MENA: Argon Market 2024

Argon Market Size in MENA

The MENA's argon market dropped slightly to $X in 2022, shrinking by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2021, and then declined in the following year.

Argon Production in MENA

In value terms, argon production dropped to $X in 2022 estimated in export price. The total production indicated a tangible 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Argon Exports

Exports in MENA

For the third consecutive year, MENA recorded growth in shipments abroad of argon, which increased by X% to X cubic meters in 2022. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of X cubic meters. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, argon exports skyrocketed to $X in 2022. In general, exports showed buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Kuwait (X cubic meters) represented the main exporter of argon, committing X% of total exports. Saudi Arabia (X cubic meters) held a X% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (X%) and Turkey (X%). Bahrain (X cubic meters), Jordan (X cubic meters) and Egypt (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%), Jordan (X%), Saudi Arabia (X%), the United Arab Emirates (X%) and Turkey (X%) displayed positive paces of growth. Egypt experienced a relatively flat trend pattern. While the share of Kuwait (X p.p.), Saudi Arabia (X p.p.), Bahrain (X p.p.) and Jordan (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Egypt (X p.p.), the United Arab Emirates (X p.p.) and Turkey (X p.p.) displayed negative dynamics.

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

From 2012 to 2022, the average annual growth rate of value in Kuwait amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The export price in MENA stood at $X per cubic meter in 2022, with an increase of X% against the previous year. Over the period under review, the export price, however, saw a perceptible contraction. The level of export peaked at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Turkey ($X per cubic meter), while Saudi Arabia ($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 mixed trends in the export price figures.

Argon Imports

Imports in MENA

In 2022, after three years of decline, there was significant growth in supplies from abroad of argon, when their volume increased by X% to X cubic meters. Total imports indicated a resilient 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. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, imports reached the peak figure at X cubic meters in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, argon imports soared to $X in 2022. Total imports indicated a strong increase 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, imports increased by X% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates was the main importing country with an import of about X cubic meters, which recorded X% of total imports. It was distantly followed by Turkey (X cubic meters), Morocco (X cubic meters) and Israel (X cubic meters), together comprising a X% share of total imports. The following importers - Oman (X cubic meters), Tunisia (X cubic meters), Algeria (X cubic meters) and Jordan (X cubic meters) - together made up X% 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. At the same time, Turkey (X%), Morocco (X%), Jordan (X%), Israel (X%) and Tunisia (X%) displayed positive paces of growth. Oman experienced a relatively flat trend pattern. By contrast, Algeria (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.), Turkey (X p.p.) and Morocco (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Tunisia (X p.p.), Oman (X p.p.) and Algeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Morocco ($X) constituted the countries with the highest levels of imports in 2022, together accounting for X% of total imports.

In terms of the main importing countries, Turkey, with a CAGR of X%, 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

In 2022, the import price in MENA amounted to $X per cubic meter, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a slight contraction. Over the period under review, import prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Algeria ($X per cubic meter), while the United Arab Emirates ($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 Turkey (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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