Singapore: Rare Gases Market 2024

Rare Gases Market Size in Singapore

In 2023, the Singaporean rare gases market increased by X% to $X, rising for the sixth year in a row after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of X%. Rare gases consumption peaked in 2023 and is expected to retain growth in years to come.

Rare Gases Production in Singapore

In value terms, rare gases production totaled $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Rare Gases Exports

Exports from Singapore

In 2023, overseas shipments of rare gases (excluding argon) decreased by X% to X cubic meters for the first time since 2020, thus ending a two-year rising trend. In general, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of X cubic meters, and then contracted in the following year.

In value terms, rare gases exports dropped markedly to $X in 2023. Overall, exports, however, showed a buoyant increase. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2022, and then contracted dramatically in the following year.

Exports by Country

The Philippines (X cubic meters), Malaysia (X cubic meters) and Taiwan (Chinese) (X cubic meters) were the main destinations of rare gases exports from Singapore, together comprising X% of total exports. Japan, Indonesia, South Korea, Hong Kong SAR, China, Vietnam and Australia lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rare gases exported from Singapore were the Philippines ($X), Malaysia ($X) and Taiwan (Chinese) ($X), with a combined X% share of total exports. Japan, China, Indonesia, Hong Kong SAR, South Korea, Australia and Vietnam lagged somewhat behind, together comprising a further X%.

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

Export Prices by Country

The average rare gases export price stood at $X per cubic meter in 2023, reducing by X% against the previous year. Overall, the export price showed a deep setback. The pace of growth appeared the most rapid in 2020 when the average export price increased by X%. The export price peaked at $X per cubic meter in 2021; however, from 2022 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was China ($X per cubic meter), while the average price for exports to Vietnam ($X per cubic meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Gases Imports

Imports into Singapore

In 2023, purchases abroad of rare gases (excluding argon) increased by X% to X cubic meters, rising for the third consecutive year after two years of decline. Overall, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2022 with an increase of X%. Imports peaked in 2023 and are expected to retain growth in years to come.

In value terms, rare gases imports declined significantly to $X in 2023. Over the period under review, imports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then declined rapidly in the following year.

Imports by Country

In 2023, Qatar (X cubic meters) constituted the largest supplier of rare gases to Singapore, with a X% share of total imports. Moreover, rare gases imports from Qatar exceeded the figures recorded by the second-largest supplier, China (X cubic meters), fivefold. The third position in this ranking was taken by South Korea (X cubic meters), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Qatar amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and South Korea (X% per year).

In value terms, Qatar ($X), China ($X) and South Korea ($X) were the largest rare gases suppliers to Singapore, with a combined X% share of total imports.

South Korea, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rare gases import price stood at $X per cubic meter in 2023, waning by X% against the previous year. In general, the import price, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2022 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per cubic meter, and then shrank dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per cubic meter), while the price for Qatar ($X per cubic meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform