Latin America and the Caribbean: Oxygen Market 2024

Oxygen Market Size in Latin America and the Caribbean

The Latin American oxygen market shrank slightly to $X in 2022, falling by -1.7% against the previous year. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.5% against 2020 indices. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Oxygen Production in Latin America and the Caribbean

In value terms, oxygen production contracted modestly to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +4.5% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 47%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Oxygen Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of oxygen decreased by -54.2% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 71%. As a result, the exports attained the peak of X cubic meters, and then shrank dramatically in the following year.

In value terms, oxygen exports fell markedly to $X in 2022. In general, exports, however, enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2021 with an increase of 79% against the previous year. As a result, the exports reached the peak of $X, and then reduced rapidly in the following year.

Exports by Country

In 2022, Guatemala (X cubic meters) and Trinidad and Tobago (X cubic meters) were the key exporters of oxygen in Latin America and the Caribbean, together finishing at near 64% of total exports. Costa Rica (X cubic meters) held a 6.9% share (based on physical terms) of total exports, which put it in second place, followed by Chile (5.6%) and Colombia (5.3%). The following exporters - Paraguay (X cubic meters) and Brazil (X cubic meters) - together made up 7.7% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Chile (with a CAGR of +12.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest oxygen supplying countries in Latin America and the Caribbean were Guatemala ($X), Trinidad and Tobago ($X) and Costa Rica ($X), with a combined 69% share of total exports. Brazil, Colombia, Paraguay and Chile lagged somewhat behind, together accounting for a further 18%.

In terms of the main exporting countries, Chile, with a CAGR of +13.6%, 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

The export price in Latin America and the Caribbean stood at $X per cubic meter in 2022, with an increase of 10% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2014 an increase of 11% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+10.3%), while the other leaders experienced more modest paces of growth.

Oxygen Imports

Imports in Latin America and the Caribbean

After six years of growth, overseas purchases of oxygen decreased by -36.7% to X cubic meters in 2022. Over the period under review, imports, however, saw moderate growth. The most prominent rate of growth was recorded in 2020 when imports increased by 44% against the previous year. Over the period under review, imports attained the maximum at X cubic meters in 2021, and then declined dramatically in the following year.

In value terms, oxygen imports plummeted to $X in 2022. In general, imports, however, saw moderate growth. The pace of growth appeared the most rapid in 2021 with an increase of 49% against the previous year. As a result, imports attained the peak of $X, and then dropped remarkably in the following year.

Imports by Country

The Dominican Republic was the major importer of oxygen in Latin America and the Caribbean, with the volume of imports reaching X cubic meters, which was approx. 28% of total imports in 2022. Honduras (X cubic meters) ranks second in terms of the total imports with a 12% share, followed by Bolivia (10%), Uruguay (9.3%), Nicaragua (7.5%) and Mexico (6.8%). Jamaica (X cubic meters), Suriname (X cubic meters), Guyana (X cubic meters), Panama (X cubic meters) and Curacao (X cubic meters) followed a long way behind the leaders.

Imports into the Dominican Republic increased at an average annual rate of +5.5% from 2012 to 2022. At the same time, Panama (+81.6%), Guyana (+67.2%), Bolivia (+30.6%), Suriname (+20.4%), Honduras (+9.8%), Nicaragua (+6.6%) and Jamaica (+3.8%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +81.6% from 2012-2022. By contrast, Curacao (-2.4%), Uruguay (-6.7%) and Mexico (-6.8%) illustrated a downward trend over the same period. While the share of Bolivia (+9.4 p.p.), the Dominican Republic (+7.4 p.p.), Honduras (+6.1 p.p.), Nicaragua (+2.5 p.p.), Suriname (+1.9 p.p.), Guyana (+1.9 p.p.) and Panama (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mexico (-10.5 p.p.) and Uruguay (-14.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Dominican Republic ($X) constitutes the largest market for imported oxygen in Latin America and the Caribbean, comprising 26% of total imports. The second position in the ranking was held by Nicaragua ($X), with an 11% share of total imports. It was followed by Honduras, with a 9.9% share.

In the Dominican Republic, oxygen imports increased at an average annual rate of +8.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nicaragua (+6.7% per year) and Honduras (+9.6% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per cubic meter, with an increase of 14% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 27%. The level of import peaked at $X per cubic meter in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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