Argon market in Hungary

Earlier Report Observations

The Hungarian argon market volume grew from 34 019 thousand m³ in 2018 to a peak of 39 896 thousand m³ in 2020, before experiencing a sharp contraction. In 2021, market size fell by 36% to 25 461 thousand m³, and continued declining to 16 806 thousand m³ in 2022. This was followed by a period of stabilization, with volume edging down to 15 663 thousand m³ in 2023 and 15 328 thousand m³ in 2024.

In value terms, the market displayed a different trajectory. After reaching 34.1 million USD in 2020, the market's value dropped to 23.4 million USD in 2022. However, it recovered to 28.8 million USD in 2023 and further to 29.8 million USD in 2024. This increase in market value during a period of declining physical volume points to a substantial rise in average prices or a shift toward higher-value argon segments in the latter part of the period.

Domestic production mirrored this volatility, falling from a high of 27 774 thousand m³ in 2020 to approximately 10 000 thousand m³ annually from 2021 onward. Imports, which had supplied a significant portion of the market, also decreased sharply after 2021, from 14 144 thousand m³ to 5 353 thousand m³ in 2024.

Production argon in Hungary

In value, 2018-2021, K $ US

Hungary's argon production experienced a two-year growth period before declining. In 2021, the output value dropped sharply to 20 538 K $ US, representing a 27.7% decrease compared to the previous year. Looking at the period from 2018 to 2021, production fell by 17.9%, with an average annual decline of 6.4%. The peak value was recorded in 2020 at 28 407 K $ US, which also saw the largest annual increase of 7.1%.

Annual dynamics of production in Hungary in value, 2018-2021, K $ US

In kind, 2018-2021, K m³

Argon production in Hungary rose for two consecutive years before entering a decline. In 2021, production volume fell to 12 466 K m³, marking a significant 55.1% drop from the previous year. Over the 2018-2021 period, production decreased by 49.4%, with an average annual decline of 20.3%. The highest production volume was recorded in 2020 at 27 774 K m³, while the largest annual increase occurred in 2019 at 7.1%.

Annual dynamics of production in Hungary in kind, 2018-2021, K m³

Exports argon from Hungary

Exports in kind, K m³

The export market showed considerable volatility during these years. Exports reached their lowest point in 2020 at 334 K m³, then surged to 1 149 K m³ in 2021, representing a dramatic 244.1% year-over-year increase. The difference between these two years was 3.4-fold. The most significant decline occurred in 2020, when exports fell by 49.2%.

Annual dynamics of product's exports from Hungary in kind, 2018-2021, K m³

Between 2018 and 2021, the United States was Hungary's largest argon export market in volume terms, accounting for 45.9% of total exports. Slovakia followed with 28.9%, and North Macedonia with 9.4%. Together, these three countries represented 84.2% of Hungary's total argon exports by volume.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Hungary in kind, 2018-2021

Exports in value, K $ US

After two years of decline, Hungary's argon exports rebounded. In 2021, export value reached 1 206 K $ US, showing a substantial 36.2% increase compared to 2020. However, looking at the broader 2018-2021 period, exports decreased by 12.6%, equivalent to an average annual decline of 4.4%. The lowest export value was recorded in 2020 at 886 K $ US, which also saw the largest annual decline of 32.6%.

Annual dynamics of product's exports from Hungary in value, 2018-2021, K $ US

From 2018 to 2021, the United States dominated Hungary's argon exports in value terms, representing 75.7% of total export value. Other markets collectively formed a long tail with much smaller shares.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Hungary in value, 2018-2021

Imports argon to Hungary

Imports in kind, K m³

Hungary's argon imports continued to grow for the third consecutive year. In 2021, import volume reached 14 144 K m³, reflecting a 13.6% increase compared to the previous year. Over the 2018-2021 period, imports grew by 43.5%, with an average annual growth rate of 12.8%.

Annual dynamics of product's imports to Hungary in kind, 2018-2021, K m³

Throughout 2018-2021, Serbia was Hungary's primary source of argon imports by volume, accounting for 45.2% of total imports. Germany followed with 17.4%, and Bosnia and Herzegovina with 8.8%. Together, these three countries supplied 71.4% of Hungary's total argon imports by volume.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Hungary in kind, 2018-2021

Imports in value, K $ US

Hungary's argon imports increased for the third consecutive year. In 2021, import value reached 7 034 K $ US, showing a moderate 6.2% increase compared to 2020. Over the 2018-2021 period, imports grew by 14.6%, equivalent to an average annual growth rate of 4.7%.

Annual dynamics of product's imports to Hungary in value, 2018-2021, K $ US

Between 2018 and 2021, Serbia was Hungary's main supplier of argon in value terms, accounting for 40.4% of total import value. Germany followed with 16.9%, and Austria with 10.6%. Together, these three countries represented 67.9% of Hungary's total argon imports by value.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Hungary in value, 2018-2021