Argon Market

Driven by increasing demand for argon worldwide, the market is forecasted to grow at a CAGR of +2.9% from 2022 to 2030, reaching a volume of 6.4B cubic meters and a value of $22.4B. Global consumption, production, imports, and exports data are analyzed, highlighting key trends and leading countries in the argon market.

Market Forecast

Driven by increasing demand for argon worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 6.4B cubic meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market value to $22.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Argon

In 2022, the amount of argon consumed worldwide contracted slightly to 5.1B cubic meters, which is down by -2.5% on the previous year's figure. The total consumption volume increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 9.9% against the previous year. Over the period under review, global consumption attained the peak volume at 5.4B cubic meters in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global argon market revenue fell slightly to $17.5B in 2022, waning by -4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $19.7B. From 2020 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.1B cubic meters), the United States (595M cubic meters) and India (391M cubic meters), together comprising 40% of global consumption. Japan, Indonesia, Germany, Brazil, Russia, the Netherlands, Italy, Ethiopia, South Korea and Poland lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the Netherlands (with a CAGR of +12.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($13.3B) led the market, alone. The second position in the ranking was taken by China ($561M). It was followed by the United States.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: China (+2.4% per year) and the United States (-0.9% per year).

In 2022, the highest levels of argon per capita consumption was registered in the Netherlands (6.2 cubic meters per person), followed by Poland (2.4 cubic meters per person), Germany (1.9 cubic meters per person) and the United States (1.8 cubic meters per person), while the world average per capita consumption of argon was estimated at 0.6 cubic meters per person.

From 2012 to 2022, the average annual rate of growth in terms of the argon per capita consumption in the Netherlands stood at +12.2%. In the other countries, the average annual rates were as follows: Poland (+7.0% per year) and Germany (-1.4% per year).

Production

World Production of Argon

In 2022, the amount of argon produced worldwide contracted modestly to 5.1B cubic meters, shrinking by -1.5% against 2021 figures. The total output volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 11%. Over the period under review, global production hit record highs at 5.5B cubic meters in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, argon production dropped to $17.3B in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 18% against the previous year. As a result, production attained the peak level of $19.7B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.1B cubic meters), the United States (593M cubic meters) and India (394M cubic meters), together accounting for 41% of global production. Germany, Japan, Brazil, Russia, Indonesia, the Netherlands, Canada, Ethiopia, South Korea and Belgium lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by the Netherlands (with a CAGR of +12.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Argon

Global argon imports declined markedly to 427M cubic meters in 2022, with a decrease of -15.4% compared with the previous year. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 33% against the previous year. As a result, imports reached the peak of 504M cubic meters, and then shrank sharply in the following year.

In value terms, argon imports rose notably to $321M in 2022. The total import value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 27%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, Italy (47M cubic meters), followed by the United States (29M cubic meters), Indonesia (24M cubic meters), Poland (24M cubic meters), France (24M cubic meters) and the UK (22M cubic meters) represented the main importers of argon, together creating 40% of total imports. The following importers - Germany (17M cubic meters), Ireland (16M cubic meters), Thailand (15M cubic meters), Mexico (9.7M cubic meters), the Netherlands (9.5M cubic meters), Slovenia (9.2M cubic meters) and Hungary (8.4M cubic meters) - together made up 20% of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +14.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest argon importing markets worldwide were Italy ($32M), Indonesia ($20M) and the United States ($20M), together accounting for 23% of global imports. France, Poland, the UK, Thailand, Germany, Ireland, Slovenia, the Netherlands, Mexico and Hungary lagged somewhat behind, together accounting for a further 29%.

Ireland, with a CAGR of +13.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average argon import price amounted to $0.8 per cubic meter, with an increase of 30% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. Global import price peaked at $0.8 per cubic meter in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Slovenia ($0.9 per cubic meter), while Poland ($0.5 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+4.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Argon

In 2022, global exports of argon reduced to 446M cubic meters, with a decrease of -5.9% against 2021. The total export volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 18%. Over the period under review, the global exports reached the maximum at 474M cubic meters in 2021, and then contracted in the following year.

In value terms, argon exports expanded significantly to $316M in 2022. The total export value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 18%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, Germany (64M cubic meters), Canada (46M cubic meters), Belgium (44M cubic meters), China (32M cubic meters), the Netherlands (31M cubic meters) and the United States (28M cubic meters) was the largest exporter of argon in the world, comprising 55% of total export. The following exporters - Spain (16M cubic meters), Austria (16M cubic meters), Sweden (15M cubic meters), the Czech Republic (14M cubic meters), Malaysia (14M cubic meters), the UK (12M cubic meters) and Poland (11M cubic meters) - together made up 22% of total exports.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +26.7%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($38M), Belgium ($27M) and the Netherlands ($24M) appeared to be the countries with the highest levels of exports in 2022, with a combined 28% share of global exports. China, Austria, Canada, the United States, Malaysia, the Czech Republic, Poland, the UK, Spain and Sweden lagged somewhat behind, together accounting for a further 36%.

Sweden, with a CAGR of +18.0%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average argon export price stood at $0.7 per cubic meter in 2022, rising by 20% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Austria ($1.1 per cubic meter), while Sweden ($0.2 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+11.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform