Philippines: Market for High-Tenacity Filament Yarn Of Nylon Or Other Polyamides 2024

Market Size for High-Tenacity Filament Yarn Of Nylon Or Other Polyamides in the Philippines

The Philippine high-tenacity filament nylon yarn market declined to $X in 2022, reducing by -12.1% 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 saw a sharp shrinkage. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Exports of High-Tenacity Filament Yarn Of Nylon Or Other Polyamides

Exports from the Philippines

In 2022, overseas shipments of high-tenacity filament yarn of nylon or other polyamides decreased by 0% to X tons, falling for the third year in a row after two years of growth. Overall, exports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2019 with an increase of 189% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, high-tenacity filament nylon yarn exports stood at $X in 2022. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 152% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for high-tenacity filament nylon yarn exports from the Philippines, accounting for a 82% share of total exports. Moreover, high-tenacity filament nylon yarn exports to South Korea exceeded the volume sent to the second major destination, Japan (X kg), sevenfold.

From 2018 to 2022, the average annual rate of growth in terms of volume to South Korea totaled +135.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (0.0% per year) and the United States (0.0% per year).

In value terms, the largest markets for high-tenacity filament nylon yarn exported from the Philippines were South Korea ($X), the United States ($X) and Japan ($X).

In terms of the main countries of destination, South Korea, with a CAGR of +180.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average high-tenacity filament nylon yarn export price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price saw a significant increase. The pace of growth appeared the most rapid in 2020 when the average export price increased by 207% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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 ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2018 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+19.4%).

Imports of High-Tenacity Filament Yarn Of Nylon Or Other Polyamides

Imports into the Philippines

In 2022, the amount of high-tenacity filament yarn of nylon or other polyamides imported into the Philippines shrank rapidly to X tons, with a decrease of -24.5% compared with the previous year. Over the period under review, imports faced a sharp contraction. The growth pace was the most rapid in 2021 with an increase of 102% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, high-tenacity filament nylon yarn imports reduced to $X in 2022. In general, imports saw a precipitous curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 95% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and Thailand (X tons) were the main suppliers of high-tenacity filament nylon yarn imports to the Philippines, together accounting for 95% of total imports. Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 5.2%.

From 2017 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +368.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest high-tenacity filament nylon yarn suppliers to the Philippines were Japan ($X), China ($X) and Thailand ($X), together accounting for 97% of total imports. Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 3.5%.

Taiwan (Chinese), with a CAGR of +370.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average high-tenacity filament nylon yarn import price stood at $X per ton in 2022, picking up by 17% against the previous year. Over the period from 2017 to 2022, it increased at an average annual rate of +2.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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