Latin America and the Caribbean: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Latin America and the Caribbean

The Latin American glass fibres and wool market declined modestly to $X in 2022, standing approx. at the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Glass Fibres And Glass Wool in Latin America and the Caribbean

In value terms, glass fibres and wool production contracted slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 29%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Glass Fibres And Glass Wool

Exports in Latin America and the Caribbean

Glass fibres and wool exports soared to X tons in 2022, picking up by 22% against the previous year's figure. Over the period under review, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 77% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, glass fibres and wool exports rose remarkably to $X in 2022. The total export value increased at an average annual rate of +4.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 23%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from Mexico (X tons), together resulting at 96% of total export.

Mexico was also the fastest-growing in terms of the glass fibres and glass wool exports, with a CAGR of +13.0% from 2012 to 2022. While the share of Mexico (+14 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) also remains the largest glass fibres and wool supplier in Latin America and the Caribbean.

In Mexico, glass fibres and wool exports increased at an average annual rate of +5.9% over the period from 2012-2022.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, declining by -6.3% against the previous year. Over the period under review, the export price continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2014 when the export price increased by 16%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Mexico.

From 2012 to 2022, the rate of growth in terms of prices for Mexico amounted to -6.3% per year.

Imports of Glass Fibres And Glass Wool

Imports in Latin America and the Caribbean

In 2022, glass fibres and wool imports in Latin America and the Caribbean soared to X tons, growing by 16% against 2021 figures. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +8.5% 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 +36.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 19% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, glass fibres and wool imports rose sharply to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +37.4% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 22% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Mexico prevails in imports structure, finishing at X tons, which was near 77% of total imports in 2022. Brazil (X tons) held a 6.9% share (based on physical terms) of total imports, which put it in second place, followed by Chile (4.8%). Guatemala (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to glass fibres and wool imports into Mexico stood at +9.4%. At the same time, Guatemala (+24.5%), Chile (+12.3%) and Brazil (+5.6%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +24.5% from 2012-2022. While the share of Mexico (+6.2 p.p.) and Guatemala (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (-2.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported glass fibres and glass wool in Latin America and the Caribbean, comprising 74% of total imports. The second position in the ranking was held by Brazil ($X), with an 11% share of total imports. It was followed by Chile, with a 3.7% share.

In Mexico, glass fibres and wool imports increased at an average annual rate of +7.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+4.4% per year) and Chile (+5.4% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, which is down by -2.1% against the previous year. Overall, the import price recorded a mild curtailment. The pace of growth was the most pronounced in 2021 an increase of 2.5% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, 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 Brazil ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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