Latin America and the Caribbean: Mineral Wool Market 2024

Mineral Wool Market Size in Latin America and the Caribbean

After four years of growth, the Latin American mineral wool market decreased by -1% to $X in 2021. The market value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2020, and then dropped slightly in the following year.

Mineral Wool Production in Latin America and the Caribbean

In value terms, mineral wool production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 18% against the previous year. The level of production peaked at $X in 2020, and then reduced modestly in the following year.

Mineral Wool Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of slag wool, rock wool and similar mineral wools and mixtures decreased by -39% to X tons, falling for the third consecutive year after three years of growth. In general, exports saw a perceptible descent. The pace of growth appeared the most rapid in 2014 when exports increased by 49% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, mineral wool exports declined to $X in 2021. Over the period under review, exports recorded a pronounced downturn. The most prominent rate of growth was recorded in 2014 with an increase of 35%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Mexico represented the key exporting country with an export of around X tons, which accounted for 70% of total exports. It was distantly followed by Colombia (X tons), Brazil (X tons) and Chile (X tons), together achieving a 25% share of total exports. Venezuela (X tons) followed a long way behind the leaders.

Exports from Mexico decreased at an average annual rate of -5.3% from 2012 to 2021. At the same time, Venezuela (+52.1%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +52.1% from 2012-2021. Chile experienced a relatively flat trend pattern. By contrast, Colombia (-2.3%) and Brazil (-6.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Venezuela, Colombia and Chile increased by +2.9, +1.9 and +1.9 percentage points, respectively.

In value terms, Mexico ($X) remains the largest mineral wool supplier in Latin America and the Caribbean, comprising 81% of total exports. The second position in the ranking was held by Colombia ($X), with a 5.7% share of total exports. It was followed by Brazil, with a 4.5% share.

In Mexico, mineral wool exports decreased by an average annual rate of -3.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Colombia (-7.5% per year) and Brazil (-12.4% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 62% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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 ($X per ton), while Colombia ($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 (+1.5%), while the other leaders experienced a decline in the export price figures.

Mineral Wool Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of slag wool, rock wool and similar mineral wools and mixtures decreased by -11% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports saw a slight contraction. The growth pace was the most rapid in 2018 with an increase of 21% against the previous year. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, mineral wool imports contracted to $X in 2021. The total import value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 34% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Mexico (X tons) represented the largest importer of slag wool, rock wool and similar mineral wools and mixtures, creating 41% of total imports. Peru (X tons) held the second position in the ranking, followed by Chile (X tons) and Colombia (X tons). All these countries together held approx. 33% share of total imports. The following importers - Cuba (X tons), Brazil (X tons), Ecuador (X tons), Argentina (X tons) and Bolivia (X tons) - together made up 14% of total imports.

Imports into Mexico increased at an average annual rate of +1.9% from 2012 to 2021. At the same time, Peru (+4.1%), Bolivia (+4.1%) and Argentina (+1.5%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +4.1% from 2012-2021. Chile experienced a relatively flat trend pattern. By contrast, Colombia (-2.3%), Ecuador (-5.9%), Cuba (-6.2%) and Brazil (-16.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico and Peru increased by +10 and +6.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in Latin America and the Caribbean, comprising 57% of total imports. The second position in the ranking was taken by Peru ($X), with an 11% share of total imports. It was followed by Chile, with an 8% share.

In Mexico, mineral wool imports increased at an average annual rate of +6.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Peru (+7.2% per year) and Chile (+0.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 6.4% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2014 an increase of 22% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Ecuador ($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 (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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