Philippines: Hydrogen Chloride Market 2024

Hydrogen Chloride Market Size in the Philippines

In 2021, after two years of decline, there was growth in the Philippine hydrogen chloride market, when its value increased by 0.9% to $X. In general, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.1% against 2018 indices. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Hydrogen Chloride Production in the Philippines

In value terms, hydrogen chloride production reached $X in 2021 estimated in export price. Over the period under review, production enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 33% against the previous year. Hydrogen chloride production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Hydrogen Chloride Exports

Exports from the Philippines

In 2021, approx. X tons of hydrogen chloride (hydrochloric acid) were exported from the Philippines; waning by -29.7% against the previous year's figure. Overall, exports faced a sharp setback. The pace of growth appeared the most rapid in 2018 with an increase of 192% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, hydrogen chloride exports reached $X in 2021. Over the period under review, exports recorded a precipitous decline. The growth pace was the most rapid in 2018 when exports increased by 201% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for hydrogen chloride exports from the Philippines, with a approx. 99% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Singapore totaled -39.0%.

In value terms, Singapore ($X) also remains the key foreign market for hydrogen chloride (hydrochloric acid) exports from the Philippines.

From 2012 to 2021, the average annual rate of growth in terms of value to Singapore amounted to -23.3%.

Export Prices by Country

In 2021, the average hydrogen chloride export price amounted to $X per ton, growing by 42% against the previous year. Overall, the export price posted significant growth. The growth pace was the most rapid in 2016 when the average export price increased by 206% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From 2012 to 2021, the rate of growth in terms of prices for Singapore amounted to +25.8% per year.

Hydrogen Chloride Imports

Imports into the Philippines

In 2021, imports of hydrogen chloride (hydrochloric acid) into the Philippines shrank to X tons, which is down by -10.6% on 2020 figures. Over the period under review, imports continue to indicate a perceptible downturn. The growth pace was the most rapid in 2016 when imports increased by 186% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, hydrogen chloride imports amounted to $X in 2021. In general, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 77% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of hydrogen chloride to the Philippines, with a 68% share of total imports. Moreover, hydrogen chloride imports from South Korea exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was held by Pakistan (X tons), with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea stood at +29.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+15.0% per year) and Pakistan (-14.9% per year).

In value terms, South Korea ($X) constituted the largest supplier of hydrogen chloride (hydrochloric acid) to the Philippines, comprising 52% of total imports. The second position in the ranking was held by India ($X), with a 24% share of total imports. It was followed by Taiwan (Chinese), with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea totaled +21.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+16.8% per year) and Taiwan (Chinese) (-23.3% per year).

Import Prices by Country

In 2021, the average hydrogen chloride import price amounted to $X per ton, rising by 14% against the previous year. Overall, the import price, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2014 when the average import price increased by 40%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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