Philippines: Crude Glycerol Market 2024

Crude Glycerol Market Size in the Philippines

The Philippine crude glycerol market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption recorded a strong expansion. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Crude Glycerol Production in the Philippines

In value terms, crude glycerol production rose markedly to $X in 2021 estimated in export price. In general, production saw a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 93% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Crude Glycerol Exports

Exports from the Philippines

In 2021, the amount of crude glycerol, glycerine waters and lyes exported from the Philippines soared to X tons, growing by 70% against 2020 figures. In general, exports recorded a resilient expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 224%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, crude glycerol exports surged to $X in 2021. Over the period under review, exports saw a resilient expansion. Over the period under review, the exports attained the peak figure at $X in 2017; afterwards, it flattened through to 2021.

Exports by Country

China (X tons) was the main destination for crude glycerol exports from the Philippines, accounting for a 84% share of total exports. Moreover, crude glycerol exports to China exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold. Thailand (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+12.7% per year) and Thailand (+41.4% per year).

In value terms, China ($X) remains the key foreign market for crude glycerol, glycerine waters and lyes exports from the Philippines, comprising 83% of total exports. The second position in the ranking was held by Thailand ($X), with a 6.1% share of total exports. It was followed by South Korea, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+54.1% per year) and South Korea (+20.5% per year).

Export Prices by Country

The average crude glycerol export price stood at $X per ton in 2021, surging by 70% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crude glycerol export price increased by +111.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 96% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to India ($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 Singapore (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Glycerol Imports

Imports into the Philippines

In 2021, supplies from abroad of crude glycerol, glycerine waters and lyes increased by 193% to X tons, rising for the third consecutive year after two years of decline. Overall, imports posted a pronounced expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 195%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, crude glycerol imports soared to $X in 2021. In general, imports showed buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 335%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Indonesia (X tons) was the main crude glycerol supplier to the Philippines, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Indonesia amounted to +2.9%.

In value terms, Indonesia ($X) constituted the largest supplier of crude glycerol, glycerine waters and lyes to the Philippines.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia totaled +7.8%.

Import Prices by Country

The average crude glycerol import price stood at $X per ton in 2021, shrinking by -3.5% against the previous year. In general, import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crude glycerol import price increased by +42.4% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 112%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Indonesia.

From 2012 to 2021, the rate of growth in terms of prices for Indonesia amounted to +4.7% per year.

Source: IndexBox Platform

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