Venezuela: Alkyd Resins Market 2024

Alkyd Resins Market Size in Venezuela

In 2022, after three years of growth, there was significant decline in the Venezuelan alkyd resins market, when its value decreased by -27.1% to $X. In general, consumption, however, continues to indicate a relatively flat trend pattern. Alkyd resins consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Alkyd Resins Exports

Exports from Venezuela

In 2022, exports of alkyd resins in primary forms from Venezuela amounted to X tons, approximately equating the previous year's figure. Overall, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 52% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, alkyd resins exports rose notably to $X in 2022. Over the period under review, exports, however, continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 30% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Trinidad and Tobago (X tons) was the main destination for alkyd resins exports from Venezuela, accounting for a 79% share of total exports. Moreover, alkyd resins exports to Trinidad and Tobago exceeded the volume sent to the second major destination, Colombia (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Trinidad and Tobago stood at +25.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-31.5% per year) and Paraguay (-23.3% per year).

In value terms, Trinidad and Tobago ($X) remains the key foreign market for alkyd resins in primary forms exports from Venezuela, comprising 86% of total exports. The second position in the ranking was taken by Colombia ($X), with a 9.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Trinidad and Tobago totaled -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-45.3% per year) and Paraguay (-48.6% per year).

Export Prices by Country

The average alkyd resins export price stood at $X per ton in 2022, growing by 11% against the previous year. In general, the export price, however, saw a dramatic shrinkage. The growth pace was the most rapid in 2018 an increase of 16%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while the average price for exports to Paraguay ($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 (-20.2%), while the prices for the other major destinations experienced a decline.

Alkyd Resins Imports

Imports into Venezuela

In 2022, supplies from abroad of alkyd resins in primary forms decreased by -27.1% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, saw modest growth. The most prominent rate of growth was recorded in 2017 when imports increased by 705% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, alkyd resins imports contracted dramatically to $X in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 634% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Colombia (X tons) constituted the largest alkyd resins supplier to Venezuela, accounting for a 58% share of total imports. Moreover, alkyd resins imports from Colombia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Colombia amounted to +33.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+2.0% per year) and the United States (+6.3% per year).

In value terms, Argentina ($X), Colombia ($X) and Italy ($X) were the largest alkyd resins suppliers to Venezuela, with a combined 74% share of total imports.

Among the main suppliers, Italy, with a CAGR of +34.1%, saw the highest growth rate of 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 alkyd resins import price stood at $X per ton in 2022, standing approx. at the previous year. Overall, the import price, however, saw a mild descent. The pace of growth was the most pronounced in 2019 when the average import price increased by 45%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+31.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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