Dominican Republic: Phenolic Resins Market 2024

Phenolic Resins Market Size in the Dominican Republic

The Dominican phenolic resins market skyrocketed to $X in 2021, picking up by 34% 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). Overall, consumption, however, saw a abrupt decrease. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Phenolic Resins Exports

Exports from the Dominican Republic

In 2021, shipments abroad of phenolic resins in primary forms increased by 5.8% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 46% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, phenolic resins exports shrank to $X in 2021. Over the period under review, total exports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -32.8% against 2014 indices. The most prominent rate of growth was recorded in 2013 with an increase of 45% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for phenolic resins exports from the Dominican Republic, accounting for a 99.9% share of total exports. It was followed by Haiti (X kg), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States was relatively modest.

In value terms, the United States ($X) remains the key foreign market for phenolic resins in primary forms exports from the Dominican Republic, comprising 100% of total exports. The second position in the ranking was held by Haiti ($X), with a 0.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +3.4%.

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2021, with a decrease of -10.7% against the previous year. In general, the export price, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2016 an increase of 94% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Haiti ($X per ton), while the average price for exports to the United States amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Haiti (+35.5%), while the prices for the other major destinations experienced mixed trend patterns.

Phenolic Resins Imports

Imports into the Dominican Republic

In 2021, approx. X tons of phenolic resins in primary forms were imported into the Dominican Republic; with an increase of 8.3% compared with 2020. Overall, imports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of 55% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, phenolic resins imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 62% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Colombia (X tons) constituted the largest supplier of phenolic resins to the Dominican Republic, accounting for a 63% share of total imports. Moreover, phenolic resins imports from Colombia exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Panama (X tons) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume from Colombia amounted to +31.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-18.0% per year) and Panama (-1.4% per year).

In value terms, Colombia ($X), Mexico ($X) and the United States ($X) were the largest phenolic resins suppliers to the Dominican Republic, with a combined 94% share of total imports.

Colombia, with a CAGR of +26.8%, recorded 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 phenolic resins import price stood at $X per ton in 2021, growing by 30% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 35%. The import price peaked in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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