Argon market in Finland

Earlier Report Observations

The Finnish argon market experienced a general decline in volume from 50.8 million m³ in 2018 to 42.8 million m³ in 2024, interrupted by a rise to 48.7 million m³ in 2021. In value terms, the market increased from $33.5 million to $34.8 million, reflecting higher unit prices over the period.

Key drivers included industrial demand shifts linked to forest land prices and investment activity. Rising forest land prices and active investment funds boosted industrial production in 2021, increasing argon consumption as a shielding gas. The subsequent drop in forest land prices and reduced investment in 2023 weakened industrial demand, contributing to lower volumes. Recovery in 2024 was propelled by the opening of Metsä Group's biorefinery in Kemi, which expanded argon use as a process gas, alongside growing adoption of argon-based fire suppression systems.

Market entry by the private operator Argon Maatalous- ja matkailupalvelut in 2018 added to the competitive landscape, though without significantly affecting total volume. Regulatory developments, such as the European Chemicals Agency's publication of an argon registration dossier in 2024, shaped the market environment without immediately altering consumption levels.

Production argon in Finland

In value, 2017-2020, K $ US

In Finland, the value of argon production reached 30 217 thousand US dollars in 2020, showing a modest increase of 0.7% compared to the previous year. Looking at the period from 2017 to 2020, production grew by 48.2%, which translates to an average annual growth rate of 14.0%. The peak value was recorded in 2018 at 31 586 thousand US dollars. The largest decline occurred in 2019, with a drop of 5.0%, while the most significant increase was in 2018, at 54.9%.

Annual dynamics of production in Finland in value, 2017-2020, K $ US

In kind, 2017-2020, K m³

Finland's argon production volume decreased for the second year in a row. In 2020, the country produced 38 839 thousand cubic meters of argon, representing a decline of 9.0% from the previous year. Over the 2017-2020 period, production overall increased by 46.9%, with a compound annual growth rate of 13.7%. The highest volume was achieved in 2018, at 44 581 thousand cubic meters, which also saw the largest increase of 68.6%.

Annual dynamics of production in Finland in kind, 2017-2020, K m³

Exports argon from Finland

According to market overview data, Finland did not export any argon between 2017 and 2020.

Imports argon to Finland

Imports in kind, K m³

After two years of decline, argon import volumes to Finland rebounded. In 2020, imports totaled 6 383 thousand cubic meters, marking a 34.3% increase compared to 2019. Over the 2017-2020 period, imports decreased by 4%, with a compound annual growth rate of -1.4%. The lowest volume was recorded in 2019 at 4 753 thousand cubic meters, which also experienced the largest decline of 23.5%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, K m³

From 2017 to 2020, Sweden was the primary source for argon imports to Finland, accounting for 77.7% of total imports by volume. Other destinations played a much smaller role during this period.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

Following two years of growth, the value of argon imports to Finland fell. In 2020, imports amounted to 1 944 thousand US dollars, a decrease of 27.9% from 2019. Over the 2017-2020 period, imports increased by 14.8%, with a compound annual growth rate of 4.7%. The highest value was recorded in 2019 at 2 696 thousand US dollars, which also saw the largest increase of 40.7%.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

Between 2017 and 2020, Sweden, Russia, and the Netherlands were the main markets for argon imports to Finland in value terms. Sweden accounted for 65.6% of imports, Russia for 11.8%, and the Netherlands for 10.6%, together making up 88.0% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020