Latin America and the Caribbean: Carbonate Market 2024

Carbonate Market Size in Latin America and the Caribbean

After two years of decline, the Latin American carbonate market increased by 14% to $X in 2021. In general, consumption enjoyed a temperate increase. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Carbonate Production in Latin America and the Caribbean

In value terms, carbonate production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production enjoyed a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 47%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Carbonate Exports

Exports in Latin America and the Caribbean

For the fourth year in a row, LatAmerica and the Caribbean recorded growth in shipments abroad of carbonates and peroxocarbonates, which increased by 20% to X tons in 2021. In general, exports, however, recorded a slight setback. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, carbonate exports surged to $X in 2021. Over the period under review, exports enjoyed a prominent expansion. The growth pace was the most rapid in 2016 when exports increased by 96%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Chile (X tons) represented the main exporter of carbonates and peroxocarbonates, generating 45% of total exports. Argentina (X tons) ranks second in terms of the total exports with a 15% share, followed by Mexico (12%), Brazil (7.1%), Guatemala (6.5%) and the Dominican Republic (6.2%). Colombia (X tons) followed a long way behind the leaders.

Exports from Chile increased at an average annual rate of +10.7% from 2012 to 2021. At the same time, Guatemala (+15.5%), Argentina (+8.6%), the Dominican Republic (+6.9%) and Brazil (+1.7%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +15.5% from 2012-2021. By contrast, Mexico (-4.3%) and Colombia (-4.4%) illustrated a downward trend over the same period. Chile (+29 p.p.), Argentina (+8.5 p.p.), Guatemala (+4.9 p.p.), the Dominican Republic (+3.1 p.p.) and Brazil (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -4.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest carbonate supplier in Latin America and the Caribbean, comprising 73% of total exports. The second position in the ranking was held by Argentina ($X), with a 22% share of total exports. It was followed by Mexico, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value in Chile amounted to +15.6%. In the other countries, the average annual rates were as follows: Argentina (+21.8% per year) and Mexico (-3.4% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 24% against the previous year. Overall, the export price posted prominent growth. The pace of growth appeared the most rapid in 2016 when the export price increased by 78% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+12.1%), while the other leaders experienced more modest paces of growth.

Carbonate Imports

Imports in Latin America and the Caribbean

In 2021, carbonate imports in Latin America and the Caribbean totaled X tons, increasing by 15% against the year before. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 15%. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, carbonate imports rose sharply to $X in 2021. The total import value increased at an average annual rate of +3.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil (X tons) and Mexico (X tons) represented the major importers of carbonates and peroxocarbonates in 2021, resulting at near 33% and 32% of total imports, respectively. Chile (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (5.9%) and Argentina (5.4%). The following importers - Peru (X tons) and Guatemala (X tons) - each finished at a 4.3% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Chile (with a CAGR of +6.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Brazil ($X) and Chile ($X) were the countries with the highest levels of imports in 2021, together comprising 77% of total imports.

In terms of the main importing countries, Chile, with a CAGR of +6.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the import price increased by 5.4% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guatemala ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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