Hong Kong SAR, China: Argon Market 2024

Argon Market Size in Hong Kong SAR, China

In 2022, after seven years of decline, there was significant growth in the Hong Kong argon market, when its value increased by 25% to $X. Overall, consumption, however, continues to indicate a noticeable decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Argon Production in Hong Kong SAR, China

In value terms, argon production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when the production volume increased by 14% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports from Hong Kong SAR, China

In 2022, the amount of argon exported from Hong Kong SAR dropped markedly to X cubic meters, waning by -93.7% compared with 2021. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 818%. As a result, the exports reached the peak of X cubic meters. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, argon exports dropped rapidly to $X in 2022. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 659% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X cubic meters) was the main destination for argon exports from Hong Kong SAR, accounting for a 93% share of total exports. Moreover, argon exports to China exceeded the volume sent to the second major destination, Singapore (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-9.5% per year) and Taiwan (Chinese) (-57.9% per year).

In value terms, China ($X) emerged as the key foreign market for argon exports from Hong Kong SAR, comprising 93% of total exports. The second position in the ranking was held by Singapore ($X), with a 3.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-10.9% per year) and Taiwan (Chinese) (-56.7% per year).

Export Prices by Country

The average argon export price stood at $X per cubic meter in 2022, rising by 17% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 27% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per cubic meter), while the average price for exports to Singapore ($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 Taiwan (Chinese) (+2.8%), while the prices for the other major destinations experienced a decline.

Argon Imports

Imports into Hong Kong SAR, China

In 2022, argon imports into Hong Kong SAR declined sharply to X cubic meters, with a decrease of -33.2% compared with the year before. In general, imports, however, recorded a notable expansion. The growth pace was the most rapid in 2017 with an increase of 178% against the previous year. Imports peaked at X cubic meters in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, argon imports fell markedly to $X in 2022. Over the period under review, imports, however, recorded a temperate increase. The most prominent rate of growth was recorded in 2017 when imports increased by 179%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

China (X cubic meters), the United States (X cubic meters) and Austria (X cubic meters) were the main suppliers of argon imports to Hong Kong SAR, with a combined 89% share of total imports. Singapore and Saudi Arabia lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +81.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Austria ($X) were the largest argon suppliers to Hong Kong SAR, with a combined 89% share of total imports. These countries were followed by Singapore and Saudi Arabia, which together accounted for a further 11%.

Among the main suppliers, Singapore, with a CAGR of +79.6%, recorded the highest growth rate of the value of imports, 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 argon import price amounted to $X per cubic meter, increasing by 23% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per cubic meter in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per cubic meter) and Saudi Arabia ($X per cubic meter), while the price for Singapore ($X per cubic meter) and China ($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 China (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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