Latin America and the Caribbean: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Latin America and the Caribbean

After two years of growth, the Latin American phosphoric acid market decreased by -21.4% to $X in 2022. Overall, consumption saw a abrupt curtailment. The growth pace was the most rapid in 2018 with an increase of 6.6% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Phosphoric Acid Production in Latin America and the Caribbean

In value terms, phosphoric acid production rose to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 14% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Phosphoric Acid Exports

Exports in Latin America and the Caribbean

For the sixth consecutive year, LatAmerica and the Caribbean recorded growth in overseas shipments of phosphoric acid and polyphosphoric acids, which increased by 192% to X tons in 2022. Over the period under review, exports saw buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, phosphoric acid exports skyrocketed to $X in 2022. Overall, exports saw buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico prevails in exports structure, recording X tons, which was near 96% of total exports in 2022. Brazil (X tons) took a minor share of total exports.

Mexico was also the fastest-growing in terms of the phosphoric acid and polyphosphoric acids exports, with a CAGR of +22.1% from 2012 to 2022. Brazil (-3.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico increased by +27 percentage points.

In value terms, Mexico ($X) remains the largest phosphoric acid supplier in Latin America and the Caribbean, comprising 91% of total exports. The second position in the ranking was held by Brazil ($X), with a 9% share of total exports.

In Mexico, phosphoric acid exports expanded at an average annual rate of +18.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, dropping by -3.9% against the previous year. Over the period under review, the export price recorded a noticeable descent. The most prominent rate of growth was recorded in 2021 an increase of 9.5% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Mexico amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+5.7%).

Phosphoric Acid Imports

Imports in Latin America and the Caribbean

Phosphoric acid imports expanded markedly to X tons in 2022, with an increase of 6.2% compared with 2021. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 47% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, phosphoric acid imports skyrocketed to $X in 2022. Over the period under review, imports posted a measured increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil represented the largest importer of phosphoric acid and polyphosphoric acids in Latin America and the Caribbean, with the volume of imports recording X tons, which was near 64% of total imports in 2022. Mexico (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Peru (7.2%) and Argentina (4.9%). Chile (X tons) and Colombia (X tons) followed a long way behind the leaders.

Imports into Brazil increased at an average annual rate of +3.7% from 2012 to 2022. At the same time, Peru (+7.8%) and Chile (+2.1%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +7.8% from 2012-2022. By contrast, Argentina (-2.8%), Colombia (-4.4%) and Mexico (-12.6%) illustrated a downward trend over the same period. Brazil (+23 p.p.) and Peru (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -27% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported phosphoric acid and polyphosphoric acids in Latin America and the Caribbean, comprising 59% of total imports. The second position in the ranking was taken by Mexico ($X), with a 12% share of total imports. It was followed by Chile, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil amounted to +10.9%. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (-7.7% per year) and Chile (+8.8% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 59% against the previous year. Import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phosphoric acid import price increased by +101.0% against 2020 indices. 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 Chile ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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