Scandinavia: Rare Gases Market 2024

Rare Gases Market Size in Scandinavia

In 2022, the Scandinavia rare gases market decreased by -15.2% to $X for the first time since 2017, thus ending a four-year rising trend. Over the period under review, consumption, however, enjoyed a prominent increase. Over the period under review, the market hit record highs at $X in 2021, and then declined sharply in the following year.

Rare Gases Production in Scandinavia

In value terms, rare gases production rose notably to $X in 2022 estimated in export price. In general, production showed a strong expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 108% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Rare Gases Exports

Exports in Scandinavia

In 2022, after three years of decline, there was significant growth in overseas shipments of rare gases (excluding argon), when their volume increased by 54% to X cubic meters. Over the period under review, exports, however, recorded a mild contraction. Over the period under review, the exports reached the peak figure at X cubic meters in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, rare gases exports soared to $X in 2022. Overall, exports, however, showed a slight decline. The most prominent rate of growth was recorded in 2013 with an increase of 60%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Sweden was the main exporting country with an export of about X cubic meters, which amounted to 81% of total exports. It was distantly followed by Norway (X cubic meters), constituting a 19% share of total exports.

Exports from Sweden decreased at an average annual rate of -2.8% from 2012 to 2022. At the same time, Norway (+22.4%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +22.4% from 2012-2022. Norway (+17 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -13.5% from 2012 to 2022, respectively.

In value terms, Sweden ($X) remains the largest rare gases supplier in Scandinavia, comprising 72% of total exports. The second position in the ranking was held by Norway ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden totaled +3.2%.

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per cubic meter, shrinking by -23% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 58% against the previous year. The level of export peaked at $X per cubic meter in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Norway ($X per cubic meter), while Sweden totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+6.2%).

Rare Gases Imports

Imports in Scandinavia

In 2022, approx. X cubic meters of rare gases (excluding argon) were imported in Scandinavia; waning by -3.2% on the previous year's figure. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 52% against the previous year. Over the period under review, imports reached the peak figure at X cubic meters in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, rare gases imports dropped to $X in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when imports increased by 36%. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

Sweden was the main importer of rare gases (excluding argon) in Scandinavia, with the volume of imports reaching X cubic meters, which was approx. 70% of total imports in 2022. Norway (X cubic meters) took the second position in the ranking, distantly followed by Finland (X cubic meters). All these countries together held near 30% share of total imports.

Sweden was also the fastest-growing in terms of the rare gases (excluding argon) imports, with a CAGR of +9.4% from 2012 to 2022. Norway (-7.8%) and Finland (-8.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sweden increased by +40 percentage points.

In value terms, Sweden ($X) constitutes the largest market for imported rare gases (excluding argon) in Scandinavia, comprising 55% of total imports. The second position in the ranking was taken by Norway ($X), with a 27% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden totaled +7.7%. The remaining importing countries recorded the following average annual rates of imports growth: Norway (+0.0% per year) and Finland (-1.0% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per cubic meter, declining by -3% against the previous year. Import price indicated moderate growth 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 -4.7% against 2020 indices. The growth pace was the most rapid in 2013 an increase of 54%. The level of import peaked at $X per cubic meter in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 Finland ($X per cubic meter), while Sweden ($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 Norway (+8.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform