Latin America and the Caribbean: Tyre Cord Fabric Market 2024

Tyre Cord Fabric Market Size in Latin America and the Caribbean

The Latin American tyre cord fabric market reached $X in 2021, increasing by 10% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -0.3% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Tyre Cord Fabric Production in Latin America and the Caribbean

In value terms, tyre cord fabric production rose 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 +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.8% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 32% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Tyre Cord Fabric Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of tyre cord fabric of high tenacity yarn were exported in Latin America and the Caribbean; growing by 23% against the previous year's figure. Overall, exports, however, showed a mild curtailment. The pace of growth was the most pronounced in 2017 with an increase of 52% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, tyre cord fabric exports skyrocketed to $X in 2021. In general, exports, however, showed a abrupt contraction. The growth pace was the most rapid in 2017 when exports increased by 47%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Mexico (X tons) represented the largest exporter of tyre cord fabric of high tenacity yarn, generating 61% of total exports. It was distantly followed by Colombia (X tons) and Brazil (X tons), together constituting a 39% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +4.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Mexico ($X), Colombia ($X) and Brazil ($X) constituted the countries with the highest levels of exports in 2021, with a combined 99% share of total exports.

Colombia, with a CAGR of +1.4%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 12% against the previous year. In general, the export price, however, showed a perceptible shrinkage. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, 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 (-0.5%), while the other leaders experienced a decline in the export price figures.

Tyre Cord Fabric Imports

Imports in Latin America and the Caribbean

In 2021, after three years of decline, there was significant growth in overseas purchases of tyre cord fabric of high tenacity yarn, when their volume increased by 62% to X tons. The total import volume increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, tyre cord fabric imports skyrocketed to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil represented the main importer of tyre cord fabric of high tenacity yarn in Latin America and the Caribbean, with the volume of imports reaching X tons, which was approx. 47% of total imports in 2021. Mexico (X tons) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Chile (14%), Argentina (10%) and Costa Rica (4.8%). Peru (X tons) and Ecuador (X tons) took a little share of total imports.

Imports into Brazil increased at an average annual rate of +7.8% from 2012 to 2021. At the same time, Chile (+12.8%), Costa Rica (+4.0%) and Mexico (+1.5%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +12.8% from 2012-2021. By contrast, Ecuador (-6.0%), Peru (-7.2%) and Argentina (-7.3%) illustrated a downward trend over the same period. Brazil (+20 p.p.) and Chile (+9 p.p.) significantly strengthened its position in terms of the total imports, while Ecuador, Peru and Argentina saw its share reduced by -1.7%, -3.1% and -12.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported tyre cord fabric of high tenacity yarn in Latin America and the Caribbean, comprising 51% of total imports. The second position in the ranking was taken by Mexico ($X), with a 23% share of total imports. It was followed by Chile, with an 8.3% share.

In Brazil, tyre cord fabric imports increased at an average annual rate of +9.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+3.9% per year) and Chile (+6.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 27% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 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 Mexico (+2.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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