Kuwait: Argon Market 2024

Argon Market Size in Kuwait

The Kuwaiti argon market surged to $X in 2022, increasing by 39% against the previous year. Over the period under review, consumption enjoyed a resilient increase. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Argon Production in Kuwait

In value terms, argon production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2020 when the production volume increased by 182%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports from Kuwait

In 2022, the amount of argon exported from Kuwait totaled X cubic meters, with an increase of 11% on 2021. In general, exports, however, showed a deep downturn. The pace of growth was the most pronounced in 2020 when exports increased by 701% against the previous year. The exports peaked at X cubic meters in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, argon exports rose remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate a deep slump. The pace of growth was the most pronounced in 2020 when exports increased by 950% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X cubic meters), the United Arab Emirates (X cubic meters) and Jordan (X cubic meters) were the main destinations of argon exports from Kuwait, with a combined 91% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Jordan (with a CAGR of +33.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for argon exported from Kuwait were the United Arab Emirates ($X), Saudi Arabia ($X) and Jordan ($X), together comprising 96% of total exports.

Among the main countries of destination, Jordan, with a CAGR of +28.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average argon export price amounted to $X per cubic meter, reducing by -4.6% against the previous year. Over the period under review, the export price continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2020 when the average export price increased by 31%. Over the period under review, the average export prices attained the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while the average price for exports to Bahrain ($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 United Arab Emirates (-1.4%), while the prices for the other major destinations experienced a decline.

Argon Imports

Imports into Kuwait

In 2022, purchases abroad of argon increased by 298% to X cubic meters for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, saw a precipitous setback. Imports peaked at X cubic meters in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, argon imports soared to $X in 2022. Overall, imports, however, continue to indicate a dramatic setback. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Bahrain (X cubic meters) constituted the largest supplier of argon to Kuwait, accounting for a 45% share of total imports. Moreover, argon imports from Bahrain exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X cubic meters), threefold. Germany (X cubic meters) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bahrain totaled -8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-24.4% per year) and Germany (+2.6% per year).

In value terms, the United States ($X) constituted the largest supplier of argon to Kuwait, comprising 44% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total imports. It was followed by Bahrain, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-22.0% per year) and Bahrain (-13.9% per year).

Import Prices by Country

The average argon import price stood at $X per cubic meter in 2022, waning by -49.8% against the previous year. Overall, the import price, however, posted a modest increase. The pace of growth appeared the most rapid in 2021 an increase of 137%. As a result, import price reached the peak level of $X per cubic meter, and then dropped significantly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per cubic meter), while the price for the Netherlands ($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 States (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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