If you want the content of DUMPSPATH in CATALINA_OPTS (see Variable Substitution) you have to use doublequotes not single quote:
export CATALINA_OPTS="-Djava.awt.headless=true -Dfile.encoding=UTF-8 -XX:ErrorFile=$DUMPSPATH/hs_err_pid%p.log -XX:+HeapDumpOnOutOfMemoryError -XX:HeapDumpPath=$DUMPSPATH"