Panama: Insulating Board Market 2024

Insulating Board Market Size in Panama

The Panamanian insulating board market rose slightly to $X in 2022, surging by 4.4% against the previous year. The market value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Insulating Board Production in Panama

In value terms, insulating board production rose to $X in 2022 estimated in export price. In general, the total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.6% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 41%. Insulating board production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Insulating Board Exports

Exports from Panama

Insulating board exports from Panama shrank sharply to X cubic meters in 2022, reducing by -68% on 2021. Overall, exports faced a dramatic decrease. The most prominent rate of growth was recorded in 2020 with an increase of 1,600%. Over the period under review, the exports hit record highs at X cubic meters in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, insulating board exports contracted markedly to $X in 2022. In general, exports faced a sharp descent. The growth pace was the most rapid in 2020 when exports increased by 2,864%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Norway (X cubic meters) was the main destination for insulating board exports from Panama, accounting for a 38% share of total exports. Moreover, insulating board exports to Norway exceeded the volume sent to the second major destination, Guatemala (X cubic meters), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Norway amounted to -33.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (0.0% per year) and Costa Rica (0.0% per year).

In value terms, Norway ($X) remains the key foreign market for insulating board exports from Panama, comprising 70% of total exports. The second position in the ranking was held by Guatemala ($X), with a 6.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Norway stood at -26.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-1.2% per year) and Costa Rica (-14.4% per year).

Export Prices by Country

In 2022, the average insulating board export price amounted to $X per cubic meter, increasing by 9.8% against the previous year. In general, the export price showed a modest increase. The pace of growth was the most pronounced in 2020 when the average export price increased by 74% against the previous year. Over the period under review, the average export prices hit record highs at $X per cubic meter 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 Norway ($X per cubic meter), while the average price for exports to Costa Rica ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+9.4%), while the prices for the other major destinations experienced a decline.

Insulating Board Imports

Imports into Panama

In 2022, after two years of decline, there was significant growth in purchases abroad of insulating board, when their volume increased by 334% to X cubic meters. Overall, imports recorded a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, insulating board imports soared to $X in 2022. In general, imports posted a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X cubic meters), Ecuador (X cubic meters) and the United States (X cubic meters) were the main suppliers of insulating board imports to Panama, with a combined 83% share of total imports.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ecuador (with a CAGR of +133.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest insulating board suppliers to Panama were Ecuador ($X), China ($X) and the United States ($X), together accounting for 69% of total imports.

Among the main suppliers, Ecuador, with a CAGR of +430.4%, recorded 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 insulating board import price stood at $X per cubic meter in 2022, increasing by 129% against the previous year. Over the period under review, the import price continues to indicate a buoyant increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Switzerland ($X per cubic meter), while the price for China ($X per cubic meter) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+126.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform