India: Argon Market 2024

Argon Market Size in India

The Indian argon market dropped to $X in 2022, almost unchanged from the previous year. Overall, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.2% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Argon Production in India

In value terms, argon production shrank slightly to $X in 2022 estimated in export price. Overall, the total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.2% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 13% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Argon Exports

Exports from India

In 2022, the amount of argon exported from India dropped remarkably to X cubic meters, which is down by -15.3% on 2021 figures. In general, exports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2013 when exports increased by 107%. The exports peaked at X cubic meters in 2021, and then declined sharply in the following year.

In value terms, argon exports declined remarkably to $X in 2022. Overall, exports, however, continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 95% against the previous year. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Bangladesh (X cubic meters) was the main destination for argon exports from India, accounting for a 94% share of total exports. Moreover, argon exports to Bangladesh exceeded the volume sent to the second major destination, Nepal (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh stood at +16.9%.

In value terms, Bangladesh ($X) remains the key foreign market for argon exports from India, comprising 90% of total exports. The second position in the ranking was held by Nepal ($X), with a 5.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bangladesh totaled +17.7%.

Export Prices by Country

The average argon export price stood at $X per cubic meter in 2022, dropping by -13.3% against the previous year. Overall, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, argon export price increased by +29.4% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of 51%. As a result, the export price attained the peak level of $X per cubic meter, and then shrank in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Nepal ($X per cubic meter), while the average price for exports to Bangladesh stood at $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+0.7%), while the prices for the other major destinations experienced a decline.

Argon Imports

Imports into India

In 2022, after two years of decline, there was significant growth in supplies from abroad of argon, when their volume increased by 768% to X cubic meters. Overall, imports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 4,400% against the previous year. As a result, imports reached the peak of X cubic meters. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, argon imports soared to $X in 2022. Over the period under review, imports continue to indicate prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Qatar (X cubic meters) was the main supplier of argon to India, accounting for a 97% share of total imports. It was followed by Germany (X cubic meters), with a 1.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Qatar stood at +31.7%.

In value terms, Qatar ($X) constituted the largest supplier of argon to India, comprising 100% of total imports. The second position in the ranking was taken by Germany ($X), with a 0.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Qatar amounted to +145.1%.

Import Prices by Country

The average argon import price stood at $X per cubic meter in 2022, rising by 593% against the previous year. Overall, the import price posted a significant increase. The pace of growth was the most pronounced in 2018 when the average import price increased by 4,094%. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Qatar ($X per cubic meter), while the price for Germany totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+86.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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