Philippines: Check Valve Market 2024

Check Valve Market Size in the Philippines

In 2021, the Philippine check valve market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, continues to indicate 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 lower figure.

Check Valve Exports

Exports from the Philippines

In 2021, after three years of decline, there was significant growth in overseas shipments of check valves for pipes, boiler shells, tanks and vats, when their volume increased by 578% to X units. Overall, exports posted strong growth. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, check valve exports soared to $X in 2021. In general, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia (X units) was the main destination for check valve exports from the Philippines, accounting for a 51% share of total exports. Moreover, check valve exports to Australia exceeded the volume sent to the second major destination, the United States (X units), twofold. Belgium (X units) ranked third in terms of total exports with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Australia stood at +78.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+24.9% per year) and Belgium (-24.2% per year).

In value terms, Australia ($X) emerged as the key foreign market for check valves for pipes, boiler shells, tanks and vats exports from the Philippines, comprising 59% of total exports. The second position in the ranking was taken by the United States ($X), with a 15% share of total exports. It was followed by Belgium, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value to Australia stood at +85.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+45.1% per year) and Belgium (+0.8% per year).

Export Prices by Country

The average check valve export price stood at $X per unit in 2021, standing approx. at the previous year. In general, the export price posted a buoyant increase. The pace of growth appeared the most rapid in 2018 an increase of 63%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Japan ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+44.6%), while the prices for the other major destinations experienced more modest paces of growth.

Check Valve Imports

Imports into the Philippines

In 2021, supplies from abroad of check valves for pipes, boiler shells, tanks and vats was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2017 when imports increased by 55% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, check valve imports soared to $X in 2021. Overall, imports continue to indicate a strong increase. The growth pace was the most rapid in 2014 with an increase of 43% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in years to come.

Imports by Country

Japan (X units), China (X units) and Singapore (X units) were the main suppliers of check valve imports to the Philippines, together accounting for 62% of total imports. These countries were followed by the United States, Thailand, Italy, the United Arab Emirates, Taiwan (Chinese) and South Korea, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +192.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of check valves for pipes, boiler shells, tanks and vats to the Philippines, comprising 39% of total imports. The second position in the ranking was held by China ($X), with an 18% share of total imports. It was followed by Singapore, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.1% per year) and Singapore (+6.2% per year).

Import Prices by Country

The average check valve import price stood at $X per unit in 2021, reducing by -12.5% against the previous year. Overall, the import price, however, showed strong growth. The growth pace was the most rapid in 2019 when the average import price increased by 233%. Over the period under review, average import prices hit record highs at $X per unit in 2020, and then contracted in the following year.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+32.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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