Philippines: Caustic Soda Market 2024

Caustic Soda Market Size in the Philippines

The Philippine caustic soda market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Caustic Soda Exports

Exports from the Philippines

In 2021, shipments abroad of caustic soda was finally on the rise to reach X tons after two years of decline. Overall, exports showed a resilient expansion. The pace of growth was the most pronounced in 2018 when exports increased by 391% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, caustic soda exports skyrocketed to $X in 2021. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 369% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Canada (X tons), the United States (X tons) and the Netherlands (X tons) were the main destinations of caustic soda exports from the Philippines, with a combined 64% share of total exports. Kuwait, New Zealand, the United Arab Emirates, Micronesia and Singapore lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +77.9%), while the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), New Zealand ($X) and the United States ($X) were the largest markets for caustic soda exported from the Philippines worldwide, with a combined 57% share of total exports. Kuwait, the Netherlands, the United Arab Emirates, Micronesia and Singapore lagged somewhat behind, together comprising a further 37%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +123.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average caustic soda export price stood at $X per ton in 2021, rising by 15% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, caustic soda export price decreased by -29.6% against 2015 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by 122%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to the Netherlands ($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 (+221.9%), while the prices for the other major destinations experienced more modest paces of growth.

Caustic Soda Imports

Imports into the Philippines

In 2021, purchases abroad of caustic soda increased by 20% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports continue to indicate a mild increase. The growth pace was the most rapid in 2017 when imports increased by 64% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, caustic soda imports rose significantly to $X in 2021. Over the period under review, imports, however, showed a mild slump. The pace of growth appeared the most rapid in 2017 with an increase of 60% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of caustic soda to the Philippines, with a 50% share of total imports. Moreover, caustic soda imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. Japan (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+12.5% per year) and Japan (+1.3% per year).

In value terms, China ($X), Taiwan (Chinese) ($X) and Japan ($X) were the largest caustic soda suppliers to the Philippines, with a combined 84% share of total imports. These countries were followed by Saudi Arabia, South Korea and Indonesia, which together accounted for a further 11%.

Among the main suppliers, Indonesia, with a CAGR of +33.0%, 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

The average caustic soda import price stood at $X per ton in 2021, with a decrease of -6.5% against the previous year. In general, the import price recorded a perceptible descent. The pace of growth appeared the most rapid in 2014 when the average import price increased by 11% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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