Latin America and the Caribbean: Artificial Staple Fibre Market 2024

Artificial Staple Fibre Market Size in Latin America and the Caribbean

The Latin American artificial staple fibre market dropped rapidly to $X in 2021, waning by -23.8% against the previous year. The total consumption indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +46.8% against 2019 indices. As a result, consumption attained the peak level of $X, and then dropped notably in the following year.

Artificial Staple Fibre Production in Latin America and the Caribbean

In value terms, artificial staple fibre production reduced sharply to $X in 2021 estimated in export price. The total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +49.2% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 98%. As a result, production reached the peak level of $X, and then declined remarkably in the following year.

Artificial Staple Fibre Exports

Exports in Latin America and the Caribbean

For the fifth year in a row, LatAmerica and the Caribbean recorded decline in shipments abroad of artificial staple fibres, which decreased by -7.3% to X tons in 2021. Overall, exports faced a significant decline. The pace of growth was the most pronounced in 2014 with an increase of 9.7% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, artificial staple fibre exports contracted to $X in 2021. In general, exports saw a abrupt slump. The pace of growth was the most pronounced in 2014 when exports increased by 43% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Panama was the key exporter of artificial staple fibres in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near 82% of total exports in 2021. It was distantly followed by Honduras (X tons), achieving a 15% share of total exports. Mexico (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to artificial staple fibre exports from Panama stood at -25.9%. At the same time, Honduras (+11.9%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +11.9% from 2012-2021. By contrast, Mexico (-17.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Honduras increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Panama ($X) remains the largest artificial staple fibre supplier in Latin America and the Caribbean, comprising 65% of total exports. The second position in the ranking was held by Honduras ($X), with a 25% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Panama totaled -22.4%. In the other countries, the average annual rates were as follows: Honduras (+9.3% per year) and Mexico (-11.0% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, leveling off at the previous year. Export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, artificial staple fibre export price decreased by +0.7% against 2019 indices. The pace of growth was the most pronounced in 2013 when the export price increased by 39% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+8.5%), while the other leaders experienced mixed trends in the export price figures.

Artificial Staple Fibre Imports

Imports in Latin America and the Caribbean

After two years of decline, purchases abroad of artificial staple fibres increased by 67% to X tons in 2021. In general, imports, however, showed a pronounced decline. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, artificial staple fibre imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a pronounced contraction. The pace of growth was the most pronounced in 2015 when imports increased by 82% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Honduras (X tons) represented the main importer of artificial staple fibres, mixing up 47% of total imports. It was distantly followed by Brazil (X tons), Mexico (X tons), Guatemala (X tons) and Chile (X tons), together achieving a 37% share of total imports. Peru (X tons) and Cuba (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to artificial staple fibre imports into Honduras stood at -7.1%. At the same time, Guatemala (+66.0%), Brazil (+33.6%), Cuba (+28.7%), Mexico (+18.6%), Chile (+15.8%) and Peru (+6.8%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +66.0% from 2012-2021. Brazil (+14 p.p.), Mexico (+9.4 p.p.), Guatemala (+6 p.p.), Chile (+5.8 p.p.), Peru (+2.8 p.p.) and Cuba (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Honduras saw its share reduced by -12% from 2012 to 2021, respectively.

In value terms, Honduras ($X) constitutes the largest market for imported artificial staple fibres in Latin America and the Caribbean, comprising 57% of total imports. The second position in the ranking was taken by Brazil ($X), with an 11% share of total imports. It was followed by Peru, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Honduras stood at -7.2%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+20.9% per year) and Peru (+5.1% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, remaining stable against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 20% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Peru ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Honduras (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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