ASEAN: Argon Market 2024

Argon Market Size in ASEAN

For the third year in a row, the ASEAN argon market recorded growth in sales value, which increased by X% to $X in 2023. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2023 and is expected to retain growth in the near future.

Argon Production in ASEAN

In value terms, argon production expanded significantly to $X in 2023 estimated in export price. The total production indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2016 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. The level of production peaked in 2023 and is likely to see steady growth in the immediate term.

Argon Exports

Exports in ASEAN

In 2023, the amount of argon exported in ASEAN declined to X cubic meters, shrinking by X% on the previous year. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, argon exports rose to $X in 2023. Overall, exports, however, showed a pronounced increase. The growth pace was the most rapid in 2021 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2023 and are expected to retain growth in the immediate term.

Exports by Country

Malaysia (X cubic meters), Singapore (X cubic meters) and Vietnam (X cubic meters) represented roughly X% of total exports in 2023. Lao People's Democratic Republic (X cubic meters) held a relatively small share of total exports.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest argon supplying countries in ASEAN were Malaysia ($X), Singapore ($X) and Vietnam ($X), with a combined X% share of total exports.

Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per thousand cubic meters in 2023, picking up by X% against the previous year. Export price indicated a notable expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, argon export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the export prices attained the maximum in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X per cubic meter), while Lao People's Democratic Republic ($X per thousand cubic meters) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the other leaders experienced mixed trends in the export price figures.

Argon Imports

Imports in ASEAN

In 2023, approx. X cubic meters of argon were imported in ASEAN; with an increase of X% compared with 2022. Overall, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at X cubic meters in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

In value terms, argon imports totaled $X in 2023. Over the period under review, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the peak figure in 2023 and are expected to retain growth in years to come.

Imports by Country

Indonesia represented the key importer of argon in ASEAN, with the volume of imports recording X cubic meters, which was approx. X% of total imports in 2023. Thailand (X cubic meters) held the second position in the ranking, followed by Singapore (X cubic meters). All these countries together held near X% share of total imports. The Philippines (X cubic meters), Vietnam (X cubic meters) and Cambodia (X cubic meters) held a relatively small share of total imports.

From 2012 to 2023, average annual rates of growth with regard to argon imports into Indonesia stood at X%. At the same time, Cambodia (X%), Singapore (X%), the Philippines (X%) and Thailand (X%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Vietnam (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Indonesia, Singapore and Cambodia increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X), Thailand ($X) and Singapore ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of total imports. The Philippines, Vietnam and Cambodia lagged somewhat behind, together accounting for a further X%.

Cambodia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in ASEAN amounted to $X per thousand cubic meters, reducing by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 an increase of X% against the previous year. As a result, import price attained the peak level of $X per thousand cubic meters, and then fell slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per cubic meter), while Indonesia ($X per thousand cubic meters) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform