Singapore: Argon Market 2024

Argon Market Size in Singapore

In 2022, the Singaporean argon market increased by 57% to $X, rising for the third year in a row after two years of decline. In general, consumption enjoyed a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Argon Production in Singapore

In value terms, argon production reduced to $X in 2022 estimated in export price. Overall, production recorded a noticeable setback. The pace of growth appeared the most rapid in 2018 with an increase of 105% against the previous year. Argon production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Argon Exports

Exports from Singapore

In 2022, the amount of argon exported from Singapore expanded sharply to X cubic meters, increasing by 15% on the previous year's figure. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 40%. Over the period under review, the exports reached the peak figure at X cubic meters in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, argon exports surged to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 36% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X cubic meters), Australia (X cubic meters) and Thailand (X cubic meters) were the main destinations of argon exports from Singapore, with a combined 70% share of total exports. These countries were followed by Mauritius, New Zealand, Malaysia, Taiwan (Chinese), Kenya, Vietnam, the UK, Brunei Darussalam and the Philippines, which together accounted for a further 22%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +76.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the key foreign market for argon exports from Singapore, comprising 44% of total exports. The second position in the ranking was taken by Australia ($X), with a 20% share of total exports. It was followed by Thailand, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia totaled -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+30.9% per year) and Thailand (-2.8% per year).

Export Prices by Country

The average argon export price stood at $X per cubic meter in 2022, increasing by 18% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 27% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per cubic meter), while the average price for exports to New Zealand ($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 Brunei Darussalam (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Argon Imports

Imports into Singapore

In 2022, approx. X cubic meters of argon were imported into Singapore; with an increase of 68% against the previous year. Overall, imports enjoyed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, argon imports surged to $X in 2022. Over the period under review, imports enjoyed a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X cubic meters) constituted the largest argon supplier to Singapore, with a 81% share of total imports. Moreover, argon imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X cubic meters), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X cubic meters), with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at +32.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.8% per year) and Taiwan (Chinese) (+42.2% per year).

In value terms, Malaysia ($X) constituted the largest supplier of argon to Singapore, comprising 83% of total imports. The second position in the ranking was taken by China ($X), with a 4.4% share of total imports. It was followed by Taiwan (Chinese), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia totaled +30.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.7% per year) and Taiwan (Chinese) (+48.8% per year).

Import Prices by Country

The average argon import price stood at $X per cubic meter in 2022, growing by 35% against the previous year. In general, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, argon import price increased by +84.7% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Vietnam ($X per cubic meter), while the price for China ($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 Vietnam (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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