Panama: Isocyanates Market 2024

Isocyanates Market Size in Panama

In 2022, the Panamanian isocyanates market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a mild contraction. Isocyanates consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Isocyanates Production in Panama

In value terms, isocyanates production reduced modestly to $X in 2022 estimated in export price. Overall, production showed a noticeable descent. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Isocyanates Exports

Exports from Panama

Isocyanates exports from Panama shrank markedly to X tons in 2022, which is down by X% on the previous year. In general, exports recorded a sharp setback. The pace of growth appeared the most rapid in 2013 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, isocyanates exports declined sharply to $X in 2022. Overall, exports recorded a sharp decline. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Nicaragua (X tons) was the main destination for isocyanates exports from Panama, with a approx. X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nicaragua amounted to X%.

In value terms, Nicaragua ($X) emerged as the key foreign market for isocyanates exports from Panama.

From 2012 to 2022, the average annual rate of growth in terms of value to Nicaragua amounted to X%.

Export Prices by Country

In 2022, the average isocyanates export price amounted to $X per ton, surging by X% against the previous year. In general, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isocyanates export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of X%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Nicaragua.

From 2012 to 2022, the rate of growth in terms of prices for Chile amounted to X% per year.

Isocyanates Imports

Imports into Panama

In 2022, isocyanates imports into Panama dropped to X tons, with a decrease of X% against the previous year's figure. In general, imports recorded a mild descent. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, isocyanates imports expanded modestly to $X in 2022. Over the period under review, imports, however, saw a measured increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of isocyanates to Panama, accounting for a X% share of total imports. Moreover, isocyanates imports from the United States exceeded the figures recorded by the second-largest supplier, Free Zones (X tons), twofold. Japan (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (X% per year) and Japan (X% per year).

In value terms, the United States ($X), Free Zones ($X) and Japan ($X) constituted the largest isocyanates suppliers to Panama, together accounting for X% of total imports.

The United States, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average isocyanates import price amounted to $X per ton, surging by X% against the previous year. Overall, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isocyanates import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Free Zones ($X per ton) and Japan ($X per ton), while the price for Germany ($X per ton) and the United States ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform