Latin America and the Caribbean: Rare Gases Market 2024

Rare Gases Market Size in Latin America and the Caribbean

The Latin American rare gases market was finally on the rise to reach $X in 2022, after two years of decline. The market value increased at an average annual rate of +4.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Rare Gases Production in Latin America and the Caribbean

In value terms, rare gases production rose slightly to $X in 2022 estimated in export price. In general, production showed a notable increase. The most prominent rate of growth was recorded in 2014 with an increase of 43% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Rare Gases Exports

Exports in Latin America and the Caribbean

In 2022, rare gases exports in Latin America and the Caribbean soared to X cubic meters, with an increase of 62% on the previous year. In general, exports enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 136% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in years to come.

In value terms, rare gases exports rose significantly to $X in 2022. Over the period under review, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 91%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Guatemala prevails in exports structure, amounting to X cubic meters, which was near 85% of total exports in 2022. It was distantly followed by Brazil (X cubic meters), committing a 6.1% share of total exports. El Salvador (X cubic meters), Colombia (X cubic meters) and Chile (X cubic meters) followed a long way behind the leaders.

Guatemala was also the fastest-growing in terms of the rare gases (excluding argon) exports, with a CAGR of +64.3% from 2012 to 2022. At the same time, El Salvador (+59.7%) and Chile (+13.9%) displayed positive paces of growth. Colombia experienced a relatively flat trend pattern. By contrast, Brazil (-4.7%) illustrated a downward trend over the same period. While the share of Guatemala (+82 p.p.) and El Salvador (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Colombia (-8.8 p.p.) and Brazil (-46.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Guatemala ($X) and Chile ($X) constituted the countries with the highest levels of exports in 2022, with a combined 76% share of total exports. These countries were followed by El Salvador and Colombia, which together accounted for a further 15%.

In terms of the main exporting countries, El Salvador, with a CAGR of +52.3%, 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, declining by -32.9% against the previous year. In general, the export price saw a abrupt shrinkage. The pace of growth was the most pronounced in 2021 an increase of 79%. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per cubic meter), while Guatemala ($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 (+7.6%), while the other leaders experienced more modest paces of growth.

Rare Gases Imports

Imports in Latin America and the Caribbean

In 2022, approx. X cubic meters of rare gases (excluding argon) were imported in Latin America and the Caribbean; increasing by 2.3% against the year before. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 15%. Over the period under review, imports reached the maximum at X cubic meters in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, rare gases imports surged to $X in 2022. The total import value increased at an average annual rate of +5.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the major importing country with an import of about X cubic meters, which resulted at 38% of total imports. Brazil (X cubic meters) ranks second in terms of the total imports with a 12% share, followed by Panama (7.9%), Guatemala (6.9%), Ecuador (5.1%) and Costa Rica (4.6%). El Salvador (X cubic meters), the Dominican Republic (X cubic meters), Guyana (X cubic meters), Colombia (X cubic meters), Argentina (X cubic meters) and Jamaica (X cubic meters) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to rare gases imports into Mexico stood at +5.6%. At the same time, Panama (+42.4%), the Dominican Republic (+21.7%), Jamaica (+18.8%), Guyana (+15.4%), Costa Rica (+5.6%), El Salvador (+3.4%), Guatemala (+3.0%) and Ecuador (+2.8%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +42.4% from 2012-2022. By contrast, Colombia (-3.3%), Brazil (-3.9%) and Argentina (-8.1%) illustrated a downward trend over the same period. While the share of Mexico (+9.2 p.p.), Panama (+7.6 p.p.), the Dominican Republic (+2.2 p.p.) and Guyana (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Colombia (-1.9 p.p.), Argentina (-4.4 p.p.) and Brazil (-11.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported rare gases (excluding argon) in Latin America and the Caribbean, comprising 50% of total imports. The second position in the ranking was taken by Brazil ($X), with a 24% share of total imports. It was followed by Argentina, with a 4.8% share.

In Mexico, rare gases imports expanded at an average annual rate of +7.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+5.1% per year) and Argentina (-0.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per cubic meter, surging by 23% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. As a result, import price reached 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 ($X per cubic meter), while Guyana ($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 (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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