MERCOSUR: Argon Market 2024

Argon Market Size in MERCOSUR

The MERCOSUR argon market contracted to $X in 2022, dropping by -2.6% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Argon Production in MERCOSUR

In value terms, argon production dropped slightly to $X in 2022 estimated in export price. The total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +2.5% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 23%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Argon Exports

Exports in MERCOSUR

In 2022, argon exports in MERCOSUR skyrocketed to X cubic meters, growing by 106% on the previous year's figure. Overall, exports posted a measured increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, argon exports surged to $X in 2022. Over the period under review, exports enjoyed mild growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil was the key exporter of argon in MERCOSUR, with the volume of exports accounting for X cubic meters, which was approx. 67% of total exports in 2022. It was distantly followed by Argentina (X cubic meters), Colombia (X cubic meters) and Ecuador (X cubic meters), together comprising a 28% share of total exports. Chile (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to argon exports from Brazil stood at +2.1%. At the same time, Ecuador (+23.3%), Argentina (+13.0%) and Colombia (+7.2%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +23.3% from 2012-2022. By contrast, Chile (-14.4%) illustrated a downward trend over the same period. While the share of Argentina (+11 p.p.), Ecuador (+4 p.p.) and Colombia (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Chile (-12.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) emerged as the largest argon supplier in MERCOSUR, comprising 60% of total exports. The second position in the ranking was held by Ecuador ($X), with a 14% share of total exports. It was followed by Argentina, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil stood at +1.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Ecuador (+29.4% per year) and Argentina (+7.4% per year).

Export Prices by Country

The export price in MERCOSUR stood at $X per cubic meter in 2022, falling by -15.1% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 28%. The level of export peaked at $X per cubic meter in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ecuador ($X per cubic meter), while Argentina ($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 Ecuador (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Argon Imports

Imports in MERCOSUR

In 2022, overseas purchases of argon increased by 12% to X cubic meters, rising for the second consecutive year after three years of decline. Total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.2% against 2020 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 57% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in the near future.

In value terms, argon imports expanded remarkably to $X in 2022. Overall, imports, however, recorded a slight shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by 52%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Chile (X cubic meters), Peru (X cubic meters), Uruguay (X cubic meters) and Argentina (X cubic meters) represented roughly 86% of total imports in 2022. It was distantly followed by Colombia (X cubic meters), constituting a 7.6% share of total imports. The following importers - Paraguay (X cubic meters) and Ecuador (X cubic meters) - each amounted to a 4.2% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Uruguay (with a CAGR of +16.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest argon importing markets in MERCOSUR were Peru ($X), Chile ($X) and Uruguay ($X), with a combined 71% share of total imports. Argentina, Colombia, Paraguay and Ecuador lagged somewhat behind, together comprising a further 24%.

Among the main importing countries, Paraguay, with a CAGR of +15.7%, saw the highest rates of growth with regard to 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 import price in MERCOSUR amounted to $X per cubic meter, flattening at the previous year. Overall, the import price recorded a noticeable decline. The pace of growth appeared the most rapid in 2020 an increase of 12% against the previous year. The level of import peaked at $X per cubic meter in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Paraguay ($X per cubic meter), while Argentina ($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 Paraguay (+6.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform