Philippines: Market for Hydraulic Cylinders And Systems 2024

Market Size for Hydraulic Cylinders And Systems in the Philippines

The Philippine hydraulic cylinder and system market skyrocketed to $X in 2022, jumping by 59% against the previous year. Overall, consumption recorded a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Hydraulic Cylinders And Systems in the Philippines

In value terms, hydraulic cylinder and system production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 60% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Hydraulic Cylinders And Systems

Exports from the Philippines

In 2022, the amount of hydraulic cylinders and systems exported from the Philippines skyrocketed to X units, rising by 3,326% against the previous year's figure. Over the period under review, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hydraulic cylinder and system exports surged to $X in 2022. Overall, exports posted significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for hydraulic cylinder and system exports from the Philippines, with a 76% share of total exports. Moreover, hydraulic cylinder and system exports to the United States exceeded the volume sent to the second major destination, Germany (X units), fivefold. Singapore (X units) ranked third in terms of total exports with a 4.2% share.

From 2013 to 2022, the average annual rate of growth in terms of volume to the United States stood at +152.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (0.0% per year) and Singapore (+150.3% per year).

In value terms, the United States ($X) remains the key foreign market for hydraulic cylinders and systems exports from the Philippines, comprising 59% of total exports. The second position in the ranking was taken by Germany ($X), with a 26% share of total exports. It was followed by Singapore, with a 7.1% share.

From 2013 to 2022, the average annual growth rate of value to the United States totaled +161.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (0.0% per year) and Singapore (+180.2% per year).

Export Prices by Country

The average hydraulic cylinder and system export price stood at $X per unit in 2022, waning by -44.2% against the previous year. In general, the export price recorded a drastic downturn. The growth pace was the most rapid in 2020 an increase of 388% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hydraulic Cylinders And Systems

Imports into the Philippines

After seven years of growth, purchases abroad of hydraulic cylinders and systems decreased by -14.9% to X units in 2022. In general, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of 187%. Over the period under review, imports reached the maximum at X units in 2021, and then reduced in the following year.

In value terms, hydraulic cylinder and system imports fell remarkably to $X in 2022. Overall, imports, however, recorded significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 439% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then reduced dramatically in the following year.

Imports by Country

In 2022, China (X units) constituted the largest hydraulic cylinder and system supplier to the Philippines, accounting for a 47% share of total imports. Moreover, hydraulic cylinder and system imports from China exceeded the figures recorded by the second-largest supplier, Finland (X units), fourfold. Thailand (X units) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +48.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (+105.1% per year) and Thailand (+80.8% per year).

In value terms, the largest hydraulic cylinder and system suppliers to the Philippines were Japan ($X), China ($X) and Finland ($X), together accounting for 46% of total imports. Germany, the United States, Thailand, France, Singapore, Taiwan (Chinese) and Poland lagged somewhat behind, together accounting for a further 35%.

In terms of the main suppliers, Poland, with a CAGR of +155.0%, saw the highest growth rate of 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 2022, the average hydraulic cylinder and system import price amounted to $X per unit, declining by -23.7% against the previous year. Overall, the import price faced a drastic downturn. The growth pace was the most rapid in 2015 an increase of 88% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 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 the United States ($X per unit), while the price for China (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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