Sri Lanka: Rare Gases Market 2024

Rare Gases Market Size in Sri Lanka

The Sri Lankan rare gases market totaled $X in 2022, approximately equating the previous year. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.4% against 2020 indices. Rare gases consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Rare Gases Production in Sri Lanka

In value terms, rare gases production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.6% 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 2013 when the production volume increased by 30%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Rare Gases Exports

Exports from Sri Lanka

In 2022, approx. X cubic meters of rare gases (excluding argon) were exported from Sri Lanka; dropping by -27.3% on the year before. Overall, exports continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 633% against the previous year. The exports peaked at X cubic meters in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, rare gases exports dropped notably to $X in 2022. Over the period under review, exports showed a deep slump. The pace of growth appeared the most rapid in 2021 with an increase of 2,360%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Maldives (X cubic meters) was the main destination for rare gases exports from Sri Lanka, with a 79% share of total exports. Moreover, rare gases exports to Maldives exceeded the volume sent to the second major destination, the United Arab Emirates (X cubic meters), fourfold.

From 2012 to 2022, the average annual growth rate of volume to Maldives totaled -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-9.2% per year) and Singapore (-29.4% per year).

In value terms, Maldives ($X) remains the key foreign market for rare gases (excluding argon) exports from Sri Lanka, comprising 88% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives amounted to -7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-14.2% per year) and Singapore (-35.2% per year).

Export Prices by Country

The average rare gases export price stood at $X per cubic meter in 2022, dropping by -28.4% against the previous year. In general, the export price showed a pronounced contraction. The growth pace was the most rapid in 2021 when the average export price increased by 236% against the previous year. Over the period under review, the average export prices hit record highs at $X per cubic meter in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per cubic meter), while the average price for exports to Singapore ($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 Taiwan (Chinese) (+57.9%), while the prices for the other major destinations experienced a decline.

Rare Gases Imports

Imports into Sri Lanka

Rare gases imports into Sri Lanka fell markedly to X cubic meters in 2022, declining by -40.9% against the year before. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when imports increased by 115% against the previous year. As a result, imports reached the peak of X cubic meters. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, rare gases imports contracted dramatically to $X in 2022. In general, imports, however, continue to indicate a noticeable expansion. The pace of growth was the most pronounced in 2013 when imports increased by 146% against the previous year. Imports peaked at $X in 2021, and then fell remarkably in the following year.

Imports by Country

The United Arab Emirates (X cubic meters), Qatar (X cubic meters) and Singapore (X cubic meters) were the main suppliers of rare gases imports to Sri Lanka, with a combined 81% share of total imports. These countries were followed by Algeria, the United States and India, which together accounted for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +20.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rare gases suppliers to Sri Lanka were the United Arab Emirates ($X), Qatar ($X) and Singapore ($X), with a combined 80% share of total imports. These countries were followed by Algeria, the United States and India, which together accounted for a further 18%.

Among the main suppliers, the United States, with a CAGR of +25.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rare gases import price stood at $X per cubic meter in 2022, shrinking by -18.6% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.5% 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 decreased by -26.9% against 2020 indices. The pace of growth was the most pronounced in 2020 an increase of 61%. As a result, import price reached the peak level of $X per cubic meter. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per cubic meter), while the price for Singapore ($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 United Arab Emirates (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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