Philippines: Market for Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips 2024

Market Size for Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips in the Philippines

After three years of decline, the Philippine market for unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips increased by 78% to $X in 2021. Over the period under review, consumption recorded buoyant growth. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Exports of Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips

Exports from the Philippines

For the fifth year in a row, the Philippines recorded decline in overseas shipments of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips, which decreased by -50.9% to X kg in 2021. Overall, exports recorded a noticeable descent. The most prominent rate of growth was recorded in 2016 when exports increased by 475% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips reduced remarkably to $X in 2021. Over the period under review, exports continue to indicate a abrupt setback. The growth pace was the most rapid in 2016 when exports increased by 241%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports of remained at a lower figure.

Exports by Country

Indonesia (X kg), Japan (X kg) and Singapore (X kg) were the main destinations of exports of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips from the Philippines, together comprising 78% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +25.9%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Japan ($X) and Indonesia ($X) were the largest markets for unmounted tool inserts, sticks or plates exported from the Philippines worldwide, together comprising 77% of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +20.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips stood at $X per ton in 2021, picking up by 22% against the previous year. Over the period under review, the export price, however, continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2018 when the average export price increased by 44%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Singapore ($X per ton), while the average price for exports to South Korea ($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 Hong Kong SAR (+28.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Unmounted Inserts for Tools, Sintered Metal Carbides or Cermet Plates, Sticks, Tips

Imports into the Philippines

After four years of decline, purchases abroad of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips increased by 41% to X tons in 2021. Over the period under review, imports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2016 with an increase of 118%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips skyrocketed to $X in 2021. Overall, imports enjoyed a strong increase. The growth pace was the most rapid in 2016 with an increase of 105%. Over the period under review, imports of hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

Singapore (X tons), Japan (X tons) and China (X tons) were the main suppliers of imports of unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips to the Philippines, together accounting for 60% of total imports. South Korea, Israel, the United States and Malaysia lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +42.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X), Japan ($X) and China ($X) appeared to be the largest unmounted tool inserts, sticks or plates suppliers to the Philippines, together accounting for 60% of total imports. South Korea, Israel, the United States and Malaysia lagged somewhat behind, together comprising a further 28%.

Malaysia, with a CAGR of +45.5%, recorded the highest growth rate of the value of imports, in terms of the main suppliers 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 unmounted inserts for tools, sintered metal carbides or cermet plates, sticks, tips amounted to $X per ton, jumping by 16% against the previous year. Overall, the import price posted a significant increase. The pace of growth appeared the most rapid in 2019 when the average import price increased by 81%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Malaysia ($X per ton) and Israel ($X per ton), while the price for the United States ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+45.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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