Argon Gas Price Forecast Report 2024-2025 | Price Trend, Latest Prices, Market Analysis, News, Chart, Demand, Extensive Forecast, Historical and Forecast Data

Argon Gas Price Forecast

After the rise in the previous year, the argon gas prices are projected to showcase a humble trend in the year 2024. With the firm support from production and supply outlooks, the prices are expected to show slight depreciation over the next few months. However, with the predicted demands, slight normalization is anticipated around the year-end duration; overall, the price forecast looks dull in the short term.

Market Dynamics

Argon gas production usually employs cryogenic distillation of air, which also yields the production of oxygen and carbon dioxide along with argon. Iwatani Gas Corporation, Japan, estimates its current domestic market to be at over 55 billion yen. Argon is commonly used in welding and casting, especially for making specialty alloys and manufacturing titanium. It is also used as a shielding gas during arc welding to protect the metal from oxygen. So, the demand side usually exhibits regularity in quantity. The consumption quantities have been narrowly raged for a long time for argon gas.

Recently, the prices of argon gas (99% purity) have continued to decline in Saudi Arabia in the first quarter of 2024 due to stable and positive supply conditions.

Supply improvements stemming from enhanced production capacities and more efficient supply chain management have shown positive impacts on the domestic argon gas markets. Manufacturers increased production after facing the deficit in the latter phase of 2023. However, this has caused a supply surplus in both domestic and international markets and is thereby driving the prices down for argon gas currently.

Annual Outlook for Argon Gas Industry

The annual outlook looks promising for argon gas. A long-term analysis suggests improvements in pricing dynamics and the opening of more consumption avenues. However, there is an expectation of a continued decline in argon gas prices in the short term driven by the current oversupply.

The geopolitical landscape significantly altered the supply dynamics for rare gases over the past few years, especially following Russia's annexation of Crimea in 2014 and the subsequent invasion of Ukraine. These events severely disrupted the operations of steel mills in Ukraine and the flow of rare-gas mixtures for purification. Consequently, the global supply of rare gases has tumbled, prompting a surge in prices, notably for rare gases like xenon and krypton.

In response to these disruptions and soaring prices, industries adapted by tapping into rare gas reserves, investing in recycling technologies, and seeking alternatives. Argon, being one of the rare gases derived from the air separation process used in steelmaking, has become a viable alternative in applications where krypton or xenon was traditionally used, such as in satellite propulsion.  SpaceX's Starlink satellites have shifted from using krypton and xenon to argon as a propellant due to these supply challenges. Evolving supply chains amidst the ongoing geopolitical chaos and increased manufacturing capacities are also playing a role in taming the prices currently. However, as the demands diversify and increase in the future the argon gas prices are also expected to correct by the year end.

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