Latvia: Argon Market 2024

Argon Market Size in Latvia

The Latvian argon market expanded slightly to $X in 2022, growing by X% against the previous year. Over the period under review, consumption continues to indicate a prominent increase. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Argon Production in Latvia

In value terms, argon production amounted to $X in 2022 estimated in export price. In general, production posted a strong expansion. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Argon Exports

Exports from Latvia

In 2022, approx. X cubic meters of argon were exported from Latvia; waning by X% against 2021. The total export volume increased at an average annual rate of X% over the period 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 with an increase of X%. As a result, the exports reached the peak of X cubic meters. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, argon exports fell to $X in 2022. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its value 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. Based on 2022 figures, exports increased by X% against 2019 indices. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then contracted in the following year.

Exports by Country

Estonia (X cubic meters) and Lithuania (X cubic meters) were the main destinations of argon exports from Latvia.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of X%).

In value terms, the largest markets for argon exported from Latvia were Estonia ($X) and Lithuania ($X).

In terms of the main countries of destination, Lithuania, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average argon export price amounted to $X per cubic meter, declining by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per cubic meter in 2021, and then dropped in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per cubic meter), while the average price for exports to Estonia totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (X%).

Argon Imports

Imports into Latvia

Argon imports into Latvia expanded slightly to X cubic meters in 2022, picking up by X% on the previous year's figure. Overall, total imports indicated a moderate expansion 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. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, argon imports contracted slightly to $X in 2022. Over the period under review, imports enjoyed a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Finland (X cubic meters) constituted the largest supplier of argon to Latvia, accounting for a X% share of total imports. Moreover, argon imports from Finland exceeded the figures recorded by the second-largest supplier, Russia (X cubic meters), threefold. The third position in this ranking was taken by Estonia (X cubic meters), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Finland stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (X% per year) and Estonia (X% per year).

In value terms, the largest argon suppliers to Latvia were Finland ($X), Russia ($X) and Estonia ($X), together comprising X% of total imports.

Among the main suppliers, Russia, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the average argon import price amounted to $X per cubic meter, declining by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per cubic meter in 2021, and then contracted in the following year.

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 Poland ($X per cubic meter), while the price for Finland ($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 Russia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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