Panama: Mineral Wool Market 2024

Mineral Wool Market Size in Panama

The Panamanian mineral wool market expanded remarkably to $X in 2023, increasing by X% against the previous year. In general, the total consumption indicated a strong expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Mineral Wool Production in Panama

In value terms, mineral wool production expanded remarkably to $X in 2023 estimated in export price. Over the period under review, production posted prominent growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Mineral Wool Exports

Exports from Panama

In 2023, approx. X tons of slag wool, rock wool and similar mineral wools and mixtures were exported from Panama; with an increase of X% on 2022 figures. Overall, exports, however, recorded a abrupt curtailment. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, mineral wool exports skyrocketed to $X in 2023. In general, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Norway (X tons) was the main destination for mineral wool exports from Panama, accounting for a X% share of total exports. Moreover, mineral wool exports to Norway exceeded the volume sent to the second major destination, Jamaica (X kg), more than tenfold.

From 2012 to 2023, the average annual growth rate of volume to Norway amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (X% per year) and Venezuela (X% per year).

In value terms, Norway ($X) remains the key foreign market for slag wool, rock wool and similar mineral wools and mixtures exports from Panama, comprising X% of total exports. The second position in the ranking was taken by Jamaica ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value to Norway stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (X% per year) and Venezuela (X% per year).

Export Prices by Country

In 2023, the average mineral wool export price amounted to $X per ton, falling by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Norway (X%), while the prices for the other major destinations experienced a decline.

Mineral Wool Imports

Imports into Panama

For the third consecutive year, Panama recorded growth in purchases abroad of slag wool, rock wool and similar mineral wools and mixtures, which increased by X% to X tons in 2023. Over the period under review, imports, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2023, imports failed to regain momentum.

In value terms, mineral wool imports surged to $X in 2023. In general, imports, however, continue to indicate a noticeable setback. The pace of growth was the most pronounced in 2022 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, the United States (X tons) constituted the largest supplier of mineral wool to Panama, accounting for a X% share of total imports. Moreover, mineral wool imports from the United States exceeded the figures recorded by the second-largest supplier, Colombia (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (X% per year) and South Korea (X% per year).

In value terms, the United States ($X), South Korea ($X) and Colombia ($X) constituted the largest mineral wool suppliers to Panama, with a combined X% share of total imports.

Among the main suppliers, South Korea, with a CAGR of X%, 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 mineral wool import price stood at $X per ton in 2023, picking up by X% against the previous year. Overall, import price indicated a temperate increase from 2013 to 2023: 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 2023 figures, mineral wool import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by X%. The import price peaked in 2023 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform