Dominican Republic: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in the Dominican Republic

The Dominican refined or synthetic glycerol market surged to $X in 2022, increasing by 46% 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, however, posted a significant expansion. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Exports of Refined or Synthetic Glycerol

Exports from the Dominican Republic

In 2022, the amount of refined or synthetic glycerol exported from the Dominican Republic surged to X tons, with an increase of 149% against 2021. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2019 with an increase of 2,801% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, refined or synthetic glycerol exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a significant increase. The growth pace was the most rapid in 2019 with an increase of 3,079% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Haiti (X tons) was the main destination for refined or synthetic glycerol exports from the Dominican Republic, accounting for a 83% share of total exports. Moreover, refined or synthetic glycerol exports to Haiti exceeded the volume sent to the second major destination, Cuba (X tons), fivefold.

From 2016 to 2022, the average annual rate of growth in terms of volume to Haiti stood at +57.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+50.7% per year) and the United States (-84.1% per year).

In value terms, Haiti ($X) remains the key foreign market for refined or synthetic glycerol exports from the Dominican Republic, comprising 78% of total exports. The second position in the ranking was held by Cuba ($X), with a 19% share of total exports.

From 2016 to 2022, the average annual rate of growth in terms of value to Haiti amounted to +111.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+42.8% per year) and the United States (-51.2% per year).

Export Prices by Country

In 2022, the average refined or synthetic glycerol export price amounted to $X per ton, picking up by 67% against the previous year. Overall, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by 70%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

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

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+207.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Refined or Synthetic Glycerol

Imports into the Dominican Republic

In 2022, supplies from abroad of refined or synthetic glycerol decreased by -7.5% to X tons for the first time since 2015, thus ending a six-year rising trend. In general, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 46%. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, refined or synthetic glycerol imports surged to $X in 2022. Over the period under review, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 114% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Brazil (X tons) constituted the largest refined or synthetic glycerol supplier to the Dominican Republic, accounting for a 66% share of total imports. Moreover, refined or synthetic glycerol imports from Brazil exceeded the figures recorded by the second-largest supplier, Colombia (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil totaled +62.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+30.2% per year) and the United States (+26.1% per year).

In value terms, Brazil ($X) constituted the largest supplier of refined or synthetic glycerol to the Dominican Republic, comprising 64% of total imports. The second position in the ranking was taken by Colombia ($X), with a 13% share of total imports. It was followed by Germany, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil totaled +71.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+37.4% per year) and Germany (+32.0% per year).

Import Prices by Country

In 2022, the average refined or synthetic glycerol import price amounted to $X per ton, growing by 118% against the previous year. Overall, the import price showed a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Malaysia ($X per ton), while the price for the United States ($X per ton) and Colombia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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