Dominican Republic: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in the Dominican Republic

The Dominican monocarboxylic acid market surged to $X in 2022, jumping by 97% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed a prominent increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Monocarboxylic Acid Exports

Exports from the Dominican Republic

In 2022, shipments abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -75.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 996% against the previous year. As a result, the exports attained the peak of X tons, and then fell notably in the following year.

In value terms, monocarboxylic acid exports declined notably to $X in 2022. Over the period under review, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 1,757% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then declined markedly in the following year.

Exports by Country

Haiti (X tons) and Ecuador (X tons) were the main destinations of monocarboxylic acid exports from the Dominican Republic.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Haiti (with a CAGR of +1.5%).

In value terms, Ecuador ($X) and Haiti ($X) appeared to be the largest markets for monocarboxylic acid exported from the Dominican Republic worldwide.

Haiti, with a CAGR of +15.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, jumping by 152% against the previous year. Overall, the export price enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 253% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Haiti amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Haiti (+13.4%).

Monocarboxylic Acid Imports

Imports into the Dominican Republic

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid imported into the Dominican Republic skyrocketed to X tons, increasing by 42% on the previous year's figure. In general, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 69%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, monocarboxylic acid imports soared to $X in 2022. Over the period under review, imports showed a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest monocarboxylic acid supplier to the Dominican Republic, with a 52% share of total imports. Moreover, monocarboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. South Korea (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+52.7% per year) and South Korea (+100.0% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to the Dominican Republic, comprising 68% of total imports. The second position in the ranking was held by Brazil ($X), with a 17% share of total imports. It was followed by South Korea, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+77.1% per year) and South Korea (+297.8% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, growing by 41% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 70%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+98.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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