Singapore: Rare Gases Market 2024

Rare Gases Market Size in Singapore

In 2022, the Singaporean rare gases market increased by 370% to $X, rising for the fifth year in a row after two years of decline. In general, consumption enjoyed a significant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Rare Gases Production in Singapore

In value terms, rare gases production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. Over the period under review, production hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Rare Gases Exports

Exports from Singapore

In 2022, overseas shipments of rare gases (excluding argon) increased by 93% to X cubic meters, rising for the second year in a row after two years of decline. In general, exports posted a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, rare gases exports skyrocketed to $X in 2022. Overall, exports posted resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Philippines (X cubic meters), Taiwan (Chinese) (X cubic meters) and Indonesia (X cubic meters) were the main destinations of rare gases exports from Singapore, with a combined 53% share of total exports. Malaysia, Hong Kong SAR, South Korea, Thailand, Vietnam, China, Japan and Australia lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +74.4%), while the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) emerged as the key foreign market for rare gases (excluding argon) exports from Singapore, comprising 30% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines totaled +40.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+17.5% per year) and Taiwan (Chinese) (+34.5% per year).

Export Prices by Country

In 2022, the average rare gases export price amounted to $X per cubic meter, which is down by -13.6% against the previous year. In general, the export price, however, showed a perceptible increase. The pace of growth was the most pronounced in 2020 an increase of 33% against the previous year. The export price peaked at $X per cubic meter in 2021, and then fell in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per cubic meter), while the average price for exports to Thailand ($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 Japan (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Gases Imports

Imports into Singapore

In 2022, purchases abroad of rare gases (excluding argon) increased by 63% to X cubic meters, rising for the second consecutive year after two years of decline. In general, imports posted a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, rare gases imports surged to $X in 2022. Over the period under review, imports recorded significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Qatar (X cubic meters) constituted the largest supplier of rare gases to Singapore, accounting for a 46% share of total imports. Moreover, rare gases imports from Qatar exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X cubic meters), twofold. The third position in this ranking was taken by China (X cubic meters), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Qatar amounted to +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+38.9% per year) and China (+36.4% per year).

In value terms, Qatar ($X) constituted the largest supplier of rare gases (excluding argon) to Singapore, comprising 60% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Qatar stood at +26.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+48.1% per year) and the United Arab Emirates (+48.0% per year).

Import Prices by Country

The average rare gases import price stood at $X per cubic meter in 2022, with an increase of 47% against the previous year. In general, the import price saw a resilient expansion. 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 Qatar ($X per cubic meter), while the price for the United Arab Emirates ($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 Qatar (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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