Panama: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in Panama

The Panamanian asphalt or bitumen article market amounted to $X in 2022, increasing by 3.4% against the previous year. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.6% against 2020 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Asphalt or Bitumen Articles in Panama

In value terms, asphalt or bitumen article production stood at $X in 2022 estimated in export price. Overall, production enjoyed a pronounced increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 151% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Exports of Asphalt or Bitumen Articles

Exports from Panama

In 2022, exports of asphalt or bitumen articles from Panama skyrocketed to X tons, picking up by 74% on the previous year. Overall, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2017 when exports increased by 325%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, asphalt or bitumen article exports surged to $X in 2022. Over the period under review, exports recorded resilient growth. The most prominent rate of growth was recorded in 2014 when exports increased by 403% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Guatemala (X tons), Nicaragua (X tons) and Jamaica (X tons) were the main destinations of asphalt or bitumen article exports from Panama, together accounting for 70% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +109.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nicaragua ($X) remains the key foreign market for asphalt or bitumen articles exports from Panama, comprising 75% of total exports. The second position in the ranking was held by Costa Rica ($X), with an 8.2% share of total exports. It was followed by Guatemala, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Nicaragua totaled +49.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+25.2% per year) and Guatemala (+39.3% per year).

Export Prices by Country

The average asphalt or bitumen article export price stood at $X per ton in 2022, with a decrease of -6.3% against the previous year. Over the period under review, the export price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by 83% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Jamaica ($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 Aruba (+13.8%), while the prices for the other major destinations experienced a decline.

Imports of Asphalt or Bitumen Articles

Imports into Panama

In 2022, supplies from abroad of asphalt or bitumen articles increased by 23% to X tons, rising for the second consecutive year after two years of decline. In general, imports recorded a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 15,367% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, asphalt or bitumen article imports rose remarkably to $X in 2022. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 14,969% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), Ecuador (X tons) and Mexico (X tons) were the main suppliers of asphalt or bitumen article imports to Panama, together comprising 70% of total imports. Canada, Venezuela, China, Colombia and the United States lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Colombia (with a CAGR of +77.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Italy ($X) and Colombia ($X) were the largest asphalt or bitumen article suppliers to Panama, together accounting for 69% of total imports.

In terms of the main suppliers, Colombia, with a CAGR of +88.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average asphalt or bitumen article import price stood at $X per ton in 2022, waning by -8.6% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 30% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform