GCC: Argon Market 2024

Argon Market Size in GCC

The GCC argon market expanded modestly to $X in 2022, surging by X% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Argon Production in GCC

In value terms, argon production rose slightly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Argon Exports

Exports in GCC

Argon exports surged to X cubic meters in 2022, rising by X% on the previous year. Overall, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, argon exports skyrocketed to $X in 2022. Over the period under review, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Kuwait (X cubic meters) was the key exporter of argon, making up X% of total exports. It was distantly followed by Saudi Arabia (X cubic meters) and the United Arab Emirates (X cubic meters), together constituting a X% share of total exports. Bahrain (X cubic meters) followed a long way behind the leaders.

Kuwait was also the fastest-growing in terms of the argon exports, with a CAGR of X% from 2012 to 2022. At the same time, Bahrain (X%), Saudi Arabia (X%) and the United Arab Emirates (X%) displayed positive paces of growth. From 2012 to 2022, the share of Kuwait and Bahrain increased by X and X percentage points, respectively.

In value terms, Kuwait ($X) remains the largest argon supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

In Kuwait, argon exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per cubic meter, jumping by X% against the previous year. Overall, the export price, however, recorded a abrupt slump. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 the United Arab Emirates ($X per cubic meter), while Saudi Arabia ($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 Kuwait (X%), while the other leaders experienced a decline in the export price figures.

Argon Imports

Imports in GCC

Argon imports surged to X cubic meters in 2022, picking up by X% against the year before. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by X%. As a result, imports reached the peak of X cubic meters. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, argon imports soared to $X in 2022. Over the period under review, imports showed a noticeable expansion. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates prevails in imports structure, finishing at X cubic meters, which was approx. X% of total imports in 2022. It was distantly followed by Oman (X cubic meters), comprising a X% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the argon imports, with a CAGR of X% from 2012 to 2022. Oman experienced a relatively flat trend pattern. While the share of the United Arab Emirates (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported argon in GCC, comprising X% of total imports. The second position in the ranking was held by Oman ($X), with a X% share of total imports.

In the United Arab Emirates, argon imports expanded at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

The import price in GCC stood at $X per cubic meter in 2022, growing by X% against the previous year. Overall, the import price, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The level of import peaked at $X per cubic meter in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Oman ($X per cubic meter), while the United Arab Emirates stood at $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%).

Source: IndexBox Platform

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