Saudi Arabia: Rare Gases Market 2024

Rare Gases Market Size in Saudi Arabia

The Saudi rare gases market declined to $X in 2022, which is down by -5.2% against the previous year. Overall, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +8.9% 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 +58.4% against 2017 indices. Over the period under review, the market attained the peak level at $X in 2021, and then shrank in the following year.

Rare Gases Production in Saudi Arabia

In value terms, rare gases production declined modestly to $X in 2022 estimated in export price. In general, production continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 112% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Rare Gases Exports

Exports from Saudi Arabia

In 2022, overseas shipments of rare gases (excluding argon) decreased by -23% to X cubic meters for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, showed a perceptible increase. The pace of growth appeared the most rapid in 2017 when exports increased by 111% against the previous year. The exports peaked at X cubic meters in 2021, and then reduced remarkably in the following year.

In value terms, rare gases exports dropped rapidly to $X in 2022. Overall, exports showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 100%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Bahrain (X cubic meters) was the main destination for rare gases exports from Saudi Arabia, with a 64% share of total exports. Moreover, rare gases exports to Bahrain exceeded the volume sent to the second major destination, the United Arab Emirates (X cubic meters), threefold.

From 2012 to 2022, the average annual growth rate of volume to Bahrain amounted to +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-3.0% per year) and Kuwait (+7.2% per year).

In value terms, Kuwait ($X) remains the key foreign market for rare gases (excluding argon) exports from Saudi Arabia, comprising 70% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Kuwait totaled +17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-8.2% per year) and Bahrain (-0.1% per year).

Export Prices by Country

The average rare gases export price stood at $X per cubic meter in 2022, increasing by 1.7% against the previous year. In general, the export price, however, recorded a abrupt downturn. The growth pace was the most rapid in 2019 when the average export price increased by 41%. The export price peaked at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kuwait ($X per cubic meter), while the average price for exports to Bahrain ($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 Lebanon (+34.6%), while the prices for the other major destinations experienced mixed trend patterns.

Rare Gases Imports

Imports into Saudi Arabia

In 2022, the amount of rare gases (excluding argon) imported into Saudi Arabia fell dramatically to X cubic meters, with a decrease of -31.7% compared with 2021 figures. In general, imports showed a pronounced decrease. The pace of growth appeared the most rapid in 2021 with an increase of 148%. As a result, imports reached the peak of X cubic meters, and then shrank significantly in the following year.

In value terms, rare gases imports fell modestly to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 -13.8% against 2019 indices. The pace of growth was the most pronounced in 2019 when imports increased by 47%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Algeria (X cubic meters) constituted the largest supplier of rare gases to Saudi Arabia, with a approx. 26% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Algeria totaled +20.3%.

In value terms, Algeria ($X) constituted the largest supplier of rare gases (excluding argon) to Saudi Arabia.

From 2012 to 2022, the average annual rate of growth in terms of value from Algeria totaled +57.9%.

Import Prices by Country

The average rare gases import price stood at $X per cubic meter in 2022, surging by 40% against the previous year. Over the period under review, the import price saw a buoyant increase. The pace of growth was the most pronounced in 2013 when the average import price increased by 166%. The import price peaked at $X per cubic meter in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Algeria.

From 2012 to 2022, the rate of growth in terms of prices for Algeria amounted to +31.3% per year.

Source: IndexBox Platform

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