South-Eastern Asia: Argon Market 2024

Argon Market Size in South-Eastern Asia

In 2022, the Southeast Asian argon market increased by 3.5% to $X, rising for the second year in a row after four years of decline. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Argon Production in South-Eastern Asia

In value terms, argon production shrank to $X in 2022 estimated in export price. In general, production, however, continues to indicate slight growth. The pace of growth was the most pronounced in 2016 with an increase of 49%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Argon Exports

Exports in South-Eastern Asia

In 2022, the amount of argon exported in South-Eastern Asia dropped to X cubic meters, shrinking by -7.5% against the previous year's figure. Total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +82.2% against 2017 indices. The growth pace was the most rapid in 2019 with an increase of 35%. Over the period under review, the exports hit record highs at X cubic meters in 2021, and then declined in the following year.

In value terms, argon exports expanded modestly to $X in 2022. Total exports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +111.9% against 2016 indices. The pace of growth appeared the most rapid in 2019 when exports increased by 32% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Singapore (X cubic meters) and Malaysia (X cubic meters) prevails in exports structure, together comprising 84% of total exports. It was distantly followed by Vietnam (X cubic meters) and Indonesia (X cubic meters), together making up a 13% share of total exports. Lao People's Democratic Republic (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Indonesia (with a CAGR of +64.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest argon supplying countries in South-Eastern Asia were Singapore ($X), Malaysia ($X) and Vietnam ($X), with a combined 89% share of total exports. Indonesia and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further 6.9%.

Among the main exporting countries, Indonesia, with a CAGR of +57.1%, saw the highest rates of growth with regard to 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 export price in South-Eastern Asia stood at $X per cubic meter in 2022, with an increase of 12% against the previous year. Over the period under review, the export price, however, showed a perceptible downturn. The most prominent rate of growth was recorded in 2014 when the export price increased by 23%. As a result, the export price reached the peak level of $X per cubic meter. From 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per cubic meter), while Lao People's Democratic Republic ($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 Singapore (+0.0%), while the other leaders experienced a decline in the export price figures.

Argon Imports

Imports in South-Eastern Asia

In 2022, approx. X cubic meters of argon were imported in South-Eastern Asia; rising by 17% compared with 2021. Overall, imports recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 55%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, argon imports soared to $X in 2022. Over the period under review, imports enjoyed a prominent increase. The growth pace was the most rapid in 2021 with an increase of 89% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Indonesia (X cubic meters) represented the major importer of argon, achieving 51% of total imports. It was distantly followed by Thailand (X cubic meters) and Singapore (X cubic meters), together generating a 39% share of total imports. The following importers - the Philippines (X cubic meters), Cambodia (X cubic meters) and Vietnam (X cubic meters) - together made up 7.5% of total imports.

From 2012 to 2022, average annual rates of growth with regard to argon imports into Indonesia stood at +18.5%. At the same time, Cambodia (+40.4%), Singapore (+16.9%), the Philippines (+4.9%) and Thailand (+2.6%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +40.4% from 2012-2022. By contrast, Vietnam (-16.4%) illustrated a downward trend over the same period. While the share of Indonesia (+33 p.p.), Singapore (+9.8 p.p.) and Cambodia (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-11.2 p.p.) and Vietnam (-21.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported argon in South-Eastern Asia, comprising 65% of total imports. The second position in the ranking was held by Thailand ($X), with a 14% share of total imports. It was followed by Singapore, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia stood at +21.5%. In the other countries, the average annual rates were as follows: Thailand (+3.6% per year) and Singapore (+18.9% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per cubic meter in 2022, picking up by 49% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.3% 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 +91.3% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Indonesia ($X per cubic meter), while Cambodia ($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 (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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