Latin America and the Caribbean: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in Latin America and the Caribbean

For the third year in a row, the Latin American unvulcanized rubber market recorded growth in sales value, which increased by 5.6% to $X in 2022. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 7.5%. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in the immediate term.

Unvulcanized Rubber Production in Latin America and the Caribbean

In value terms, unvulcanized rubber production amounted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a noticeable decrease. The growth pace was the most rapid in 2016 when the production volume increased by 6.9% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Unvulcanized Rubber Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of unvulcanized rubber and articles thereof increased by 8.1% to X tons, rising for the second year in a row after eight years of decline. Overall, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 20%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, unvulcanized rubber exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a perceptible contraction. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Brazil (X tons) and Mexico (X tons) were the largest exporters of unvulcanized rubber and articles thereof in 2022, accounting for approx. 46% and 35% of total exports, respectively. It was distantly followed by Uruguay (X tons), mixing up a 12% share of total exports. Guatemala (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Guatemala (with a CAGR of +3.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Mexico ($X), Brazil ($X) and Uruguay ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 94% of total exports. These countries were followed by Guatemala, which accounted for a further 1.9%.

Guatemala, with a CAGR of +6.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.9%), while the other leaders experienced mixed trends in the export price figures.

Unvulcanized Rubber Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of unvulcanized rubber and articles thereof increased by 13% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 28% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, unvulcanized rubber imports expanded significantly to $X in 2022. In general, imports saw a slight expansion. The pace of growth appeared the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Mexico (X tons) was the largest importer of unvulcanized rubber and articles thereof, constituting 63% of total imports. Brazil (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (6.5%) and Chile (4.7%). Peru (X tons) and Colombia (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the unvulcanized rubber and articles thereof imports, with a CAGR of +8.1% from 2012 to 2022. At the same time, Peru (+1.3%) displayed positive paces of growth. Chile experienced a relatively flat trend pattern. By contrast, Argentina (-1.3%), Brazil (-4.1%) and Colombia (-8.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico increased by +28 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported unvulcanized rubber and articles thereof in Latin America and the Caribbean, comprising 60% of total imports. The second position in the ranking was held by Brazil ($X), with an 18% share of total imports. It was followed by Argentina, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +5.3%. In the other countries, the average annual rates were as follows: Brazil (-3.2% per year) and Argentina (-1.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, reducing by -4.2% against the previous year. In general, the import price recorded a slight decrease. The pace of growth was the most pronounced in 2014 when the import price increased by 9.1%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Brazil ($X per ton) and Peru ($X per ton), while Colombia ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+2.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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