Latin America and the Caribbean: Polyurethanes Market 2024

Polyurethanes Market Size in Latin America and the Caribbean

In 2021, the Latin American polyurethanes market increased by 11% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Polyurethanes Production in Latin America and the Caribbean

In value terms, polyurethanes production rose modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 29% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Polyurethanes Exports

Exports in Latin America and the Caribbean

Polyurethanes exports stood at X tons in 2021, increasing by 14% against the previous year. Overall, exports showed a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, polyurethanes exports soared to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Brazil (X tons) was the main exporter of polyurethanes in primary forms, creating 66% of total exports. It was distantly followed by Mexico (X tons), making up a 26% share of total exports. The following exporters - Colombia (X tons) and Argentina (X tons) - each finished at a 3.7% share of total exports.

Brazil was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +3.6% from 2012 to 2021. Mexico (-1.2%), Colombia (-2.2%) and Argentina (-16.0%) illustrated a downward trend over the same period. While the share of Brazil (+15 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Mexico (-5 p.p.) and Argentina (-7.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest polyurethanes supplier in Latin America and the Caribbean, comprising 62% of total exports. The second position in the ranking was taken by Mexico ($X), with a 30% share of total exports. It was followed by Colombia, with a 2.2% share.

In Brazil, polyurethanes exports increased at an average annual rate of +2.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (+0.0% per year) and Colombia (+2.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 17% against the previous year. In general, the export price saw a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; afterwards, it flattened through to 2021.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Mexico ($X per ton) and Colombia ($X per ton), while Brazil ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+4.7%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in Latin America and the Caribbean

After two years of decline, overseas purchases of polyurethanes in primary forms increased by 23% to X tons in 2021. The total import volume increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, polyurethanes imports soared to $X in 2021. The total import value increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the main importer of polyurethanes in primary forms in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 46% of total imports in 2021. It was distantly followed by Brazil (X tons), Colombia (X tons), Argentina (X tons), the Dominican Republic (X tons) and Chile (X tons), together creating a 42% share of total imports. Peru (X tons) took a relatively small share of total imports.

Imports into Mexico increased at an average annual rate of +5.0% from 2012 to 2021. At the same time, the Dominican Republic (+12.4%), Colombia (+5.0%), Chile (+2.3%) and Peru (+1.1%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +12.4% from 2012-2021. Brazil experienced a relatively flat trend pattern. By contrast, Argentina (-1.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico and the Dominican Republic increased by +7.5 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported polyurethanes in primary forms in Latin America and the Caribbean, comprising 45% of total imports. The second position in the ranking was taken by Brazil ($X), with a 19% share of total imports. It was followed by the Dominican Republic, with an 8% share.

In Mexico, polyurethanes imports expanded at an average annual rate of +4.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-0.3% per year) and the Dominican Republic (+16.3% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 9.1% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+3.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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