Spain: Rare Gases Market 2024

Rare Gases Market Size in Spain

In 2022, the Spanish rare gases market increased by 4.4% to $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption enjoyed a notable expansion. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Rare Gases Production in Spain

In value terms, rare gases production amounted to $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.7% against 2019 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 56%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Rare Gases Exports

Exports from Spain

Rare gases exports from Spain reduced notably to X cubic meters in 2022, which is down by -15.3% against the previous year's figure. Over the period under review, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 30% against the previous year. The exports peaked at X cubic meters in 2021, and then declined markedly in the following year.

In value terms, rare gases exports reduced dramatically to $X in 2022. Overall, exports, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 211% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Portugal (X cubic meters) was the main destination for rare gases exports from Spain, accounting for a 90% share of total exports. Moreover, rare gases exports to Portugal exceeded the volume sent to the second major destination, Andorra (X cubic meters), more than tenfold. France (X cubic meters) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Portugal amounted to +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Andorra (+2.7% per year) and France (+13.6% per year).

In value terms, Portugal ($X) remains the key foreign market for rare gases (excluding argon) exports from Spain, comprising 73% of total exports. The second position in the ranking was taken by Morocco ($X), with a 10% share of total exports. It was followed by France, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Portugal totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Morocco (+15.5% per year) and France (+10.3% per year).

Export Prices by Country

In 2022, the average rare gases export price amounted to $X per cubic meter, waning by -8.3% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 140%. 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.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Morocco ($X per cubic meter), while the average price for exports to Andorra ($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 Morocco (+10.8%), while the prices for the other major destinations experienced mixed trend patterns.

Rare Gases Imports

Imports into Spain

Rare gases imports into Spain contracted to X cubic meters in 2022, dropping by -11.6% compared with the previous year. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 26%. Over the period under review, imports reached the peak figure at X cubic meters in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, rare gases imports totaled $X in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +8.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.3% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 48%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Algeria (X cubic meters), Portugal (X cubic meters) and Qatar (X cubic meters) were the main suppliers of rare gases imports to Spain, together comprising 77% of total imports. Germany, Italy, the United States, the United Arab Emirates, the UK and France lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +43.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X) constituted the largest supplier of rare gases (excluding argon) to Spain, comprising 61% of total imports. The second position in the ranking was taken by Qatar ($X), with a 13% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Algeria stood at +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Qatar (+22.9% per year) and Germany (+5.9% per year).

Import Prices by Country

The average rare gases import price stood at $X per cubic meter in 2022, growing by 15% against the previous year. Overall, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +8.6% 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 increased by +86.5% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 26% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 France ($X per cubic meter), while the price for Italy ($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 France (+29.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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