Philippines: Starch Glue Market 2024

Starch Glue Market Size in the Philippines

The Philippine starch glue market reduced dramatically to $X in 2021, with a decrease of -34.8% 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). Over the period under review, consumption showed a abrupt descent. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Starch Glue Exports

Exports from the Philippines

In 2021, exports of glues based on starches, dextrins or other modified starches from the Philippines amounted to X tons, rising by 5.3% on the year before. Over the period under review, exports, however, continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 183%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, starch glue exports surged to $X in 2021. In general, exports, however, continue to indicate a deep setback. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons) was the main destination for starch glue exports from the Philippines, accounting for a 78% share of total exports. Moreover, starch glue exports to South Korea exceeded the volume sent to the second major destination, Indonesia (X kg), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea totaled +73.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-30.0% per year) and Thailand (+40.3% per year).

In value terms, South Korea ($X) emerged as the key foreign market for glues based on starches, dextrins or other modified starches exports from the Philippines, comprising 73% of total exports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea stood at +91.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+30.3% per year) and Indonesia (-25.5% per year).

Export Prices by Country

The average starch glue export price stood at $X per ton in 2021, rising by 64% against the previous year. In general, the export price enjoyed a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Palau (+27.5%), while the prices for the other major destinations experienced more modest paces of growth.

Starch Glue Imports

Imports into the Philippines

Starch glue imports into the Philippines reduced rapidly to X tons in 2021, declining by -38.2% against 2020. Over the period under review, imports saw a abrupt decline. The growth pace was the most rapid in 2014 when imports increased by 131% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, starch glue imports dropped to $X in 2021. In general, imports, however, continue to indicate a pronounced increase. The most prominent rate of growth was recorded in 2015 with an increase of 47%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of starch glue to the Philippines, with a 61% share of total imports. Moreover, starch glue imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-5.5% per year) and Thailand (+12.9% per year).

In value terms, China ($X) constituted the largest supplier of glues based on starches, dextrins or other modified starches to the Philippines, comprising 40% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 18% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +27.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.1% per year) and the United States (+24.5% per year).

Import Prices by Country

In 2021, the average starch glue import price amounted to $X per ton, growing by 39% against the previous year. Over the period under review, the import price showed a resilient increase. The pace of growth appeared the most rapid in 2013 an increase of 111% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+36.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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