Latin America and the Caribbean: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Latin America and the Caribbean

In 2022, the Latin American ethylene glycol market increased by 1.5% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2012; afterwards, it flattened through to 2022.

Ethylene Glycol Production in Latin America and the Caribbean

In value terms, ethylene glycol production dropped modestly to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2017 when the production volume increased by 14%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Ethylene Glycol Exports

Exports in Latin America and the Caribbean

In 2022, the amount of ethylene glycol (ethanediol) exported in Latin America and the Caribbean shrank remarkably to X tons, with a decrease of -84.6% compared with 2021 figures. Over the period under review, exports recorded a significant curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 314%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, ethylene glycol exports fell notably to $X in 2022. Overall, exports recorded a dramatic curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 204%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Venezuela (X tons) was the major exporter of ethylene glycol (ethanediol), mixing up 62% of total exports. It was distantly followed by Brazil (X tons), generating a 23% share of total exports. The following exporters - Colombia (X tons), Mexico (X tons) and Uruguay (X tons) - together made up 10% of total exports.

From 2012 to 2022, average annual rates of growth with regard to ethylene glycol exports from Venezuela stood at -32.3%. At the same time, Colombia (+49.1%) and Uruguay (+12.2%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +49.1% from 2012-2022. By contrast, Brazil (-28.6%) and Mexico (-34.3%) illustrated a downward trend over the same period. While the share of Brazil (+6.8 p.p.), Colombia (+4.3 p.p.) and Uruguay (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mexico (-2.6 p.p.) and Venezuela (-13.2 p.p.) displayed negative dynamics.

In value terms, the largest ethylene glycol supplying countries in Latin America and the Caribbean were Venezuela ($X), Brazil ($X) and Colombia ($X), together accounting for 82% of total exports.

In terms of the main exporting countries, Colombia, with a CAGR of +47.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, approximately mirroring the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 37% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a somewhat lower figure.

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 Colombia ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (-1.2%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of ethylene glycol (ethanediol) increased by 11% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2021 when imports increased by 32% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, ethylene glycol imports totaled $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 57%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Mexico (X tons) represented the key importer of ethylene glycol (ethanediol), creating 58% of total imports. Brazil (X tons) took the second position in the ranking, distantly followed by Argentina (X tons). All these countries together took near 41% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +14.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Mexico ($X), Brazil ($X) and Argentina ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 97% share of total imports.

Brazil, with a CAGR of +8.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, waning by -9.3% against the previous year. In general, the import price recorded a deep setback. The pace of growth appeared the most rapid in 2021 an increase of 19% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (-4.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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