Panama: Amino Resin Market 2024

Amino Resin Market Size in Panama

The Panamanian amino resin market reached $X in 2022, with an increase of 7.4% against the previous year. In general, consumption continues to indicate a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Amino Resin Production in Panama

In value terms, amino resin production stood at $X in 2022 estimated in export price. Over the period under review, production showed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 55%. Amino resin production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Amino Resin Exports

Exports from Panama

In 2022, shipments abroad of amino resins decreased by -20.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a abrupt contraction. The pace of growth was the most pronounced in 2020 with an increase of 17%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, amino resin exports fell to $X in 2022. In general, exports faced a abrupt slump. The pace of growth was the most pronounced in 2020 when exports increased by 33%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X tons) was the main destination for amino resin exports from Panama, accounting for a 69% share of total exports. Moreover, amino resin exports to Colombia exceeded the volume sent to the second major destination, Chile (X tons), fivefold. The third position in this ranking was held by Paraguay (X tons), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia stood at -3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (-12.6% per year) and Paraguay (+15.0% per year).

In value terms, Colombia ($X) remains the key foreign market for amino resins exports from Panama, comprising 72% of total exports. The second position in the ranking was taken by Paraguay ($X), with an 8.1% share of total exports. It was followed by Chile, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Colombia stood at +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (+20.5% per year) and Chile (-8.9% per year).

Export Prices by Country

In 2022, the average amino resin export price amounted to $X per ton, growing by 20% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Paraguay ($X per ton), while the average price for exports to Chile ($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 Colombia (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Amino Resin Imports

Imports into Panama

In 2022, imports of amino resins into Panama surged to X tons, picking up by 145% compared with 2021. Overall, imports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 1,438%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, amino resin imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2015 when imports increased by 2,024%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), South Korea (X tons) and the United States (X tons) were the main suppliers of amino resin imports to Panama, together comprising 84% of total imports. Free Zones, Mexico, Belgium, Canada and China lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +93.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest amino resin suppliers to Panama were Spain ($X), the United States ($X) and South Korea ($X), with a combined 77% share of total imports. Free Zones, Mexico, Canada, Belgium and China lagged somewhat behind, together comprising a further 22%.

Free Zones, with a CAGR of +84.5%, recorded the highest growth rate of 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 amino resin import price stood at $X per ton in 2022, growing by 45% against the previous year. Overall, the import price posted a slight increase. The pace of growth appeared the most rapid in 2017 when the average import price increased by 75%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, 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 Free Zones ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+5.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform