Middle East: Argon Market 2024

Argon Market Size in the Middle East

The Middle Eastern argon market dropped to $X in 2022, waning by -6.6% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +11.7% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Argon Production in the Middle East

In value terms, argon production shrank to $X in 2022 estimated in export price. In general, production, however, saw a moderate increase. The most prominent rate of growth was recorded in 2021 with an increase of 38% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports in the Middle East

In 2022, the amount of argon exported in the Middle East rose modestly to X cubic meters, growing by 2.5% on 2021 figures. Overall, exports posted a temperate increase. The growth pace was the most rapid in 2013 when exports increased by 216%. As a result, the exports reached the peak of X cubic meters. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, argon exports surged to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 128% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of argon, namely Kuwait, Saudi Arabia and the United Arab Emirates, represented more than two-thirds of total export. Turkey (X cubic meters) took the next position in the ranking, followed by Bahrain (X cubic meters). All these countries together took near 17% share of total exports. Jordan (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +54.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Kuwait ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of exports in 2022, with a combined 76% share of total exports. These countries were followed by the United Arab Emirates, Bahrain and Jordan, which together accounted for a further 22%.

Bahrain, with a CAGR of +49.7%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per cubic meter in 2022, picking up by 28% against the previous year. Over the period under review, the export price, however, showed a pronounced slump. Over the period under review, the export prices reached the peak figure at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per cubic meter), while Bahrain ($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 Turkey (+6.1%), while the other leaders experienced a decline in the export price figures.

Argon Imports

Imports in the Middle East

After three years of decline, overseas purchases of argon increased by 4.4% to X cubic meters in 2022. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 -19.0% against 2018 indices. The growth pace was the most rapid in 2013 with an increase of 66% against the previous year. Over the period under review, imports hit record highs at X cubic meters in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, argon imports soared to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +23.1% against 2018 indices. The growth pace was the most rapid in 2018 when imports increased by 73%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

The purchases of the three major importers of argon, namely the United Arab Emirates, Turkey and Oman, represented more than two-thirds of total import. It was distantly followed by Israel (X cubic meters), comprising an 11% share of total imports. Jordan (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Turkey (with a CAGR of +20.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Israel ($X) constituted the countries with the highest levels of imports in 2022, with a combined 86% share of total imports.

In terms of the main importing countries, Turkey, with a CAGR of +31.6%, 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 the Middle East amounted to $X per cubic meter, rising by 51% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per cubic meter), while Oman ($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 Turkey (+9.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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