Philippines: Market for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) 2024

Market Size for Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in the Philippines

The Philippine benzol, toluol and xylol market was finally on the rise to reach $X in 2021, after four years of decline. In general, consumption, however, saw a deep contraction. Benzol, toluol and xylol consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes) in the Philippines

In value terms, benzol, toluol and xylol production surged to $X in 2021 estimated in export price. In general, production, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of 40%. Benzol, toluol and xylol production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Exports from the Philippines

In 2021, the amount of benzol (benzene), toluol (toluene) and xylol (xylenes) exported from the Philippines skyrocketed to X tons, picking up by 17% compared with the previous year's figure. In general, exports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 with an increase of 184%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, benzol, toluol and xylol exports soared to $X in 2021. Over the period under review, exports saw a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 200% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for benzol, toluol and xylol exports from the Philippines, accounting for a 89% share of total exports. Moreover, benzol, toluol and xylol exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +51.7%.

In value terms, China ($X) emerged as the key foreign market for benzol (benzene), toluol (toluene) and xylol (xylenes) exports from the Philippines, comprising 88% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled +43.3%.

Export Prices by Country

The average benzol, toluol and xylol export price stood at $X per ton in 2021, with an increase of 77% against the previous year. In general, the export price, however, showed a abrupt decline. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Taiwan (Chinese) totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-5.5%), while the prices for the other major destinations experienced a decline.

Imports of Benzol (Benzene), Toluol (Toluene) And Xylol (Xylenes)

Imports into the Philippines

In 2021, imports of benzol (benzene), toluol (toluene) and xylol (xylenes) into the Philippines soared to X tons, picking up by 233% against 2020 figures. In general, imports showed a significant expansion. The pace of growth was the most pronounced in 2019 when imports increased by 2,120,517%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, benzol, toluol and xylol imports soared to $X in 2021. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 1,042,812%. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Saudi Arabia (X tons), South Korea (X tons) and the United Arab Emirates (X tons) were the main suppliers of benzol, toluol and xylol imports to the Philippines, together accounting for 83% of total imports.

From 2013 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +105.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest benzol, toluol and xylol suppliers to the Philippines were South Korea ($X), Saudi Arabia ($X) and the United Arab Emirates ($X), together comprising 87% of total imports.

South Korea, with a CAGR of +91.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average benzol, toluol and xylol import price stood at $X per ton in 2021, picking up by 18% against the previous year. Overall, the import price, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2018 an increase of 21%. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-7.1%).

Source: IndexBox Platform

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