Latin America and the Caribbean: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in Latin America and the Caribbean

In 2022, the Latin American metal solid fuel appliances market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Iron Or Steel Solid Fuel Domestic Appliances in Latin America and the Caribbean

In value terms, metal solid fuel appliances production declined slightly to $X in 2022 estimated in export price. In general, production, however, recorded a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 64%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports in Latin America and the Caribbean

In 2022, shipments abroad of iron or steel solid fuel domestic appliances increased by 8% to X units, rising for the seventh year in a row after three years of decline. Over the period under review, exports showed a slight expansion. The pace of growth appeared the most rapid in 2017 with an increase of 25%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, metal solid fuel appliances exports expanded modestly to $X in 2022. In general, exports showed prominent growth. The pace of growth was the most pronounced in 2016 when exports increased by 42% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Chile (X units) and Mexico (X units) represented the largest exporters of iron or steel solid fuel domestic appliances in 2022, resulting at near 45% and 32% of total exports, respectively. Brazil (X units) ranks next in terms of the total exports with a 12% share, followed by Argentina (7.3%). The Dominican Republic (X units) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Dominican Republic (with a CAGR of +103.1%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) remains the largest metal solid fuel appliances supplier in Latin America and the Caribbean, comprising 49% of total exports. The second position in the ranking was taken by Brazil ($X), with a 20% share of total exports. It was followed by Chile, with an 18% share.

In Mexico, metal solid fuel appliances exports increased at an average annual rate of +7.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+32.7% per year) and Chile (-4.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, waning by -3.1% against the previous year. Export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal solid fuel appliances export price decreased by -37.6% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 46% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

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 Brazil ($X per unit), while the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+23.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports in Latin America and the Caribbean

In 2022, metal solid fuel appliances imports in Latin America and the Caribbean rose notably to X units, picking up by 7.4% against the previous year's figure. Over the period under review, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 108%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, metal solid fuel appliances imports shrank to $X in 2022. In general, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 60% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Brazil (X units), Mexico (X units) and Chile (X units) was the main importer of iron or steel solid fuel domestic appliances in Latin America and the Caribbean, constituting 79% of total import. It was distantly followed by Uruguay (X units), making up a 6.9% share of total imports. The following importers - Ecuador (X units), Bolivia (X units) and Peru (X units) - together made up 9% of total imports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +34.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Uruguay ($X) and Mexico ($X) constituted the countries with the highest levels of imports in 2022, with a combined 78% share of total imports.

Uruguay, with a CAGR of +20.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, which is down by -8.2% against the previous year. Overall, the import price saw a perceptible descent. The most prominent rate of growth was recorded in 2017 an increase of 50% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Uruguay ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+4.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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