Latin America and the Caribbean: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Latin America and the Caribbean

The Latin American nitric and sulphonitric acids market surged to $X in 2021, picking up by 19% against the previous year. Overall, consumption, however, showed a pronounced decline. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Nitric Acid And Sulphonitric Acids in Latin America and the Caribbean

In value terms, nitric and sulphonitric acids production soared to $X in 2021 estimated in export price. Over the period under review, production, however, saw a perceptible curtailment. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports in Latin America and the Caribbean

In 2021, shipments abroad of nitric acid and sulphonitric acids increased by 45% to X tons, rising for the sixth year in a row after two years of decline. Overall, exports saw a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, nitric and sulphonitric acids exports surged to $X in 2021. In general, exports continue to indicate strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Chile represented the main exporter of nitric acid and sulphonitric acids in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was near 69% of total exports in 2021. Venezuela (X tons) ranks second in terms of the total exports with a 14% share, followed by Brazil (7.7%). The following exporters - Argentina (X tons) and Colombia (X tons) - each accounted for an 8.7% share of total exports.

Chile was also the fastest-growing in terms of the nitric acid and sulphonitric acids exports, with a CAGR of +32.3% from 2012 to 2021. At the same time, Venezuela (+15.7%) displayed positive paces of growth. Colombia experienced a relatively flat trend pattern. By contrast, Brazil (-2.2%) and Argentina (-4.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile and Venezuela increased by +51 and +1.7 percentage points, respectively.

In value terms, Chile ($X) remains the largest nitric and sulphonitric acids supplier in Latin America and the Caribbean, comprising 66% of total exports. The second position in the ranking was taken by Brazil ($X), with a 13% share of total exports. It was followed by Argentina, with an 8.2% share.

In Chile, nitric and sulphonitric acids exports expanded at an average annual rate of +26.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (-2.3% per year) and Argentina (-6.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, which is down by -5.1% against the previous year. Over the period under review, the export price showed a deep slump. The most prominent rate of growth was recorded in 2019 an increase of 4.6%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+0.7%), while the other leaders experienced a decline in the export price figures.

Imports of Nitric Acid And Sulphonitric Acids

Imports in Latin America and the Caribbean

In 2021, the amount of nitric acid and sulphonitric acids imported in Latin America and the Caribbean skyrocketed to X tons, growing by 32% compared with the previous year. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 37%. The volume of import peaked in 2021 and is likely to see steady growth in the near future.

In value terms, nitric and sulphonitric acids imports surged to $X in 2021. The total import value increased at an average annual rate of +5.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Brazil (X tons) and Mexico (X tons) represented the largest importers of nitric acid and sulphonitric acids in Latin America and the Caribbean, together committing 48% of total imports. It was distantly followed by Ecuador (X tons), Peru (X tons) and Uruguay (X tons), together comprising a 27% share of total imports. The following importers - Argentina (X tons), the Dominican Republic (X tons), Costa Rica (X tons), Chile (X tons), Bolivia (X tons), Suriname (X tons), Guatemala (X tons) and Paraguay (X tons) - together made up 22% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Brazil (with a CAGR of +40.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Ecuador ($X) constituted the countries with the highest levels of imports in 2021, with a combined 51% share of total imports.

Among the main importing countries, Brazil, with a CAGR of +33.0%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 2.9% against the previous year. Overall, the import price, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2018 when the import price increased by 9.3% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Suriname (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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