Latin America and the Caribbean: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Latin America and the Caribbean

The Latin American carbon dioxide market reduced slightly to $X in 2022, waning by -2.2% against the previous year. The total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.3% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; afterwards, it flattened through to 2022.

Carbon Dioxide Production in Latin America and the Caribbean

In value terms, carbon dioxide production dropped to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +6.7% against 2018 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 19%. Over the period under review, production hit record highs at $X in 2021, and then shrank modestly in the following year.

Carbon Dioxide Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of carbon dioxide increased by 23% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, carbon dioxide exports amounted to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 11% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, Argentina (X tons) and Costa Rica (X tons) were the largest exporters of carbon dioxide in Latin America and the Caribbean, together achieving 71% of total exports. It was distantly followed by Trinidad and Tobago (X tons) and Guatemala (X tons), together mixing up a 22% share of total exports. The following exporters - Nicaragua (X tons) and Ecuador (X tons) - together made up 4.7% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ecuador (with a CAGR of +59.0%), while the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), Argentina ($X) and Trinidad and Tobago ($X) were the countries with the highest levels of exports in 2022, with a combined 75% share of total exports. Guatemala, Nicaragua and Ecuador lagged somewhat behind, together accounting for a further 19%.

Among the main exporting countries, Ecuador, with a CAGR of +57.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, falling by -12.4% against the previous year. Overall, the export price continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2019 when the export price increased by 22%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+3.6%), while the other leaders experienced a decline in the export price figures.

Carbon Dioxide Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of carbon dioxide decreased by -6.5% to X tons, falling for the second consecutive year after four years of growth. Total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -16.3% against 2020 indices. The pace of growth was the most pronounced in 2019 when imports increased by 32%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, carbon dioxide imports totaled $X in 2022. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 32% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Mexico represented the largest importing country with an import of around X tons, which reached 40% of total imports. It was distantly followed by Chile (X tons), Honduras (X tons), Uruguay (X tons) and El Salvador (X tons), together achieving a 29% share of total imports. Nicaragua (X tons), Paraguay (X tons), Panama (X tons), the Dominican Republic (X tons), Guatemala (X tons), Brazil (X tons), Jamaica (X tons) and Belize (X tons) held a minor share of total imports.

Imports into Mexico increased at an average annual rate of +7.5% from 2012 to 2022. At the same time, Panama (+45.9%), Nicaragua (+14.2%), the Dominican Republic (+6.3%), El Salvador (+5.0%), Belize (+4.9%), Honduras (+4.5%) and Jamaica (+3.4%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +45.9% from 2012-2022. Uruguay experienced a relatively flat trend pattern. By contrast, Chile (-1.9%), Paraguay (-2.0%), Brazil (-2.0%) and Guatemala (-12.5%) illustrated a downward trend over the same period. While the share of Mexico (+14 p.p.), Panama (+3.7 p.p.) and Nicaragua (+2.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (-1.7 p.p.), Paraguay (-2.5 p.p.), Chile (-6.8 p.p.) and Guatemala (-11.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported carbon dioxide in Latin America and the Caribbean, comprising 41% of total imports. The second position in the ranking was held by Honduras ($X), with an 8.5% share of total imports. It was followed by Chile, with a 7.2% share.

In Mexico, carbon dioxide imports increased at an average annual rate of +17.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Honduras (+6.2% per year) and Chile (+2.7% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. The pace of growth appeared the most rapid in 2021 an increase of 15%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+9.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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