3% share of total exports. Bahrain (X cubic meters) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the rare gases (excluding argon) exports, with a CAGR of +9.6% from 2012 to 2022. At the same time, Bahrain (+4.3%) and Saudi Arabia (+2.5%) displayed positive paces of growth. While the share of the United Arab Emirates (+8.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-7.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest rare gases supplier in GCC, comprising 93% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +8.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-3.8% per year) and Bahrain (+6.6% per year).

Export Prices by Country

The export price in GCC stood at $X per cubic meter in 2022, reducing by -33.5% against the previous year. In general, the export price recorded a mild downturn. The pace of growth appeared the most rapid in 2019 an increase of 54%. As a result, the export price reached the peak level of $X per cubic meter. From 2020 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while Saudi Arabia ($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 Bahrain (+2.2%), while the other leaders experienced a decline in the export price figures.

Rare Gases Imports

Imports in GCC

In 2022, supplies from abroad of rare gases (excluding argon) decreased by -12.2% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. Overall, imports recorded a abrupt descent. The pace of growth appeared the most rapid in 2021 with an increase of 39% against the previous year. The volume of import peaked at X cubic meters in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, rare gases imports shrank to $X in 2022. In general, imports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 34% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

The United Arab Emirates (X cubic meters), Saudi Arabia (X cubic meters) and Oman (X cubic meters) represented roughly 83% of total imports in 2022. It was distantly followed by Kuwait (X cubic meters) and Bahrain (X cubic meters), together committing a 14% share of total imports. Qatar (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +14.7%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported rare gases (excluding argon) in GCC, comprising 61% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 23% share of total imports. It was followed by Kuwait, with a 9% share.

In the United Arab Emirates, rare gases imports increased at an average annual rate of +15.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+6.6% per year) and Kuwait (+12.1% per year).

Import Prices by Country

The import price in GCC stood at $X per cubic meter in 2022, surging by 8% against the previous year. Over the period under review, the import price showed resilient growth. The pace of growth appeared the most rapid in 2016 when the import price increased by 56% against the previous year. Over the period under review, import prices attained the maximum at $X per cubic meter in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while Qatar ($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 (+21.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform