Portugal: Argon Market 2024

Argon Market Size in Portugal

The Portuguese argon market rose rapidly to $X in 2022, increasing by 13% against the previous year. The market value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Argon consumption peaked in 2022 and is likely to see gradual growth in the near future.

Argon Production in Portugal

In value terms, argon production contracted to $X in 2022 estimated in export price. Overall, production saw a mild reduction. The most prominent rate of growth was recorded in 2014 with an increase of 31%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Argon Exports

Exports from Portugal

Argon exports from Portugal expanded slightly to X cubic meters in 2022, rising by 2.5% against the previous year's figure. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +21.5% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 36%. The exports peaked at X cubic meters in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, argon exports dropped dramatically to $X in 2022. Over the period under review, exports continue to indicate resilient growth. The growth pace was the most rapid in 2014 when exports increased by 78% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Spain (X cubic meters) was the main destination for argon exports from Portugal, accounting for a 97% share of total exports. It was followed by Angola (X cubic meters), with a 2.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain totaled +9.2%.

In value terms, Spain ($X) remains the key foreign market for argon exports from Portugal, comprising 85% of total exports. The second position in the ranking was taken by Angola ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain totaled +15.0%.

Export Prices by Country

The average argon export price stood at $X per cubic meter in 2022, shrinking by -17.3% against the previous year. Over the period under review, the export price recorded a mild downturn. The most prominent rate of growth was recorded in 2013 when the average export price increased by 37% against the previous year. The export price peaked at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Angola ($X per cubic meter), while the average price for exports to Spain 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 Spain (+5.3%).

Argon Imports

Imports into Portugal

In 2022, purchases abroad of argon increased by 33% to X cubic meters, rising for the second year in a row after two years of decline. Overall, imports saw strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 45% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, argon imports surged to $X in 2022. In general, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 45% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Spain (X cubic meters) constituted the largest supplier of argon to Portugal, with a 89% share of total imports. Moreover, argon imports from Spain exceeded the figures recorded by the second-largest supplier, the Netherlands (X cubic meters), more than tenfold. The third position in this ranking was taken by France (X cubic meters), with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain stood at +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+3.3% per year) and France (+23.9% per year).

In value terms, Spain ($X) constituted the largest supplier of argon to Portugal, comprising 87% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 6% share of total imports. It was followed by France, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+6.6% per year) and France (+30.5% per year).

Import Prices by Country

The average argon import price stood at $X per cubic meter in 2022, falling by -9.6% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 24% against the previous year. The import price peaked at $X per cubic meter in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per cubic meter), while the price for Spain ($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 France (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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