Latin America and the Caribbean: Styrene Market 2024

Styrene Market Size in Latin America and the Caribbean

After two years of decline, the Latin American styrene market increased by 17% to $X in 2021. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Styrene Production in Latin America and the Caribbean

In value terms, styrene production expanded sharply to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 18% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Styrene Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of styrene were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, showed a abrupt decrease. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, styrene exports skyrocketed to $X in 2021. Overall, exports, however, showed a deep setback. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Argentina represented the largest exporting country with an export of about X tons, which finished at 68% of total exports. Brazil (X tons) ranks second in terms of the total exports with a 19% share, followed by Chile (6.7%). Colombia (X tons) and the Dominican Republic (X tons) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to styrene exports from Argentina stood at -18.1%. At the same time, Chile (+100.3%), Brazil (+47.5%) and the Dominican Republic (+31.7%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +100.3% from 2012-2021. By contrast, Colombia (-17.0%) illustrated a downward trend over the same period. Brazil (+19 p.p.), Chile (+6.7 p.p.) and the Dominican Republic (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -26.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest styrene supplier in Latin America and the Caribbean, comprising 66% of total exports. The second position in the ranking was held by Brazil ($X), with a 22% share of total exports. It was followed by Chile, with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Argentina totaled -18.1%. In the other countries, the average annual rates were as follows: Brazil (+46.7% per year) and Chile (+89.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 57% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Colombia ($X per ton) and Brazil ($X per ton), while Chile ($X per ton) and the Dominican Republic ($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 (+0.3%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of styrene increased by 19% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 24%. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, styrene imports soared to $X in 2021. Overall, imports, however, showed a slight setback. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Mexico represented the largest importer of styrene in Latin America and the Caribbean, with the volume of imports recording X tons, which was near 59% of total imports in 2021. Brazil (X tons) took the second position in the ranking, distantly followed by Colombia (X tons). All these countries together held near 32% share of total imports. The following importers - Bahamas (X tons) and Chile (X tons) - each recorded a 6% share of total imports.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of styrene. At the same time, Chile (+2.4%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +2.4% from 2012-2021. Colombia and Brazil experienced a relatively flat trend pattern. By contrast, Bahamas (-5.8%) illustrated a downward trend over the same period. Mexico (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Bahamas saw its share reduced by -2.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported styrene in Latin America and the Caribbean, comprising 58% of total imports. The second position in the ranking was held by Brazil ($X), with a 20% share of total imports. It was followed by Colombia, with a 12% share.

In Mexico, styrene imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (-0.8% per year) and Colombia (-0.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 32% against the previous year. In general, the import price, however, saw a slight reduction. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Chile ($X per ton) and Colombia ($X per ton), while Bahamas ($X per ton) and Mexico ($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 (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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