Latin America and the Caribbean: Lithium Oxide Market 2024

Lithium Oxide Market Size in Latin America and the Caribbean

In 2021, the Latin American lithium oxide market decreased by -0.8% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption, however, continues to indicate a prominent increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Lithium Oxide Production in Latin America and the Caribbean

In value terms, lithium oxide production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production recorded prominent growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 132% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Lithium Oxide Exports

Exports in Latin America and the Caribbean

In 2021, the amount of lithium oxides exported in Latin America and the Caribbean skyrocketed to X tons, picking up by 21% on the previous year's figure. Over the period under review, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 51%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, lithium oxide exports skyrocketed to $X in 2021. In general, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 144% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of lithium oxides, namely Chile, represented more than two-thirds of total export.

Chile was also the fastest-growing in terms of the lithium oxides exports, with a CAGR of +8.7% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) also remains the largest lithium oxide supplier in Latin America and the Caribbean.

In Chile, lithium oxide exports expanded at an average annual rate of +14.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 40% against the previous year. In general, the export price enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 an increase of 65%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Chile.

From 2012 to 2021, the rate of growth in terms of prices for Chile amounted to +5.2% per year.

Lithium Oxide Imports

Imports in Latin America and the Caribbean

In 2021, overseas purchases of lithium oxides increased by 3.1% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a noticeable contraction. The pace of growth appeared the most rapid in 2013 when imports increased by 11%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, lithium oxide imports rose sharply to $X in 2021. Total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -37.1% against 2018 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 35%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Argentina (X tons) was the main importer of lithium oxides, making up 50% of total imports. Venezuela (X tons) held the second position in the ranking, followed by Peru (X tons) and Colombia (X tons). All these countries together took near 42% share of total imports. Cuba (X tons) and Trinidad and Tobago (X tons) followed a long way behind the leaders.

Imports into Argentina decreased at an average annual rate of -1.2% from 2012 to 2021. At the same time, Cuba (+29.7%), Venezuela (+8.8%), Trinidad and Tobago (+4.5%) and Peru (+4.4%) displayed positive paces of growth. Moreover, Cuba emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +29.7% from 2012-2021. By contrast, Colombia (-4.8%) illustrated a downward trend over the same period. Venezuela (+12 p.p.), Argentina (+9.1 p.p.), Peru (+6.7 p.p.) and Cuba (+4.2 p.p.) significantly strengthened its position in terms of the total imports, while Colombia saw its share reduced by -1.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) constitutes the largest market for imported lithium oxides in Latin America and the Caribbean, comprising 57% of total imports. The second position in the ranking was taken by Venezuela ($X), with a 15% share of total imports. It was followed by Peru, with a 12% share.

In Argentina, lithium oxide imports expanded at an average annual rate of +7.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Venezuela (+14.9% per year) and Peru (+9.2% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 11% against the previous year. In general, the import price continues to indicate resilient growth. The pace of growth appeared the most rapid in 2016 when the import price increased by 24%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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 Argentina ($X per ton), while Cuba ($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 (+8.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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