Rare Gases Market

The article discusses the projected growth of the global market for rare gases (excluding argon) from 2022 to 2030. Consumption is expected to increase with a CAGR of +4.7% in volume and +6.7% in value terms. In 2022, the top consuming countries were China, the United States, and Italy. Production and exports are also analyzed, with the United States leading in both categories. Price trends and growth rates are discussed for consumption, production, imports, and exports over the period from 2012 to 2022.

Market Forecast

Driven by increasing demand for rare gases (excluding 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 +4.7% for the period from 2022 to 2030, which is projected to bring the market volume to 432M cubic meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.7% for the period from 2022 to 2030, which is projected to bring the market value to $20.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Rare Gases (Excluding Argon)

In 2022, approx. 300M cubic meters of rare gases (excluding argon) were consumed worldwide; declining by -5.2% compared with 2021. In general, the total consumption indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +64.2% against 2012 indices. Global consumption peaked at 316M cubic meters in 2021, and then contracted in the following year.

The global rare gases market value expanded rapidly to $12.1B in 2022, picking up by 7% 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). Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +117.4% against 2012 indices. Over the period under review, the global market attained the maximum level in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (64M cubic meters), the United States (34M cubic meters) and Italy (14M cubic meters), with a combined 37% share of global consumption. Russia, Belgium, Germany, Canada, France, the UK, the Netherlands, South Korea, Indonesia and Turkey lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +26.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($7.6B) led the market, alone. The second position in the ranking was held by South Korea ($673M). It was followed by the United States.

From 2012 to 2022, the average annual growth rate of value in China amounted to +9.0%. The remaining consuming countries recorded the following average annual rates of market growth: South Korea (+17.6% per year) and the United States (+7.7% per year).

In 2022, the highest levels of rare gases per capita consumption was registered in Belgium (1,075 cubic meters per 1000 persons), followed by the Netherlands (409 cubic meters per 1000 persons), Canada (283 cubic meters per 1000 persons) and Italy (234 cubic meters per 1000 persons), while the world average per capita consumption of rare gases was estimated at 38 cubic meters per 1000 persons.

In Belgium, rare gases per capita consumption increased at an average annual rate of +26.2% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the Netherlands (+0.3% per year) and Canada (+2.9% per year).

Production

World Production of Rare Gases (Excluding Argon)

In 2022, global production of rare gases (excluding argon) surged to 372M cubic meters, picking up by 58% compared with the year before. Overall, production showed a strong increase. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, rare gases production dropped slightly to $8.3B in 2022 estimated in export price. In general, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +3.3% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 26% against the previous year. Global production peaked at $9.1B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The United States (180M cubic meters) remains the largest rare gases producing country worldwide, comprising approx. 48% of total volume. Moreover, rare gases production in the United States exceeded the figures recorded by the second-largest producer, China (42M cubic meters), fourfold. Russia (13M cubic meters) ranked third in terms of total production with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume in the United States totaled +20.7%. In the other countries, the average annual rates were as follows: China (+5.8% per year) and Russia (+5.3% per year).

Imports

World Imports of Rare Gases (Excluding Argon)

In 2022, supplies from abroad of rare gases (excluding argon) increased by 0.9% to 172M cubic meters, rising for the fifth consecutive year after two years of decline. Over the period under review, imports posted a resilient expansion. The pace of growth was the most pronounced in 2019 with an increase of 46%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, rare gases imports skyrocketed to $3.5B in 2022. Overall, imports continue to indicate strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (38M cubic meters), distantly followed by China (22M cubic meters), Belgium (16M cubic meters), Canada (12M cubic meters) and the Netherlands (9.9M cubic meters) were the main importers of rare gases (excluding argon), together constituting 57% of total imports. Italy (7.1M cubic meters), Indonesia (6.7M cubic meters), France (6.4M cubic meters), South Korea (4.9M cubic meters), the UK (4.1M cubic meters), Germany (3.8M cubic meters), Taiwan (Chinese) (3.6M cubic meters) and Japan (2.7M cubic meters) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United States (with a CAGR of +40.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest rare gases importing markets worldwide were South Korea ($938M), China ($542M) and Japan ($279M), with a combined 51% share of global imports.

South Korea, with a CAGR of +28.6%, recorded the highest growth rate of the value of imports, in terms of 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 rare gases import price amounted to $20 per cubic meter, growing by 59% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($190 per cubic meter), while Indonesia ($1.4 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+24.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Rare Gases (Excluding Argon)

In 2022, the amount of rare gases (excluding argon) exported worldwide soared to 244M cubic meters, rising by 173% against the year before. In general, exports saw a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, rare gases exports surged to $2.6B in 2022. Overall, exports posted resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

The United States prevails in exports structure, resulting at 184M cubic meters, which was approx. 75% of total exports in 2022. Algeria (8.7M cubic meters), the Netherlands (6.4M cubic meters), Spain (6M cubic meters), Belgium (5.5M cubic meters), France (4.5M cubic meters) and Singapore (4M cubic meters) held a little share of total exports.

The United States was also the fastest-growing in terms of the rare gases (excluding argon) exports, with a CAGR of +29.1% from 2012 to 2022. At the same time, Singapore (+20.1%), Spain (+19.8%), the Netherlands (+17.8%), Belgium (+10.8%) and Algeria (+4.7%) displayed positive paces of growth. By contrast, France (-1.5%) illustrated a downward trend over the same period. While the share of the United States (+46 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Belgium (-1.8 p.p.), Algeria (-7.8 p.p.) and France (-9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($474M), Algeria ($264M) and France ($121M) constituted the countries with the highest levels of exports in 2022, with a combined 33% share of global exports. Belgium, Singapore, the Netherlands and Spain lagged somewhat behind, together comprising a further 9.1%.

In terms of the main exporting countries, the Netherlands, with a CAGR of +31.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average rare gases export price amounted to $11 per cubic meter, which is down by -42.4% against the previous year. In general, the export price continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2019 an increase of 25%. Over the period under review, the average export prices reached the peak figure at $22 per cubic meter in 2020; however, from 2021 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 Algeria ($30 per cubic meter), while Spain ($1.3 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+11.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform