Philippines: Abrasives Market 2024

Abrasives Market Size in the Philippines

In 2021, after two years of decline, there was significant growth in the Philippine abrasives market, when its value increased by 7.1% to $X. Overall, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -5.9% against 2018 indices. Abrasives consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Abrasives Production in the Philippines

In value terms, abrasives production stood at $X in 2021 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.3% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 41%. Abrasives production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Abrasives Exports

Exports from the Philippines

In 2021, the amount of abrasives (natural) exported from the Philippines reduced notably to X tons, waning by -45.5% compared with 2020 figures. Overall, exports recorded a dramatic decrease. The most prominent rate of growth was recorded in 2014 with an increase of 112% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, abrasives exports contracted sharply to $X in 2021. Over the period under review, exports recorded a precipitous slump. The pace of growth was the most pronounced in 2019 when exports increased by 122% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X tons), Taiwan (Chinese) (X tons) and South Korea (X tons) were the main destinations of abrasives exports from the Philippines, with a combined 96% share of total exports. These countries were followed by the United Arab Emirates and Hong Kong SAR, which together accounted for a further 2.2%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of -13.5%), while the other leaders experienced a decline.

In value terms, the largest markets for abrasives exported from the Philippines were Singapore ($X), Taiwan (Chinese) ($X) and South Korea ($X), with a combined 85% share of total exports. The United Arab Emirates and Hong Kong SAR lagged somewhat behind, together accounting for a further 7.2%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +6.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average abrasives export price stood at $X per ton in 2021, surging by 20% against the previous year. Over the period under review, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of 203% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+22.9%), while the prices for the other major destinations experienced more modest paces of growth.

Abrasives Imports

Imports into the Philippines

In 2021, the amount of abrasives (natural) imported into the Philippines totaled X tons, growing by 4.8% against the year before. In general, imports showed noticeable growth. The growth pace was the most rapid in 2013 with an increase of 257%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, abrasives imports fell rapidly to $X in 2021. Over the period under review, imports, however, saw a perceptible contraction. The pace of growth was the most pronounced in 2013 when imports increased by 198%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of abrasives to the Philippines, with a 62% share of total imports. Moreover, abrasives imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold. Turkey (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+6.6% per year) and Turkey (-0.7% per year).

In value terms, China ($X) constituted the largest supplier of abrasives (natural) to the Philippines, comprising 48% of total imports. The second position in the ranking was taken by Australia ($X), with a 20% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+3.5% per year) and Japan (-1.9% per year).

Import Prices by Country

The average abrasives import price stood at $X per ton in 2021, falling by -21.3% against the previous year. Overall, the import price continues to indicate a perceptible setback. The growth pace was the most rapid in 2014 when the average import price increased by 36%. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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