MERCOSUR: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in MERCOSUR

The MERCOSUR nitric and sulphonitric acids market surged to $X in 2021, picking up by 18% against the previous year. Overall, consumption, however, continues to indicate a noticeable decrease. 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 MERCOSUR

In value terms, nitric and sulphonitric acids production soared to $X in 2021 estimated in export price. In general, production, however, continues to indicate a noticeable setback. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Nitric Acid And Sulphonitric Acids

Exports in MERCOSUR

In 2021, shipments abroad of nitric acid and sulphonitric acids increased by 47% to X tons, rising for the sixth consecutive year after two years of decline. In general, exports recorded a prominent increase. 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 soared to $X in 2021. Overall, exports enjoyed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Chile was the key exporting country with an export of about X tons, which accounted for 69% of total exports. Venezuela (X tons) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (7.8%). The following exporters - Argentina (X tons) and Colombia (X tons) - each accounted for an 8.8% 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. While the share of Chile (+50 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Colombia (-10.3 p.p.), Argentina (-17.6 p.p.) and Brazil (-24 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest nitric and sulphonitric acids supplier in MERCOSUR, comprising 67% of total exports. The second position in the ranking was taken by Brazil ($X), with a 13% share of total exports. It was followed by Argentina, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Chile stood at +26.9%. 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 MERCOSUR stood at $X per ton in 2021, falling by -4% against the previous year. Overall, the export price showed a perceptible decrease. The most prominent rate of growth was recorded in 2019 an increase of 5.1%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 MERCOSUR

In 2021, approx. X tons of nitric acid and sulphonitric acids were imported in MERCOSUR; picking up by 22% against 2020 figures. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.3% 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 increased by +42.5% against 2018 indices. The growth pace was the most rapid in 2019 when imports increased by 33% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, nitric and sulphonitric acids imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Brazil (X tons) was the largest importer of nitric acid and sulphonitric acids, generating 42% of total imports. Ecuador (X tons) held the second position in the ranking, followed by Peru (X tons), Uruguay (X tons), Argentina (X tons) and Chile (X tons). All these countries together took near 51% share of total imports. Suriname (X tons) took a minor share of total imports.

Brazil was also the fastest-growing in terms of the nitric acid and sulphonitric acids imports, with a CAGR of +40.3% from 2012 to 2021. At the same time, Chile (+2.7%) and Ecuador (+1.7%) displayed positive paces of growth. Peru, Suriname and Uruguay experienced a relatively flat trend pattern. By contrast, Argentina (-6.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil increased by +39 percentage points.

In value terms, Brazil ($X) constitutes the largest market for imported nitric acid and sulphonitric acids in MERCOSUR, comprising 35% of total imports. The second position in the ranking was held by Ecuador ($X), with a 16% share of total imports. It was followed by Peru, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Brazil totaled +33.0%. In the other countries, the average annual rates were as follows: Ecuador (+0.5% per year) and Peru (-2.0% per year).

Import Prices by Country

In 2021, the import price in MERCOSUR amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the import price, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2018 an increase of 16%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a 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 a decline in the import price figures.

Source: IndexBox Platform