Philippines: Acetic Acid Market 2024

Acetic Acid Market Size in the Philippines

The Philippine acetic acid market was finally on the rise to reach $X in 2021, after two years of decline. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Acetic acid consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Acetic Acid Exports

Exports from the Philippines

In 2021, overseas shipments of acetic acid increased by 29% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 542%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, acetic acid exports skyrocketed to $X in 2021. In general, exports, however, saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 when exports increased by 265%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for acetic acid exports from the Philippines, with a 90% share of total exports. Moreover, acetic acid exports to the United Arab Emirates exceeded the volume sent to the second major destination, Canada (X kg), tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled -17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Singapore (+13.0% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for acetic acid exports from the Philippines, comprising 77% of total exports. The second position in the ranking was taken by Canada ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates amounted to -11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Singapore (+37.2% per year).

Export Prices by Country

In 2021, the average acetic acid export price amounted to $X per ton, with an increase of 19% against the previous year. Overall, the export price posted a remarkable increase. The pace of growth appeared the most rapid in 2020 an increase of 77% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the United Arab Emirates ($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 Singapore (+21.5%).

Acetic Acid Imports

Imports into the Philippines

In 2021, purchases abroad of acetic acid was finally on the rise to reach X tons after three years of decline. Over the period under review, total imports indicated a slight expansion from 2012 to 2021: its volume increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -14.9% against 2017 indices. The most prominent rate of growth was recorded in 2015 with an increase of 34% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, acetic acid imports surged to $X in 2021. Overall, imports recorded a resilient expansion. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest acetic acid supplier to the Philippines, accounting for a 71% share of total imports. Moreover, acetic acid imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.1% per year) and Taiwan (Chinese) (+0.6% per year).

In value terms, South Korea ($X) constituted the largest supplier of acetic acid to the Philippines, comprising 65% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from South Korea stood at +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+8.0% per year) and China (+7.5% per year).

Import Prices by Country

The average acetic acid import price stood at $X per ton in 2021, picking up by 47% against the previous year. Over the period under review, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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