Latin America and the Caribbean: Boiler Parts Market 2024

Boiler Parts Market Size in Latin America and the Caribbean

In 2021, the Latin American boiler parts market increased by 7.9% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 9.4%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Boiler Parts Production in Latin America and the Caribbean

In value terms, boiler parts production expanded markedly to $X in 2021 estimated in export price. In general, production showed a noticeable descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 24% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Boiler Parts Exports

Exports in Latin America and the Caribbean

In 2021, the amount of parts of boilers for central heating exported in Latin America and the Caribbean dropped sharply to X tons, shrinking by -66.3% on 2020 figures. Over the period under review, exports saw a abrupt curtailment. The growth pace was the most rapid in 2020 when exports increased by 382%. As a result, the exports attained the peak of X tons, and then contracted sharply in the following year.

In value terms, boiler parts exports contracted to $X in 2021. Total exports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +47.5% against 2018 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 36%. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

Mexico represented the main exporter of parts of boilers for central heating in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was near 69% of total exports in 2021. It was distantly followed by Chile (X tons), committing a 20% share of total exports. Guatemala (X tons), Brazil (X tons) and Ecuador (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to boiler parts exports from Mexico stood at -9.3%. At the same time, Chile (+38.3%), Guatemala (+33.3%), Ecuador (+23.0%) and Brazil (+6.6%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +38.3% from 2012-2021. Chile (+19 p.p.), Guatemala (+3.6 p.p.), Brazil (+2.3 p.p.) and Ecuador (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -26.9% from 2012 to 2021, respectively.

In value terms, Mexico ($X) remains the largest boiler parts supplier in Latin America and the Caribbean, comprising 83% of total exports. The second position in the ranking was taken by Chile ($X), with a 13% share of total exports. It was followed by Brazil, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value in Mexico stood at +1.0%. In the other countries, the average annual rates were as follows: Chile (+43.3% per year) and Brazil (-4.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 162% against the previous year. In general, the export price posted a resilient increase. Over the period under review, the export prices reached the maximum at $X per ton in 2019; however, from 2020 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, the country with the highest price was Mexico ($X per ton), while Ecuador ($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 (+11.4%), while the other leaders experienced mixed trends in the export price figures.

Boiler Parts Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of parts of boilers for central heating were imported in Latin America and the Caribbean; picking up by 15% against 2020 figures. In general, imports, however, recorded a deep setback. The pace of growth appeared the most rapid in 2018 when imports increased by 37%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, boiler parts imports shrank to $X in 2021. Overall, imports, however, showed a pronounced downturn. The growth pace was the most rapid in 2018 when imports increased by 42%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of parts of boilers for central heating, namely Chile, Argentina and Venezuela, represented more than half of total import. Colombia (X tons) ranks next in terms of the total imports with a 5.5% share, followed by Guatemala (5.2%). The following importers - Falkland Islands (Malvinas) (X tons), Ecuador (X tons), the Dominican Republic (X tons), Barbados (X tons), Costa Rica (X tons) and Saint Vincent and the Grenadines (X tons) - together made up 17% of total imports.

From 2012 to 2021, the biggest increases were recorded for Saint Vincent and the Grenadines (with a CAGR of +85.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Venezuela ($X) and Argentina ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 57% of total imports. These countries were followed by Colombia, Barbados, Ecuador, the Dominican Republic, Guatemala, Saint Vincent and the Grenadines, Costa Rica and Falkland Islands (Malvinas), which together accounted for a further 27%.

In terms of the main importing countries, Saint Vincent and the Grenadines, with a CAGR of +89.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, falling by -19.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2014 when the import price increased by 38%. Over the period under review, import prices reached the maximum at $X per ton in 2020, and then dropped markedly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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