Philippines: Color Printing Ink Market 2024

Color Printing Ink Market Size in the Philippines

The Philippine color printing ink market dropped modestly to $X in 2022, remaining relatively unchanged against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Color Printing Ink Production in the Philippines

In value terms, color printing ink production reached $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 21%. Color printing ink production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Color Printing Ink Exports

Exports from the Philippines

In 2022, color printing ink exports from the Philippines surged to X tons, picking up by 91% compared with the previous year's figure. Over the period under review, exports continue to indicate modest growth. The pace of growth was the most pronounced in 2020 when exports increased by 1,203,354%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, color printing ink exports soared to $X in 2022. In general, exports, however, recorded a pronounced setback. The pace of growth was the most pronounced in 2020 when exports increased by 424,342% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons), India (X tons) and Japan (X tons) were the main destinations of color printing ink exports from the Philippines, together accounting for 47% of total exports. Thailand, Indonesia, the United States, Singapore, Germany, the UK, Brazil, France and Mexico lagged somewhat behind, together comprising a further 46%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +158.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for color printing ink exported from the Philippines were the United States ($X), Japan ($X) and Thailand ($X), together comprising 51% of total exports. China, India, Germany, Singapore, the UK, France, Brazil, Mexico and Indonesia lagged somewhat behind, together accounting for a further 40%.

In terms of the main countries of destination, Mexico, with a CAGR of +137.9%, saw 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

In 2022, the average color printing ink export price amounted to $X per ton, rising by 24% against the previous year. Overall, the export price, however, recorded a perceptible downturn. The growth pace was the most rapid in 2017 an increase of 327% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+49.3%), while the prices for the other major destinations experienced more modest paces of growth.

Color Printing Ink Imports

Imports into the Philippines

In 2022, the amount of color printing ink imported into the Philippines dropped modestly to X tons, which is down by -2.2% against the previous year's figure. Over the period under review, imports, however, continue to indicate a mild increase. The growth pace was the most rapid in 2016 when imports increased by 110%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, color printing ink imports shrank dramatically to $X in 2022. Overall, imports, however, recorded a prominent increase. The growth pace was the most rapid in 2016 with an increase of 101%. Over the period under review, imports hit record highs at $X in 2021, and then shrank sharply in the following year.

Imports by Country

China (X tons), Thailand (X tons) and Indonesia (X tons) were the main suppliers of color printing ink imports to the Philippines, together accounting for 51% of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +32.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Japan ($X) and China ($X) appeared to be the largest color printing ink suppliers to the Philippines, with a combined 69% share of total imports. Thailand, Malaysia, Indonesia, South Korea, Germany, Hong Kong SAR, India and the United States lagged somewhat behind, together comprising a further 27%.

In terms of the main suppliers, Thailand, with a CAGR of +26.1%, saw the highest growth rate of 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

In 2022, the average color printing ink import price amounted to $X per ton, with a decrease of -29% against the previous year. In general, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the average import price increased by 55% against the previous year. The import price peaked at $X per ton in 2021, and then dropped rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform