Philippines: Market for Double Or Complex Silicates 2024

Market Size for Double Or Complex Silicates in the Philippines

In 2021, the Philippine double or complex silicates market increased by 13% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption saw moderate growth. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Exports of Double Or Complex Silicates

Exports from the Philippines

In 2021, the amount of double or complex silicates exported from the Philippines reduced notably to X tons, with a decrease of -59.3% on 2020. In general, exports showed a abrupt setback. The growth pace was the most rapid in 2013 when exports increased by 303% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, double or complex silicates exports dropped markedly to $X in 2021. Overall, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of 425%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for double or complex silicates exports from the Philippines, accounting for a 96% share of total exports. Moreover, double or complex silicates exports to Vietnam exceeded the volume sent to the second major destination, Singapore (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to -7.6%.

In value terms, Vietnam ($X) emerged as the key foreign market for double or complex silicates exports from the Philippines, comprising 40% of total exports. The second position in the ranking was held by Singapore ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled -18.2%.

Export Prices by Country

The average double or complex silicates export price stood at $X per ton in 2021, rising by 64% against the previous year. Overall, the export price, however, showed a perceptible slump. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Vietnam stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+14.5%).

Imports of Double Or Complex Silicates

Imports into the Philippines

In 2021, overseas purchases of double or complex silicates were finally on the rise to reach X tons after three years of decline. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 137% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, double or complex silicates imports skyrocketed to $X in 2021. In general, imports recorded a temperate expansion. The growth pace was the most rapid in 2016 when imports increased by 186% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons) constituted the largest double or complex silicates supplier to the Philippines, with a 43% share of total imports. Moreover, double or complex silicates imports from Thailand exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by China (X tons), with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand stood at +57.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+23.5% per year) and China (-16.1% per year).

In value terms, the largest double or complex silicates suppliers to the Philippines were Thailand ($X), the United States ($X) and Brazil ($X), with a combined 68% share of total imports.

In terms of the main suppliers, Thailand, with a CAGR of +47.1%, saw 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

In 2021, the average double or complex silicates import price amounted to $X per ton, increasing by 10% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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