Portugal: Rare Gases Market 2024

Rare Gases Market Size in Portugal

The Portuguese rare gases market fell to $X in 2022, declining by -9.8% against the previous year. Over the period under review, consumption recorded a resilient increase. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Rare Gases Production in Portugal

In value terms, rare gases production rose markedly to $X in 2022 estimated in export price. In general, production, however, showed a slight setback. The pace of growth was the most pronounced in 2018 when the production volume increased by 55%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Rare Gases Exports

Exports from Portugal

In 2022, overseas shipments of rare gases (excluding argon) decreased by -2.5% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 322% against the previous year. As a result, the exports attained the peak of X cubic meters, and then fell in the following year.

In value terms, rare gases exports declined significantly to $X in 2022. In general, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 381% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell rapidly in the following year.

Exports by Country

The UK (X cubic meters), Spain (X cubic meters) and Australia (X cubic meters) were the main destinations of rare gases exports from Portugal, with a combined 72% share of total exports. France, Italy, Japan, Norway and the United States lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +2,480.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) remains the key foreign market for rare gases (excluding argon) exports from Portugal, comprising 40% of total exports. The second position in the ranking was taken by Australia ($X), with a 14% share of total exports. It was followed by France, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK totaled +64.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+134.6% per year) and France (+84.2% per year).

Export Prices by Country

The average rare gases export price stood at $X per cubic meter in 2022, which is down by -43.1% against the previous year. Over the period under review, the export price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 143%. Over the period under review, the average export prices attained the peak figure at $X per cubic meter in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per cubic meter), while the average price for exports to Italy ($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 Malaysia (+4,548.2%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Gases Imports

Imports into Portugal

After two years of growth, supplies from abroad of rare gases (excluding argon) decreased by -37.8% to X cubic meters in 2022. Overall, imports, however, saw a notable increase. The growth pace was the most rapid in 2018 with an increase of 65% against the previous year. Over the period under review, imports reached the maximum at X cubic meters in 2021, and then reduced rapidly in the following year.

In value terms, rare gases imports shrank markedly to $X in 2022. In general, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2017 with an increase of 34%. Imports peaked at $X in 2021, and then declined remarkably in the following year.

Imports by Country

In 2022, Spain (X cubic meters) constituted the largest rare gases supplier to Portugal, accounting for a 89% share of total imports. Moreover, rare gases imports from Spain exceeded the figures recorded by the second-largest supplier, Germany (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+12.8% per year) and Finland (+12.6% per year).

In value terms, Spain ($X) constituted the largest supplier of rare gases (excluding argon) to Portugal, comprising 91% of total imports. The second position in the ranking was taken by Germany ($X), with a 5.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+16.4% per year) and Finland (+31.9% per year).

Import Prices by Country

In 2022, the average rare gases import price amounted to $X per cubic meter, rising by 32% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rare gases import price decreased by -9.4% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of 68%. As a result, import price reached the peak level of $X per cubic meter. From 2020 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per cubic meter), while the price for Germany ($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 Finland (+17.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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