Latin America and the Caribbean: Cement Market 2024

Cement Market Size in Latin America and the Caribbean

In 2022, the Latin American cement market decreased by -2.6% to $X for the first time since 2017, thus ending a four-year rising trend. Over the period under review, consumption continues to indicate a slight descent. The pace of growth appeared the most rapid in 2019 with an increase of 2.7% against the previous year. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Cement Production in Latin America and the Caribbean

In value terms, cement production contracted to $X in 2022 estimated in export price. Overall, production continues to indicate a slight reduction. The pace of growth was the most pronounced in 2019 with an increase of 3.2%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Cement Exports

Exports in Latin America and the Caribbean

Cement exports reached X tons in 2022, growing by 7.2% compared with the previous year's figure. Total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% 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 +38.7% against 2019 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 21%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, cement exports expanded remarkably to $X in 2022. Total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +54.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 18%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, Mexico (X tons) represented the main exporter of cement, mixing up 45% of total exports. The Dominican Republic (X tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (7.5%) and Colombia (6.9%). Trinidad and Tobago (X tons), Panama (X tons), Peru (X tons), Honduras (X tons), Guatemala (X tons), Barbados (X tons) and Uruguay (X tons) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of +7.3% from 2012 to 2022. At the same time, Panama (+106.3%), Honduras (+42.9%), Brazil (+29.2%), Guatemala (+23.7%), Colombia (+18.1%), Uruguay (+8.5%) and Trinidad and Tobago (+1.4%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +106.3% from 2012-2022. Peru experienced a relatively flat trend pattern. By contrast, Barbados (-2.6%) and the Dominican Republic (-2.9%) illustrated a downward trend over the same period. While the share of Mexico (+12 p.p.), Brazil (+6.7 p.p.), Colombia (+4.9 p.p.), Panama (+3.5 p.p.), Honduras (+2.9 p.p.) and Guatemala (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Peru (-1.6 p.p.), Barbados (-1.9 p.p.) and the Dominican Republic (-14.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest cement supplier in Latin America and the Caribbean, comprising 43% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 16% share of total exports. It was followed by Colombia, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +6.9%. The remaining exporting countries recorded the following average annual rates of exports growth: the Dominican Republic (-0.1% per year) and Colombia (+16.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 5.2% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Barbados (+4.8%), while the other leaders experienced more modest paces of growth.

Cement Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of cement decreased by -11.5% to X tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 24% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, cement imports shrank modestly to $X in 2022. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 16% against the previous year. The level of import peaked at $X in 2021, and then contracted slightly in the following year.

Imports by Country

In 2022, Haiti (X tons), distantly followed by Peru (X tons), Guatemala (X tons), Paraguay (X tons), El Salvador (X tons), Guyana (X tons) and Chile (X tons) were the main importers of cement, together achieving 75% of total imports. Jamaica (X tons), Belize (X tons), Trinidad and Tobago (X tons), Brazil (X tons), Suriname (X tons) and Colombia (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Trinidad and Tobago (with a CAGR of +21.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cement importing markets in Latin America and the Caribbean were Guatemala ($X), Haiti ($X) and Peru ($X), with a combined 40% share of total imports.

In terms of the main importing countries, Guatemala, with a CAGR of +23.0%, recorded 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 2022, increasing by 12% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Belize ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+10.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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