Southern Asia: Argon Market 2024

Argon Market Size in Southern Asia

The South Asian argon market declined modestly to $X in 2022, waning by -1.7% against the previous year. The total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +1.7% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Argon Production in Southern Asia

In value terms, argon production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 13% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Argon Exports

Exports in Southern Asia

In 2022, approx. X cubic meters of argon were exported in Southern Asia; falling by -15.9% on 2021 figures. Over the period under review, exports, however, saw buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 106% against the previous year. Over the period under review, the exports reached the peak figure at X cubic meters in 2021, and then reduced remarkably in the following year.

In value terms, argon exports contracted sharply to $X in 2022. Overall, exports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2021 when exports increased by 94%. As a result, the exports attained the peak of $X, and then declined notably in the following year.

Exports by Country

The biggest shipments were from India (X cubic meters), together reaching 100% of total export.

India was also the fastest-growing in terms of the argon exports, with a CAGR of +10.3% from 2012 to 2022. While the share of India (+2.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest argon supplier in Southern Asia.

In India, argon exports increased at an average annual rate of +11.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per cubic meter, which is down by -13.1% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 50%. As a result, the export price attained the peak level of $X per cubic meter, and then shrank in the following year.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +1.1% per year.

Argon Imports

Imports in Southern Asia

In 2022, approx. X cubic meters of argon were imported in Southern Asia; shrinking by -15.2% compared with the previous year. In general, imports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 46%. The volume of import peaked at X cubic meters in 2021, and then fell sharply in the following year.

In value terms, argon imports surged to $X in 2022. Over the period under review, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2021 when imports increased by 80% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Bangladesh was the main importer of argon in Southern Asia, with the volume of imports recording X cubic meters, which was approx. 73% of total imports in 2022. It was distantly followed by Pakistan (X cubic meters), committing a 21% share of total imports. Nepal (X cubic meters) and Sri Lanka (X cubic meters) followed a long way behind the leaders.

Bangladesh was also the fastest-growing in terms of the argon imports, with a CAGR of +16.8% from 2012 to 2022. At the same time, Nepal (+12.8%) and Pakistan (+4.2%) displayed positive paces of growth. By contrast, Sri Lanka (-8.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Bangladesh increased by +31 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bangladesh ($X) constitutes the largest market for imported argon in Southern Asia, comprising 43% of total imports. The second position in the ranking was held by Pakistan ($X), with a 13% share of total imports. It was followed by Nepal, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value in Bangladesh totaled +14.7%. In the other countries, the average annual rates were as follows: Pakistan (+1.2% per year) and Nepal (+3.4% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per cubic meter, jumping by 45% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 49%. Over the period under review, import prices attained the peak figure at $X per cubic meter in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Sri Lanka ($X per cubic meter) and Pakistan ($X per cubic meter), while Nepal ($X per cubic meter) and Bangladesh ($X per cubic meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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