Latin America and the Caribbean: Salicylic Acid Market 2024

Salicylic Acid Market Size in Latin America and the Caribbean

In 2021, after three years of growth, there was significant decline in the Latin American salicylic acid market, when its value decreased by -10.8% to $X. Overall, consumption, however, posted buoyant growth. Over the period under review, the market attained the peak level at $X in 2020, and then reduced in the following year.

Salicylic Acid Production in Latin America and the Caribbean

In value terms, salicylic acid production fell to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 54% against the previous year. The level of production peaked at $X in 2020, and then fell in the following year.

Salicylic Acid Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of salicylic acid and its salts increased by 7.8% to X tons for the first time since 2016, thus ending a four-year declining trend. Overall, exports, however, saw a dramatic setback. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, salicylic acid exports soared to $X in 2021. In general, exports, however, saw a sharp curtailment. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico prevails in exports structure, finishing at X tons, which was approx. 79% of total exports in 2021. Guatemala (X tons) took the second position in the ranking, followed by the Dominican Republic (X tons) and Brazil (X tons). All these countries together held near 18% share of total exports. Argentina (X tons) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of +4.5% from 2012 to 2021. At the same time, the Dominican Republic (+18.5%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +18.5% from 2012-2021. By contrast, Guatemala (-1.2%), Argentina (-5.0%) and Brazil (-55.2%) illustrated a downward trend over the same period. Mexico (+78 p.p.), Guatemala (+7.7 p.p.), the Dominican Republic (+5.2 p.p.) and Argentina (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -94.2% from 2012 to 2021, respectively.

In value terms, Mexico ($X) remains the largest salicylic acid supplier in Latin America and the Caribbean, comprising 87% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 4.1% share of total exports. It was followed by Guatemala, with a 3.5% share.

In Mexico, salicylic acid exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the Dominican Republic (+25.8% per year) and Guatemala (-1.4% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, rising by 43% against the previous year. Over the period under review, the export price continues to indicate significant growth. The most prominent rate of growth was recorded in 2019 an increase of 185%. Over the period under review, the export prices attained the peak figure in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+16.1%), while the other leaders experienced mixed trends in the export price figures.

Salicylic Acid Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of salicylic acid and its salts were imported in Latin America and the Caribbean; waning by -20.8% on 2020. Overall, imports saw a noticeable descent. The most prominent rate of growth was recorded in 2020 with an increase of 30%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, salicylic acid imports fell sharply to $X in 2021. Over the period under review, imports recorded a pronounced setback. The pace of growth appeared the most rapid in 2018 when imports increased by 25%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Mexico was the major importer of salicylic acid and its salts in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 75% of total imports in 2021. It was distantly followed by Brazil (X tons), mixing up an 18% share of total imports. Ecuador (X tons) followed a long way behind the leaders.

Imports into Mexico decreased at an average annual rate of -5.9% from 2012 to 2021. At the same time, Brazil (+27.7%) and Ecuador (+20.7%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +27.7% from 2012-2021. While the share of Brazil (+17 p.p.) and Ecuador (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Mexico (-20.1 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) constitutes the largest market for imported salicylic acid and its salts in Latin America and the Caribbean, comprising 60% of total imports. The second position in the ranking was held by Brazil ($X), with a 26% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Mexico totaled -7.7%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+29.4% per year) and Ecuador (+19.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 2.2% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by 13% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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