Latin America and the Caribbean: Silicone Market 2024

Silicone Market Size in Latin America and the Caribbean

The Latin American silicone market soared to $X in 2021, growing by 25% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Silicone Production in Latin America and the Caribbean

In value terms, silicone production dropped slightly to $X in 2021 estimated in export price. The total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +31.7% against 2016 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 24% against the previous year. The level of production peaked at $X in 2020, and then shrank modestly in the following year.

Silicone Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of silicones (in primary forms) were exported in Latin America and the Caribbean; jumping by 53% compared with the year before. Total exports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +81.9% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, silicone exports skyrocketed to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +104.5% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil was the key exporting country with an export of around X tons, which amounted to 65% of total exports. It was distantly followed by Mexico (X tons), creating a 21% share of total exports. Peru (X tons), Paraguay (X tons) and Colombia (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to silicone exports from Brazil stood at +5.0%. At the same time, Paraguay (+114.0%), Colombia (+8.8%), Peru (+5.8%) and Mexico (+2.7%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +114.0% from 2012-2021. While the share of Brazil (+12 p.p.) and Paraguay (+2.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest silicone supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Peru ($X), with a combined 90% share of total exports. Colombia and Paraguay lagged somewhat behind, together comprising a further 3.4%.

Paraguay, with a CAGR of +63.9%, recorded the highest rates of growth with regard to 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

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 22% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.7%. The pace of growth was the most pronounced in 2018 when the export price increased by 22% against the previous year. The level of export peaked in 2021 and is likely to see gradual 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 Mexico ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+10.2%), while the other leaders experienced more modest paces of growth.

Silicone Imports

Imports in Latin America and the Caribbean

In 2021, imports of silicones (in primary forms) in Latin America and the Caribbean surged to X tons, increasing by 36% on 2020 figures. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports surged to $X in 2021. The total import value increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil (X tons) and Mexico (X tons) were the major importers of silicones (in primary forms) in 2021, accounting for approx. 34% and 28% of total imports, respectively. It was distantly followed by Costa Rica (X tons), Colombia (X tons), Argentina (X tons) and Chile (X tons), together creating a 28% share of total imports. Peru (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Chile (with a CAGR of +8.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest silicone importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Costa Rica ($X), with a combined 75% share of total imports.

Costa Rica, with a CAGR of +6.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, approximately reflecting the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the import price increased by 13%. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, 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 ($X per ton), while Chile ($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 (+0.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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