Latin America and the Caribbean: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Latin America and the Caribbean

The Latin American polypropylene in primary forms market contracted modestly to $X in 2022, which is down by -4.3% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then declined modestly in the following year.

Production of Polypropylene in Primary Forms in Latin America and the Caribbean

In value terms, polypropylene in primary forms production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 13%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Polypropylene in Primary Forms

Exports in Latin America and the Caribbean

In 2022, shipments abroad of polypropylene in primary forms was finally on the rise to reach X tons after two years of decline. In general, exports, however, continue to indicate a slight decline. The pace of growth was the most pronounced in 2014 when exports increased by 18%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, polypropylene in primary forms exports contracted to $X in 2022. Over the period under review, exports, however, continue to indicate a slight descent. The most prominent rate of growth was recorded in 2021 when exports increased by 32% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X tons) and Brazil (X tons) were the main exporters of polypropylene in primary forms in 2022, accounting for near 40% and 28% of total exports, respectively. Argentina (X tons) took the next position in the ranking, followed by Chile (X tons) and Mexico (X tons). All these countries together took near 25% share of total exports. Guatemala (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Guatemala (with a CAGR of +40.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest polypropylene in primary forms supplying countries in Latin America and the Caribbean were Colombia ($X), Brazil ($X) and Argentina ($X), together accounting for 81% of total exports. Chile, Mexico and Guatemala lagged somewhat behind, together comprising a further 16%.

Guatemala, with a CAGR of +42.0%, saw the highest growth rate of the value of exports, among the main exporting countries 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 ton in 2022, declining by -12.5% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 60% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Mexico ($X per ton) and Guatemala ($X per ton), while Argentina ($X per ton) and Colombia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.2%), while the other leaders experienced more modest paces of growth.

Imports of Polypropylene in Primary Forms

Imports in Latin America and the Caribbean

In 2022, approx. X tons of polypropylene in primary forms were imported in Latin America and the Caribbean; falling by -9.7% on the previous year's figure. Overall, imports, however, enjoyed a temperate expansion. The pace of growth was the most pronounced in 2021 when imports increased by 31% against the previous year. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, polypropylene in primary forms imports shrank to $X in 2022. Total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.1% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 86%. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Mexico represented the main importer of polypropylene in primary forms in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 37% of total imports in 2022. Brazil (X tons) ranks second in terms of the total imports with a 17% share, followed by Peru (12%), Guatemala (6.5%), Ecuador (4.9%) and Argentina (4.8%). Colombia (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to polypropylene in primary forms imports into Mexico stood at +2.7%. At the same time, Guatemala (+7.4%), Brazil (+5.8%), Colombia (+5.6%), Argentina (+5.1%), Ecuador (+4.6%) and Peru (+1.7%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +7.4% from 2012-2022. While the share of Brazil (+2.4 p.p.) and Guatemala (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Peru (-3.2 p.p.) and Mexico (-5.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported polypropylene in primary forms in Latin America and the Caribbean, comprising 44% of total imports. The second position in the ranking was held by Brazil ($X), with a 16% share of total imports. It was followed by Peru, with a 9.3% share.

In Mexico, polypropylene in primary forms imports increased at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+6.1% per year) and Peru (+0.4% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, which is down by -4.7% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 42%. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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