Republic of Korea: Argon Market 2024

Argon Market Size in Republic of Korea

The South Korean argon market reduced to $X in 2022, dropping by -6% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Argon consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Argon Production in Republic of Korea

In value terms, argon production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 17% against the previous year. Argon production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Argon Exports

Exports from Republic of Korea

In 2022, overseas shipments of argon increased by 0.5% to X cubic meters, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, recorded a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of 592%. As a result, the exports reached the peak of X cubic meters. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, argon exports dropped to $X in 2022. Overall, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 710% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X cubic meters), the Philippines (X cubic meters) and Thailand (X cubic meters) were the main destinations of argon exports from South Korea, together comprising 87% of total exports. Vietnam, Singapore and Australia lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +23.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for argon exported from South Korea were Taiwan (Chinese) ($X), the Philippines ($X) and Thailand ($X), together comprising 60% of total exports. Australia, Vietnam and Singapore lagged somewhat behind, together comprising a further 11%.

In terms of the main countries of destination, Vietnam, with a CAGR of +17.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average argon export price stood at $X per cubic meter in 2022, shrinking by -14.9% against the previous year. Overall, the export price saw a perceptible contraction. The growth pace was the most rapid in 2019 when the average export price increased by 26% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per cubic meter), while the average price for exports to Thailand ($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 Vietnam (-5.0%), while the prices for the other major destinations experienced a decline.

Argon Imports

Imports into Republic of Korea

Argon imports into South Korea reduced to X cubic meters in 2022, falling by -8% compared with the year before. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 994%. Over the period under review, imports reached the peak figure at X cubic meters in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, argon imports dropped to $X in 2022. Over the period under review, imports recorded a deep reduction. The pace of growth was the most pronounced in 2013 when imports increased by 339%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X cubic meters) was the main argon supplier to South Korea, accounting for a 90% share of total imports. Moreover, argon imports from Germany exceeded the figures recorded by the second-largest supplier, the Philippines (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +81.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (-23.8% per year) and Singapore (+40.6% per year).

In value terms, the largest argon suppliers to South Korea were Germany ($X), the Philippines ($X) and Singapore ($X), with a combined 91% share of total imports.

Germany, with a CAGR of +76.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average argon import price amounted to $X per cubic meter, dropping by -6% against the previous year. Over the period under review, the import price continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 an increase of 138% against the previous year. Over the period under review, average import prices reached the maximum at $X per cubic meter in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Philippines ($X per cubic meter), while the price for Germany ($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 the Philippines (+3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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