Philippines: Fire Extinguisher Market 2024

Fire Extinguisher Market Size in the Philippines

The Philippine fire extinguisher market contracted remarkably to $X in 2022, waning by -35.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed resilient growth. Fire extinguisher consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Fire Extinguisher Exports

Exports from the Philippines

In 2022, overseas shipments of fire extinguishers decreased by -64.2% to X units, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 8,800% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, fire extinguisher exports dropped significantly to $X in 2022. Overall, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2014 when exports increased by 5,974%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for fire extinguisher exports from the Philippines, accounting for a 50% share of total exports. Moreover, fire extinguisher exports to the United States exceeded the volume sent to the second major destination, Japan (X units), twofold. The third position in this ranking was held by Singapore (X units), with a 20% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +34.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-10.2% per year) and Singapore (+36.8% per year).

In value terms, the United States ($X) remains the key foreign market for fire extinguishers exports from the Philippines, comprising 55% of total exports. The second position in the ranking was taken by Japan ($X), with a 22% share of total exports. It was followed by Singapore, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-15.7% per year) and Singapore (+21.5% per year).

Export Prices by Country

In 2022, the average fire extinguisher export price amounted to $X per unit, picking up by 15% against the previous year. In general, the export price, however, recorded a drastic downturn. The growth pace was the most rapid in 2017 an increase of 111% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.

Fire Extinguisher Imports

Imports into the Philippines

In 2022, the amount of fire extinguishers imported into the Philippines fell markedly to X units, waning by -35.6% compared with the year before. Over the period under review, imports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2018 when imports increased by 264% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, fire extinguisher imports declined dramatically to $X in 2022. In general, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2015 with an increase of 368% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X units) was the main fire extinguisher supplier to the Philippines, with a 189% share of total imports. Moreover, fire extinguisher imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The third position in this ranking was held by the United States (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to +67.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+32.1% per year) and the United States (+5.9% per year).

In value terms, Japan ($X) constituted the largest supplier of fire extinguishers to the Philippines, comprising 206% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Japan totaled +72.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+27.5% per year) and the United States (+0.8% per year).

Import Prices by Country

In 2022, the average fire extinguisher import price amounted to $X per unit, standing approx. at the previous year. In general, the import price, however, saw a noticeable slump. The growth pace was the most rapid in 2013 when the average import price increased by 68% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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