Panama: Polystyrene Market 2024

Polystyrene Market Size in Panama

The Panamanian polystyrene market was estimated at $X in 2022, picking up by 7.2% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 -3.1% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Polystyrene Production in Panama

In value terms, polystyrene production rose remarkably to $X in 2022 estimated in export price. Over the period under review, the total production indicated a tangible increase 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, production decreased by -8.2% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 49%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Polystyrene Exports

Exports from Panama

In 2022, exports of polystyrene from Panama fell markedly to X tons, shrinking by -43.2% against the year before. In general, exports continue to indicate a sharp decrease. The pace of growth was the most pronounced in 2019 when exports increased by 456%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, polystyrene exports contracted notably to $X in 2022. Overall, exports faced a abrupt decline. The growth pace was the most rapid in 2021 when exports increased by 245%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Paraguay (X tons) was the main destination for polystyrene exports from Panama, accounting for a 41% share of total exports. Moreover, polystyrene exports to Paraguay exceeded the volume sent to the second major destination, Ecuador (X tons), twofold. Costa Rica (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Paraguay totaled -8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+9.9% per year) and Costa Rica (-18.8% per year).

In value terms, Paraguay ($X) remains the key foreign market for polystyrene exports from Panama, comprising 39% of total exports. The second position in the ranking was taken by Nicaragua ($X), with a 17% share of total exports. It was followed by Costa Rica, with a 16% share.

From 2012 to 2022, the average annual growth rate of value to Paraguay stood at -7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (-5.4% per year) and Costa Rica (-11.6% per year).

Export Prices by Country

In 2022, the average polystyrene export price amounted to $X per ton, rising by 14% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polystyrene export price increased by +120.9% against 2019 indices. The pace of growth was the most pronounced in 2020 an increase of 66%. The export price peaked at $X per ton in 2014; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Ecuador ($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 Costa Rica (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Polystyrene Imports

Imports into Panama

Polystyrene imports into Panama dropped to X tons in 2022, declining by -7.4% on 2021 figures. Overall, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 96% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, polystyrene imports expanded notably to $X in 2022. In general, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 169%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Taiwan (Chinese) (X tons), China (X tons) and Brazil (X tons) were the main suppliers of polystyrene imports to Panama, with a combined 87% share of total imports. The Netherlands, Turkey, Mexico and Canada lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +282.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), China ($X) and Brazil ($X) were the largest polystyrene suppliers to Panama, together comprising 84% of total imports. The Netherlands, Turkey, Mexico and Canada lagged somewhat behind, together comprising a further 14%.

The Netherlands, with a CAGR of +210.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average polystyrene import price amounted to $X per ton, rising by 21% against the previous year. Overall, the import price, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2013 an increase of 43%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Netherlands ($X per ton) and Mexico ($X per ton), while the price for Canada ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+33.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform