Philippines: Market for Compounds With Other Nitrogen Function (Excluding Isocyanates) 2024

Market Size for Compounds With Other Nitrogen Function (Excluding Isocyanates) in the Philippines

For the third year in a row, the Philippine market for compounds with other nitrogen function (excluding isocyanates) recorded decline in sales value, which decreased by -52.2% to $X in 2022. Overall, consumption faced a sharp decrease. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Exports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Exports from the Philippines

In 2018, the amount of compounds with other nitrogen function (excluding isocyanates) exported from the Philippines totaled X tons, approximately equating 2017 figures. Over the period under review, exports recorded a sharp descent. The most prominent rate of growth was recorded in 2013 when exports increased by 140% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2018, the exports stood at a somewhat lower figure.

In value terms, compounds with other nitrogen function exports totaled $X in 2018. In general, exports saw a abrupt setback. The pace of growth was the most pronounced in 2013 when exports increased by 274% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2018, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for compounds with other nitrogen function exports from the Philippines, accounting for a approx. 100% share of total exports.

From 2012 to 2018, the average annual rate of growth in terms of volume to Vietnam was relatively modest.

From 2012 to 2018, the average annual growth rate of value to Vietnam was relatively modest.

Export Prices by Country

The average export price for compounds with other nitrogen function (excluding isocyanates) stood at $X per ton in 2018, approximately mirroring the previous year. Overall, the export price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2013 an increase of 56% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2018, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Vietnam.

From 2012 to 2018, the rate of growth in terms of prices for Malaysia amounted to +55.7% per year.

Imports of Compounds With Other Nitrogen Function (Excluding Isocyanates)

Imports into the Philippines

For the third year in a row, the Philippines recorded decline in purchases abroad of compounds with other nitrogen function (excluding isocyanates), which decreased by -58.2% to X tons in 2022. In general, imports faced a precipitous descent. The growth pace was the most rapid in 2017 with an increase of 354% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, compounds with other nitrogen function imports fell dramatically to $X in 2022. Overall, imports saw a dramatic contraction. The pace of growth appeared the most rapid in 2017 with an increase of 370% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of compounds with other nitrogen function to the Philippines, with a 75% share of total imports. Moreover, compounds with other nitrogen function imports from Thailand exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. The third position in this ranking was held by Malaysia (X tons), with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand totaled -7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-16.8% per year) and Malaysia (-22.8% per year).

In value terms, Thailand ($X), Taiwan (Chinese) ($X) and Malaysia ($X) appeared to be the largest compounds with other nitrogen function suppliers to the Philippines, together comprising 92% of total imports.

Among the main suppliers, Malaysia, with a CAGR of -5.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average import price for compounds with other nitrogen function (excluding isocyanates) amounted to $X per ton, with an increase of 18% against the previous year. In general, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, compounds with other nitrogen function import price increased by +45.2% against 2013 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by 28% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+23.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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