Panama: Phenylacetic Acid Market 2024

Phenylacetic Acid Market Size in Panama

The Panamanian phenylacetic acid market expanded modestly to $X in 2022, surging by X% against the previous year. Overall, the total consumption indicated notable growth from 2012 to 2022: its value 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, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Phenylacetic Acid Production in Panama

In value terms, phenylacetic acid production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated slight growth from 2012 to 2022: its value 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Phenylacetic Acid Exports

Exports from Panama

In 2022, after three years of decline, there was significant growth in overseas shipments of phenylacetic acid, its salts and esters, when their volume increased by X% to X kg. In general, exports, however, continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2015 when exports increased by X%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, phenylacetic acid exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a abrupt contraction. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Costa Rica (X kg), the United States (X kg) and Venezuela (X kg) were the main destinations of phenylacetic acid exports from Panama, together comprising X% of total exports. Ecuador, Guatemala and Colombia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ecuador (with a CAGR of X%), while the other leaders experienced a decline.

In value terms, Costa Rica ($X), Guatemala ($X) and the United States ($X) constituted the largest markets for phenylacetic acid exported from Panama worldwide, together comprising X% of total exports.

In terms of the main countries of destination, Costa Rica, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average phenylacetic acid export price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the export price, however, posted a prominent increase. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then contracted slightly in the following year.

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

Phenylacetic Acid Imports

Imports into Panama

In 2022, supplies from abroad of phenylacetic acid, its salts and esters was finally on the rise to reach X tons after two years of decline. In general, imports recorded a moderate increase. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, phenylacetic acid imports skyrocketed to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Free Zones (X tons) constituted the largest phenylacetic acid supplier to Panama, with a X% share of total imports. Moreover, phenylacetic acid imports from Free Zones exceeded the figures recorded by the second-largest supplier, China (X kg), fourfold.

From 2013 to 2022, the average annual rate of growth in terms of volume from Free Zones was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and India (X% per year).

In value terms, Free Zones ($X), India ($X) and China ($X) were the largest phenylacetic acid suppliers to Panama.

Among the main suppliers, India, with a CAGR of X%, 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 mixed trend patterns.

Import Prices by Country

In 2022, the average phenylacetic acid import price amounted to $X per ton, waning by X% against the previous year. Overall, the import price recorded a noticeable downturn. The growth pace was the most rapid in 2017 an increase of X%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform