Latin America and the Caribbean: Chromates Market 2024

Chromates Market Size in Latin America and the Caribbean

In 2022, the Latin American chromates market increased by 27% to $X, rising for the second year in a row after two years of decline. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Chromates Production in Latin America and the Caribbean

In value terms, chromates production reached $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 4.4% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chromates Exports

Exports in Latin America and the Caribbean

After two years of growth, overseas shipments of chromates, dichromates and peroxochromates decreased by -88.3% to X tons in 2022. Over the period under review, exports recorded a precipitous shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 69%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, chromates exports shrank significantly to $X in 2022. Overall, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when exports increased by 6.7%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Chile prevails in exports structure, finishing at X tons, which was near 90% of total exports in 2022. Colombia (X tons), Venezuela (X tons) and Mexico (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chromates exports from Chile stood at -5.4%. At the same time, Mexico (+19.0%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +19.0% from 2012-2022. Venezuela experienced a relatively flat trend pattern. By contrast, Colombia (-5.8%) illustrated a downward trend over the same period. While the share of Chile (+80 p.p.), Colombia (+3.2 p.p.), Venezuela (+3.1 p.p.) and Mexico (+2.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest chromates supplier in Latin America and the Caribbean, comprising 86% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 4.3% share of total exports. It was followed by Colombia, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Chile stood at -3.5%. In the other countries, the average annual rates were as follows: Venezuela (+5.8% per year) and Colombia (-3.4% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 201% against the previous year. Overall, the export price showed a resilient increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (+5.8%), while the other leaders experienced more modest paces of growth.

Chromates Imports

Imports in Latin America and the Caribbean

Chromates imports shrank to X tons in 2022, dropping by -12.4% compared with the previous year. In general, imports showed a perceptible setback. The most prominent rate of growth was recorded in 2013 with an increase of 36%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, chromates imports surged to $X in 2022. Over the period under review, imports recorded a pronounced setback. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Uruguay was the main importing country with an import of about X tons, which reached 56% of total imports. Brazil (X tons) took the second position in the ranking, distantly followed by Colombia (X tons). All these countries together held approx. 37% share of total imports. Argentina (X tons) took a relatively small share of total imports.

Uruguay experienced a relatively flat trend pattern with regard to volume of imports of chromates, dichromates and peroxochromates. Colombia experienced a relatively flat trend pattern. Brazil (-4.1%) and Argentina (-5.9%) illustrated a downward trend over the same period. While the share of Uruguay (+24 p.p.), Colombia (+5.1 p.p.) and Brazil (+1.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uruguay ($X) constitutes the largest market for imported chromates, dichromates and peroxochromates in Latin America and the Caribbean, comprising 60% of total imports. The second position in the ranking was held by Colombia ($X), with a 14% share of total imports. It was followed by Brazil, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Uruguay amounted to +5.3%. The remaining importing countries recorded the following average annual rates of imports growth: Colombia (+1.5% per year) and Brazil (-6.4% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, jumping by 78% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :