Philippines: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in the Philippines

In 2021, the Philippine carboxylic acid market was finally on the rise to reach $X after three years of decline. Overall, consumption recorded prominent growth. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Carboxylic Acid Exports

Exports from the Philippines

In 2021, the amount of carboxylic acid with alcohol, phenol, aldehyde or ketone functions exported from the Philippines skyrocketed to X tons, growing by 1,108% on the previous year's figure. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 42,240% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, carboxylic acid exports soared to $X in 2021. In general, exports recorded a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 48,258% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

Exports by Country

Nigeria (X tons) was the main destination for carboxylic acid exports from the Philippines, accounting for a 83% share of total exports. Moreover, carboxylic acid exports to Nigeria exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), more than tenfold. The Netherlands (X tons) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nigeria totaled +2,137.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+88.6% per year) and the Netherlands (+39.6% per year).

In value terms, Nigeria ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from the Philippines, comprising 81% of total exports. The second position in the ranking was held by China ($X), with a 12% share of total exports. It was followed by India, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value to Nigeria stood at +1,564.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+36.5% per year) and India (-7.8% per year).

Export Prices by Country

The average carboxylic acid export price stood at $X per ton in 2021, growing by 4% against the previous year. In general, the export price, however, continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2020 when the average export price increased by 11% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates ($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 India (-0.2%), while the prices for the other major destinations experienced a decline.

Carboxylic Acid Imports

Imports into the Philippines

After three years of decline, overseas purchases of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 24% to X tons in 2021. In general, imports posted prominent growth. The growth pace was the most rapid in 2016 with an increase of 64%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, carboxylic acid imports skyrocketed to $X in 2021. Overall, imports saw a remarkable increase. The pace of growth was the most pronounced in 2017 with an increase of 140% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest carboxylic acid supplier to the Philippines, with a 49% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), threefold. The third position in this ranking was held by Brazil (X tons), with a 3.8% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+16.1% per year) and Brazil (+28.8% per year).

In value terms, China ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to the Philippines, comprising 24% of total imports. The second position in the ranking was held by Thailand ($X), with a 7.9% share of total imports. It was followed by Brazil, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+22.4% per year) and Brazil (+46.9% per year).

Import Prices by Country

The average carboxylic acid import price stood at $X per ton in 2021, surging by 14% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, carboxylic acid import price increased by +34.1% against 2019 indices. The growth pace was the most rapid in 2017 when the average import price increased by 48% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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