Latin America and the Caribbean: Chromium Market 2021

Chromium Market Size in Latin America and the Caribbean

For the fifth consecutive year, the Latin American chromium market recorded growth in sales value, which increased by X% to $X in 2020. The total consumption indicated mild growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, consumption decreased by -X% against 2014 indices. The pace of growth was the most pronounced in 2014 when the market value increased by X% against the previous year. As a result, consumption attained the peak level of $X. From 2015 to 2020, the growth of the market remained at a somewhat lower figure.

Chromium Production in Latin America and the Caribbean

In value terms, chromium production stood at $X in 2020 estimated in export prices. Over the period under review, production continues to indicate measured growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2020, production growth failed to regain the momentum.

Production By Country in Latin America and the Caribbean

Brazil (X tons) constituted the country with the largest volume of chromium production, accounting for X% of total volume.

In Brazil, chromium production remained relatively stable over the period from 2007-2020.

Chromium Exports

Exports in Latin America and the Caribbean

In 2020, overseas shipments of chromium increased by X% to X tons for the first time since 2015, thus ending a four-year declining trend. Overall, exports, however, recorded a mild curtailment. The volume of export peaked at X tons in 2009; however, from 2010 to 2020, exports failed to regain the momentum.

In value terms, chromium exports skyrocketed to $X in 2020. In general, exports, however, showed a abrupt decrease. Over the period under review, exports hit record highs at $X in 2009; however, from 2010 to 2020, exports stood at a somewhat lower figure.

Exports by Country

Uruguay represented the major exporter of chromium in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was near X% of total exports in 2020. It was distantly followed by Mexico (X tons), creating a X% share of total exports. The following exporters - Panama (X kg) and Brazil (X kg) - each amounted to a X% share of total exports.

Uruguay was also the fastest-growing in terms of the chromium exports, with a CAGR of +X% from 2007 to 2020. At the same time, Panama (+X%) displayed positive paces of growth. By contrast, Mexico (-X%) and Brazil (-X%) illustrated a downward trend over the same period. Uruguay (+X p.p.) and Panama (+X p.p.) significantly strengthened its position in terms of the total exports, while Brazil and Mexico saw its share reduced by -X% and -X% from 2007 to 2020, respectively.

In value terms, Uruguay ($X) emerged as the largest chromium supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was occupied by Mexico ($X), with a X% share of total exports. It was followed by Panama, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value in Uruguay amounted to +X%. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (-X% per year) and Panama (+X% per year).

Export Prices by Country

The chromium export price in Latin America and the Caribbean stood at $X per ton in 2020, shrinking by -X% against the previous year. Over the period under review, the export price continues to indicate a pronounced slump. The growth pace was the most rapid in 2012 when the export price increased by X% y-o-y. As a result, export price reached the peak level of $X per ton. From 2013 to 2020, the growth in terms of the export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Panama ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Panama, while the other leaders experienced mixed trends in the export price figures.

Chromium Imports

Imports in Latin America and the Caribbean

Chromium imports contracted markedly to X tons in 2020, falling by -X% compared with 2019. Over the period under review, imports showed a perceptible decrease. The pace of growth appeared the most rapid in 2016 with an increase of X% y-o-y. As a result, imports reached the peak of X tons. From 2017 to 2020, the growth imports failed to regain the momentum.

In value terms, chromium imports contracted dramatically to $X in 2020. Overall, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2010 with an increase of X% y-o-y. Over the period under review, imports hit record highs at $X in 2011; however, from 2012 to 2020, imports failed to regain the momentum.

Imports by Country

Brazil prevails in chromium imports structure, accounting for X tons, which was near X% of total imports in 2020. It was distantly followed by Argentina (X tons), comprising a X% share of total imports. Bahamas (X tons) followed a long way behind the leaders.

Imports into Brazil decreased at an average annual rate of -X% from 2007 to 2020. At the same time, Bahamas (+X%) and Argentina (+X%) displayed positive paces of growth. Moreover, Bahamas emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +X% from 2007-2020. While the share of Brazil (+X p.p.), Argentina (+X p.p.) and Bahamas (+X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported chromium in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was occupied by Argentina ($X), with a X% share of total imports.

From 2007 to 2020, the average annual growth rate of value in Brazil stood at -X%. The remaining importing countries recorded the following average annual rates of imports growth: Argentina (-X% per year) and Bahamas (+X% per year).

Import Prices by Country

In 2020, the chromium import price in Latin America and the Caribbean amounted to $X per ton, shrinking by -X% against the previous year. Over the period under review, the import price saw a mild decline. The pace of growth appeared the most rapid in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2011; however, from 2012 to 2020, import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was Argentina ($X per ton), while Bahamas ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Brazil, while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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