Dominican Republic: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in the Dominican Republic

The Dominican aqueous paint and varnish market soared to $X in 2021, jumping by 587% 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). Over the period under review, consumption showed strong growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from the Dominican Republic

Aqueous paint and varnish exports from the Dominican Republic reduced rapidly to X tons in 2021, waning by -43.6% compared with 2020 figures. Overall, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 353%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, aqueous paint and varnish exports fell rapidly to $X in 2021. Over the period under review, exports, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2015 when exports increased by 164%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Haiti (X tons) was the main destination for aqueous paint and varnish exports from the Dominican Republic, with a 77% share of total exports. Moreover, aqueous paint and varnish exports to Haiti exceeded the volume sent to the second major destination, the United States (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Haiti stood at +17.0%.

In value terms, Haiti ($X) emerged as the key foreign market for paints and varnishes dispersed or dissolved in an aqueous medium exports from the Dominican Republic, comprising 69% of total exports. The second position in the ranking was taken by the United States ($X), with a 22% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Haiti totaled +4.1%.

Export Prices by Country

The average aqueous paint and varnish export price stood at $X per ton in 2021, remaining stable against the previous year. In general, the export price, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2019 when the average export price increased by 28%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Haiti amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-6.4%), while the prices for the other major destinations experienced a decline.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports into the Dominican Republic

Aqueous paint and varnish imports into the Dominican Republic surged to X tons in 2021, jumping by 228% compared with the previous year. Over the period under review, imports posted a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, aqueous paint and varnish imports soared to $X in 2021. Overall, imports saw a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Spain (X tons) constituted the largest aqueous paint and varnish supplier to the Dominican Republic, accounting for a 49% share of total imports. Moreover, aqueous paint and varnish imports from Spain exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. China (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Spain totaled +30.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.8% per year) and China (+32.8% per year).

In value terms, the largest aqueous paint and varnish suppliers to the Dominican Republic were Spain ($X), the United States ($X) and China ($X), together accounting for 77% of total imports. South Korea, Honduras, Brazil and Mexico lagged somewhat behind, together accounting for a further 17%.

South Korea, with a CAGR of +33.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average aqueous paint and varnish import price stood at $X per ton in 2021, growing by 2.8% against the previous year. Overall, the import price, however, continues to indicate a deep reduction. The pace of growth appeared the most rapid in 2016 when the average import price increased by 12%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Korea ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+11.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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