Greece: Oxygen Market 2024

Oxygen Market Size in Greece

The Greek oxygen market dropped modestly to $X in 2022, with a decrease of -3.7% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then dropped slightly in the following year.

Oxygen Production in Greece

In value terms, oxygen production contracted to $X in 2022 estimated in export price. Overall, production showed a perceptible slump. The pace of growth appeared the most rapid in 2021 when the production volume increased by 20% against the previous year. Oxygen production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Oxygen Exports

Exports from Greece

In 2022, after five years of growth, there was significant decline in shipments abroad of oxygen, when their volume decreased by -23.8% to X cubic meters. Overall, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 314% against the previous year. As a result, the exports attained the peak of X cubic meters, and then fell sharply in the following year.

In value terms, oxygen exports rose markedly to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 192% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

North Macedonia (X cubic meters) was the main destination for oxygen exports from Greece, with a 91% share of total exports. Moreover, oxygen exports to North Macedonia exceeded the volume sent to the second major destination, Cyprus (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to North Macedonia stood at +87.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (-13.1% per year) and Bulgaria (-23.5% per year).

In value terms, North Macedonia ($X) remains the key foreign market for oxygen exports from Greece, comprising 76% of total exports. The second position in the ranking was taken by Cyprus ($X), with a 3.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to North Macedonia stood at +73.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (-14.7% per year) and Bulgaria (-16.7% per year).

Export Prices by Country

In 2022, the average oxygen export price amounted to $X per cubic meter, increasing by 49% against the previous year. Overall, the export price, however, showed a pronounced decrease. The pace of growth appeared the most rapid in 2016 an increase of 80%. As a result, the export price reached the peak level of $X per cubic meter. From 2017 to 2022, the average export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was North Macedonia ($X per cubic meter), while the average price for exports to Bulgaria ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+8.8%), while the prices for the other major destinations experienced a decline.

Oxygen Imports

Imports into Greece

Oxygen imports into Greece totaled X cubic meters in 2022, increasing by 12% on the previous year. Overall, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 38%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, oxygen imports surged to $X in 2022. In general, imports saw prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 92% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Bulgaria (X cubic meters) constituted the largest supplier of oxygen to Greece, with a 46% share of total imports. Moreover, oxygen imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Turkey (X cubic meters), twofold. North Macedonia (X cubic meters) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from Bulgaria amounted to +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+536.4% per year) and North Macedonia (-1.9% per year).

In value terms, Bulgaria ($X), Turkey ($X) and North Macedonia ($X) appeared to be the largest oxygen suppliers to Greece, with a combined 86% share of total imports.

Turkey, with a CAGR of +349.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average oxygen import price amounted to $X per cubic meter, with an increase of 34% against the previous year. Over the period under review, the import price saw a prominent increase. The growth pace was the most rapid in 2021 when the average import price increased by 39% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per cubic meter), while the price for Romania ($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 Bulgaria (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :