Philippines: Aromatic Alcohols Market 2024

Aromatic Alcohols Market Size in the Philippines

The Philippine aromatic alcohols market soared to $X in 2021, increasing by 28% against the previous year. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in years to come.

Aromatic Alcohols Production in the Philippines

In value terms, aromatic alcohols production dropped modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 26% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then reduced in the following year.

Aromatic Alcohols Exports

Exports from the Philippines

In 2020, aromatic alcohols exports from the Philippines skyrocketed to X tons, jumping by 1,520,640% on the previous year's figure. Over the period under review, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 2,367,390%. The exports peaked in 2020 and are likely to continue growth in the immediate term.

In value terms, aromatic alcohols exports soared to $X in 2020. Overall, exports posted significant growth. The growth pace was the most rapid in 2017 when exports increased by 2,685,378%. Over the period under review, the exports hit record highs in 2020 and are likely to continue growth in years to come.

Exports by Country

Japan (X tons) was the main destination for aromatic alcohols exports from the Philippines, accounting for a 93% share of total exports. Moreover, aromatic alcohols exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold.

From 2012 to 2020, the average annual rate of growth in terms of volume to Japan stood at +82.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+765.3% per year) and China (0.0% per year).

In value terms, Japan ($X) remains the key foreign market for aromatic alcohols and their derivatives exports from the Philippines, comprising 91% of total exports. The second position in the ranking was held by the United States ($X), with a 4.2% share of total exports.

From 2012 to 2020, the average annual growth rate of value to Japan totaled +38.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+645.7% per year) and China (0.0% per year).

Export Prices by Country

In 2020, the average aromatic alcohols export price amounted to $X per ton, falling by -98.8% against the previous year. Over the period under review, the export price, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 an increase of 13%. The export price peaked at $X per ton in 2019, and then declined notably in the following year.

Average prices varied noticeably for the major overseas markets. In 2020, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-13.8%).

Aromatic Alcohols Imports

Imports into the Philippines

In 2021, purchases abroad of aromatic alcohols and their derivatives increased by 41% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 397% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, aromatic alcohols imports expanded to $X in 2021. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 197%. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

Germany (X tons), the United States (X tons) and Indonesia (X tons) were the main suppliers of aromatic alcohols imports to the Philippines, together comprising 63% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +102.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Germany ($X) appeared to be the largest aromatic alcohols suppliers to the Philippines, with a combined 94% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +164.4%, 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

In 2021, the average aromatic alcohols import price amounted to $X per ton, which is down by -26.8% against the previous year. Overall, the import price, however, continues to indicate a significant increase. The pace of growth was the most pronounced in 2017 when the average import price increased by 1,060% against the previous year. The import price peaked at $X per ton in 2020, and then shrank notably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+42.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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