Philippines: Market for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) 2024

Market Size for Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate) in the Philippines

In 2021, after two years of decline, there was significant growth in the Philippine market for acrylic polymers, in primary forms (excluding polymethyl methacrylate), when its value increased by 33% to $X. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Exports from the Philippines

In 2021, approx. X tons of acrylic polymers, in primary forms (excluding polymethyl methacrylate) were exported from the Philippines; with an increase of 63% against the year before. Over the period under review, exports, however, showed a abrupt decline. The growth pace was the most rapid in 2019 when exports increased by 97% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) rose rapidly to $X in 2021. Overall, exports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 106% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) from the Philippines, with a 60% share of total exports. Moreover, exports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to China exceeded the volume sent to the second major destination, Australia (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+6.4% per year) and Thailand (-20.3% per year).

In value terms, China ($X) emerged as the key foreign market for acrylic polymers, in primary forms (excluding polymethyl methacrylate) exports from the Philippines, comprising 57% of total exports. The second position in the ranking was held by Australia ($X), with a 19% share of total exports. It was followed by Thailand, with a 17% share.

From 2012 to 2021, the average annual growth rate of value to China totaled -2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+7.5% per year) and Thailand (-17.9% per year).

Export Prices by Country

In 2021, the average export price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) amounted to $X per ton, waning by -33.6% against the previous year. In general, the export price saw a pronounced curtailment. The most prominent rate of growth was recorded in 2020 an increase of 27% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Australia ($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 Malaysia (+24.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Acrylic Polymers, In Primary Forms (Excluding Polymethyl Methacrylate)

Imports into the Philippines

In 2021, approx. X tons of acrylic polymers, in primary forms (excluding polymethyl methacrylate) were imported into the Philippines; with an increase of 21% against 2020. In general, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +13.4% against 2017 indices. The most prominent rate of growth was recorded in 2016 with an increase of 59% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) soared to $X in 2021. Over the period under review, total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Japan (X tons) and Malaysia (X tons) were the main suppliers of imports of acrylic polymers, in primary forms (excluding polymethyl methacrylate) to the Philippines, with a combined 66% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +44.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Malaysia ($X) appeared to be the largest acrylic polymers, in primary forms (excluding polymethyl methacrylate) suppliers to the Philippines, with a combined 60% share of total imports.

Among the main suppliers, Japan, with a CAGR of +29.4%, recorded 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

In 2021, the average import price for acrylic polymers, in primary forms (excluding polymethyl methacrylate) amounted to $X per ton, increasing by 10% against the previous year. In general, the import price, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2018 when the average import price increased by 30%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Taiwan (Chinese) ($X per ton) and South Korea ($X per ton), while the price for China ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform