Colombia: Amino Resin Market 2024

Amino Resin Market Size in Colombia

In 2022, the Colombian amino resin market increased by 5.1% to $X, rising for the second consecutive year after two years of decline. Overall, consumption recorded strong growth. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Amino Resin Production in Colombia

In value terms, amino resin production expanded to $X in 2022 estimated in export price. In general, production saw resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 67% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Amino Resin Exports

Exports from Colombia

In 2022, amino resin exports from Colombia stood at X tons, remaining stable against the previous year's figure. The total export volume increased at an average annual rate of +1.2% 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 2019 with an increase of 53% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, amino resin exports expanded markedly to $X in 2022. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +28.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 21%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Ecuador (X tons) was the main destination for amino resin exports from Colombia, accounting for a 82% share of total exports. Moreover, amino resin exports to Ecuador exceeded the volume sent to the second major destination, Argentina (X tons), more than tenfold. Peru (X tons) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume to Ecuador stood at +8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+490.9% per year) and Peru (-9.6% per year).

In value terms, Ecuador ($X) remains the key foreign market for amino resins exports from Colombia, comprising 84% of total exports. The second position in the ranking was held by Peru ($X), with a 3.1% share of total exports. It was followed by El Salvador, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador amounted to +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (-7.5% per year) and El Salvador (+27.0% per year).

Export Prices by Country

In 2022, the average amino resin export price amounted to $X per ton, increasing by 6% against the previous year. In general, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, amino resin export price decreased by -29.0% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 84%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Amino Resin Imports

Imports into Colombia

In 2022, amino resin imports into Colombia was estimated at X tons, with an increase of 8.6% compared with 2021 figures. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +76.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 62%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, amino resin imports skyrocketed to $X in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +47.8% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 25%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest amino resin supplier to Colombia, with a 69% share of total imports. Moreover, amino resin imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X tons), ninefold. China (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+113.5% per year) and China (+1.8% per year).

In value terms, the United States ($X) constituted the largest supplier of amino resins to Colombia, comprising 58% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.2% share of total imports. It was followed by China, with an 8% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+105.2% per year) and China (+6.1% per year).

Import Prices by Country

In 2022, the average amino resin import price amounted to $X per ton, growing by 8.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2020 an increase of 33% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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