Guatemala: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Guatemala

For the third consecutive year, the Guatemalan monocarboxylic acid market recorded growth in sales value, which increased by 18% to $X in 2022. In general, consumption posted a strong 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.

Monocarboxylic Acid Exports

Exports from Guatemala

In 2022, shipments abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -18.2% to X tons, falling for the third year in a row after two years of growth. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 54% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, monocarboxylic acid exports expanded modestly to $X in 2022. Over the period under review, total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -19.1% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 32%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

El Salvador (X tons), Honduras (X tons) and Costa Rica (X tons) were the main destinations of monocarboxylic acid exports from Guatemala, with a combined 66% share of total exports. Nicaragua, Panama and the Dominican Republic lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +40.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, El Salvador ($X), Honduras ($X) and the Dominican Republic ($X) constituted the largest markets for monocarboxylic acid exported from Guatemala worldwide, together accounting for 72% of total exports.

The Dominican Republic, with a CAGR of +49.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, growing by 27% against the previous year. Overall, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid export price increased by +56.2% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of 44% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Panama ($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 the Dominican Republic (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Guatemala

After two years of growth, overseas purchases of acrylic acid and its salts and other monocarboxylic acid decreased by -3.3% to X tons in 2022. In general, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 +33.5% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 86% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced in the following year.

In value terms, monocarboxylic acid imports skyrocketed to $X in 2022. Overall, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +6.9% against 2018 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 67%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of monocarboxylic acid to Guatemala, with a 71% share of total imports. Moreover, monocarboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), tenfold. The third position in this ranking was taken by Brazil (X tons), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-2.1% per year) and Brazil (+13.9% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Guatemala, comprising 69% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by Germany, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-4.0% per year) and Germany (+4.2% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, jumping by 24% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 42%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

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 India ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform