Latin America and the Caribbean: Polystyrene Market 2024

Polystyrene Market Size in Latin America and the Caribbean

The Latin American polystyrene market reduced modestly to $X in 2022, almost unchanged from the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Polystyrene Production in Latin America and the Caribbean

In value terms, polystyrene production fell to $X in 2022 estimated in export price. In general, production, however, recorded a mild shrinkage. The pace of growth appeared the most rapid in 2014 when the production volume increased by 7.2% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Polystyrene Exports

Exports in Latin America and the Caribbean

In 2022, exports of polystyrene in Latin America and the Caribbean skyrocketed to X tons, jumping by 26% on the year before. The total export volume increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, polystyrene exports surged to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +119.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 48% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Mexico was the key exporting country with an export of about X tons, which recorded 62% of total exports. It was distantly followed by Brazil (X tons) and Colombia (X tons), together generating a 35% share of total exports.

Exports from Mexico increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, Brazil (+31.9%) and Colombia (+3.5%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +31.9% from 2012-2022. Brazil (+22 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -16.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest polystyrene supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was taken by Brazil ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at +4.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+32.5% per year) and Colombia (+1.4% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 17% against the previous year. Export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polystyrene export price increased by +90.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 63%. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Colombia ($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 (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Polystyrene Imports

Imports in Latin America and the Caribbean

In 2022, polystyrene imports in Latin America and the Caribbean expanded remarkably to X tons, surging by 5.3% compared with 2021. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 9.9% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, polystyrene imports surged to $X in 2022. Total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +82.1% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 53% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Mexico was the key importing country with an import of about X tons, which reached 39% of total imports. It was distantly followed by the Dominican Republic (X tons), Brazil (X tons), Peru (X tons), Chile (X tons) and Colombia (X tons), together constituting a 37% share of total imports. Bolivia (X tons), El Salvador (X tons), Guatemala (X tons), Ecuador (X tons) and Argentina (X tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +2.6% from 2012 to 2022. At the same time, Guatemala (+10.1%), Bolivia (+9.0%), the Dominican Republic (+5.7%), El Salvador (+3.4%), Colombia (+2.6%), Ecuador (+2.4%) and Peru (+1.4%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +10.1% from 2012-2022. Chile and Brazil experienced a relatively flat trend pattern. By contrast, Argentina (-3.0%) illustrated a downward trend over the same period. While the share of the Dominican Republic (+3 p.p.), Mexico (+2.3 p.p.), Bolivia (+2 p.p.) and Guatemala (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Argentina (-1.7 p.p.) and Brazil (-2.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported polystyrene in Latin America and the Caribbean, comprising 41% of total imports. The second position in the ranking was held by the Dominican Republic ($X), with a 13% share of total imports. It was followed by Brazil, with a 9.6% share.

In Mexico, polystyrene imports expanded at an average annual rate of +3.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the Dominican Republic (+9.6% per year) and Brazil (+0.6% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by 13% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 52% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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