Northern America: Argon Market 2024

Argon Market Size in Northern America

The North American argon market declined to $X in 2022, dropping by -6% against the previous year. The total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +6.6% against 2020 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Argon Production in Northern America

In value terms, argon production shrank to $X in 2022 estimated in export price. The total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.5% 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 +8.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Argon Exports

Exports in Northern America

After two years of growth, shipments abroad of argon decreased by -9.1% to X cubic meters in 2022. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 20%. The volume of export peaked at X cubic meters in 2021, and then contracted in the following year.

In value terms, argon exports reduced modestly to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 27% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Canada (X cubic meters) was the main exporter of argon, comprising 63% of total exports. It was distantly followed by the United States (X cubic meters), generating a 37% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Canada (with a CAGR of +1.6%).

In value terms, Canada ($X) and the United States ($X) constituted the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, the United States, with a CAGR of -0.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Northern America stood at $X per cubic meter in 2022, rising by 6.9% against the previous year. In general, the export price, however, saw a perceptible decline. The pace of growth was the most pronounced in 2021 when the export price increased by 13%. Over the period under review, the export prices hit record highs at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per cubic meter), while Canada totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.1%).

Argon Imports

Imports in Northern America

In 2022, the amount of argon imported in Northern America shrank to X cubic meters, with a decrease of -8.9% compared with the previous year. Total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.8% 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 -28.5% against 2018 indices. The growth pace was the most rapid in 2016 when imports increased by 20%. 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 fell to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 17%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

The United States prevails in imports structure, finishing at X cubic meters, which was approx. 95% of total imports in 2022. Canada (X cubic meters) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the argon imports, with a CAGR of +2.4% from 2012 to 2022. Canada (-5.9%) illustrated a downward trend over the same period. The United States (+5 p.p.) significantly strengthened its position in terms of the total imports, while Canada saw its share reduced by -5.1% from 2012 to 2022, respectively.

In value terms, the United States ($X) constitutes the largest market for imported argon in Northern America, comprising 93% of total imports. The second position in the ranking was held by Canada ($X), with a 6.4% share of total imports.

In the United States, argon imports remained relatively stable over the period from 2012-2022.

Import Prices by Country

The import price in Northern America stood at $X per cubic meter in 2022, which is down by -2.4% against the previous year. In general, the import price saw a noticeable decrease. The pace of growth appeared the most rapid in 2021 when the import price increased by 11%. The level of import peaked at $X per cubic meter in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Canada ($X per cubic meter), while the United States totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.7%).

Source: IndexBox Platform

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