Hungary: Argon Market 2024

Argon Market Size in Hungary

The Hungarian argon market reduced markedly to $X in 2022, waning by -19.3% against the previous year. In general, consumption, however, enjoyed a buoyant increase. Over the period under review, the market hit record highs at $X in 2021, and then declined remarkably in the following year.

Argon Production in Hungary

In value terms, argon production declined significantly to $X in 2022 estimated in export price. Overall, production, however, posted a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 141%. Over the period under review, production hit record highs at $X in 2021, and then fell notably in the following year.

Argon Exports

Exports from Hungary

In 2022, shipments abroad of argon was finally on the rise to reach X cubic meters for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 104% against the previous year. Over the period under review, the exports reached the peak figure at X cubic meters in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, argon exports skyrocketed to $X in 2022. Over the period under review, exports posted resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 142%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Italy (X cubic meters) was the main destination for argon exports from Hungary, accounting for a 57% share of total exports. Moreover, argon exports to Italy exceeded the volume sent to the second major destination, Slovakia (X cubic meters), threefold. Slovenia (X cubic meters) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to Italy totaled +98.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-6.5% per year) and Slovenia (-13.9% per year).

In value terms, the United States ($X) remains the key foreign market for argon exports from Hungary, comprising 68% of total exports. The second position in the ranking was held by Italy ($X), with a 5.9% share of total exports. It was followed by Slovakia, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+110.3% per year) and Slovakia (-4.7% per year).

Export Prices by Country

In 2022, the average argon export price amounted to $X per cubic meter, almost unchanged from the previous year. In general, the export price, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2018 an increase of 174% against the previous year. The export price peaked at $X per cubic meter in 2021, and then contracted modestly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per cubic meter), while the average price for exports to Italy ($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 the UK (+33.6%), while the prices for the other major destinations experienced more modest paces of growth.

Argon Imports

Imports into Hungary

In 2022, the amount of argon imported into Hungary fell markedly to X cubic meters, shrinking by -28.3% compared with the previous year. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.5% 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 -28.9% against 2019 indices. The pace of growth was the most pronounced in 2019 when imports increased by 38% against the previous year. As a result, imports reached the peak of X cubic meters. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, argon imports fell significantly to $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 26%. Over the period under review, imports hit record highs at $X in 2021, and then shrank dramatically in the following year.

Imports by Country

In 2022, Serbia (X cubic meters) constituted the largest supplier of argon to Hungary, accounting for a 49% share of total imports. Moreover, argon imports from Serbia exceeded the figures recorded by the second-largest supplier, Germany (X cubic meters), twofold. The third position in this ranking was held by Slovenia (X cubic meters), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Serbia totaled +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.1% per year) and Slovenia (+16.2% per year).

In value terms, Serbia ($X) constituted the largest supplier of argon to Hungary, comprising 45% of total imports. The second position in the ranking was taken by Germany ($X), with a 21% share of total imports. It was followed by Slovenia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Serbia amounted to +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+12.1% per year) and Slovenia (+14.6% per year).

Import Prices by Country

The average argon import price stood at $X per cubic meter in 2022, increasing by 10% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 20%. As a result, import price attained the peak level of $X per cubic meter. From 2019 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ukraine ($X per cubic meter), while the price for Austria ($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 Ukraine (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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