Latin America and the Caribbean: Polyethylene Glycol Wax Market 2022

Polyethylene Glycol Wax Market Size in Latin America and the Caribbean

For the fourth year in a row, the Latin American polyethylene glycol wax market recorded growth in sales value, which increased by 3.2% to $X in 2021. In general, consumption, however, showed a mild setback. The growth pace was the most rapid in 2018 when the market value increased by 8.9% against the previous year. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Polyethylene Glycol Wax Production in Latin America and the Caribbean

In value terms, polyethylene glycol wax production reached $X in 2021 estimated in export price. In general, production, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 10% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Polyethylene Glycol Wax Exports

Exports in Latin America and the Caribbean

For the seventh consecutive year, LatAmerica and the Caribbean recorded decline in overseas shipments of artificial and prepared waxes of polyethylene glycol, which decreased by -26.9% to X tons in 2021. Over the period under review, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2014 with an increase of 2.3%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, polyethylene glycol wax exports dropped significantly to $X in 2021. Overall, exports saw a deep setback. The pace of growth appeared the most rapid in 2014 with an increase of 8% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico was the key exporter of artificial and prepared waxes of polyethylene glycol in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was near 76% of total exports in 2021. It was distantly followed by Brazil (X tons), achieving a 20% share of total exports. Venezuela (X tons) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to polyethylene glycol wax exports from Mexico stood at -20.3%. Brazil (-3.9%) and Venezuela (-17.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil increased by +16 percentage points. Mexico (-17.2 p.p.) saw their shares reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest polyethylene glycol wax supplier in Latin America and the Caribbean, comprising 75% of total exports. The second position in the ranking was held by Brazil ($X), with a 21% share of total exports.

In Mexico, polyethylene glycol wax exports shrank by an average annual rate of -18.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-5.7% per year) and Venezuela (-22.2% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, reducing by -20.2% against the previous year. Export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the export price increased by 20% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2020, and then dropped rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Brazil ($X per ton), while Venezuela ($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 (+2.5%), while the other leaders experienced a decline in the export price figures.

Polyethylene Glycol Wax Imports

Imports in Latin America and the Caribbean

Polyethylene glycol wax imports reduced to X tons in 2021, with a decrease of -12.6% compared with the previous year. Over the period under review, imports recorded a noticeable reduction. The pace of growth was the most pronounced in 2014 with an increase of 34% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, polyethylene glycol wax imports contracted to $X in 2021. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 32% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Brazil (X tons) was the key importer of artificial and prepared waxes of polyethylene glycol, constituting 45% of total imports. Argentina (X tons) held a 9.4% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (8.5%), Costa Rica (7.4%), Peru (5.7%) and Chile (4.9%). Honduras (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to polyethylene glycol wax imports into Brazil stood at -5.7%. At the same time, Honduras (+53.8%), Peru (+8.6%), Chile (+5.5%) and Costa Rica (+5.1%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +53.8% from 2012-2021. By contrast, Argentina (-2.8%) and Colombia (-3.3%) illustrated a downward trend over the same period. While the share of Honduras (+4 p.p.), Costa Rica (+3.9 p.p.), Peru (+3.7 p.p.) and Chile (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Brazil (-11.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported artificial and prepared waxes of polyethylene glycol in Latin America and the Caribbean, comprising 41% of total imports. The second position in the ranking was taken by Costa Rica ($X), with a 10% share of total imports. It was followed by Argentina, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Brazil amounted to -1.5%. The remaining importing countries recorded the following average annual rates of imports growth: Costa Rica (+12.6% per year) and Argentina (+0.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 7% against the previous year. Over the last nine years, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2019 an increase of 15%. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Costa Rica ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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