Philippines: Market for Industrial Monocarboxylic Fatty Acids 2025

Market Size for Industrial Monocarboxylic Fatty Acids in the Philippines

In 2021, the Philippine industrial monocarboxylic fatty acids market decreased by -6.7% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then reduced in the following year.

Production of Industrial Monocarboxylic Fatty Acids in the Philippines

In value terms, industrial monocarboxylic fatty acids production reduced to $X in 2021 estimated in export price. Overall, production continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 22%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Industrial Monocarboxylic Fatty Acids

Exports from the Philippines

In 2021, after two years of growth, there was significant decline in shipments abroad of industrial monocarboxylic fatty acids, when their volume decreased by -15.1% to X tons. Overall, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2019 with an increase of 54% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, industrial monocarboxylic fatty acids exports surged to $X in 2021. In general, exports, however, recorded tangible growth. The most prominent rate of growth was recorded in 2013 when exports increased by 725% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for industrial monocarboxylic fatty acids exports from the Philippines, with a 76% share of total exports. Moreover, industrial monocarboxylic fatty acids exports to China exceeded the volume sent to the second major destination, Pakistan (X tons), eightfold. The third position in this ranking was held by India (X tons), with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-21.4% per year) and India (+2.1% per year).

In value terms, China ($X) remains the key foreign market for industrial monocarboxylic fatty acids exports from the Philippines, comprising 73% of total exports. The second position in the ranking was taken by the United States ($X), with a 12% share of total exports. It was followed by India, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+27.6% per year) and India (+24.9% per year).

Export Prices by Country

In 2021, the average industrial monocarboxylic fatty acids export price amounted to $X per ton, picking up by 94% against the previous year. Over the period under review, the export price continues to indicate significant growth. The pace of growth was the most pronounced in 2013 an increase of 4,058% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Pakistan ($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 (+60.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Monocarboxylic Fatty Acids

Imports into the Philippines

In 2021, the amount of industrial monocarboxylic fatty acids imported into the Philippines surged to X tons, jumping by 32% on the previous year's figure. Overall, imports saw moderate growth. The growth pace was the most rapid in 2015 with an increase of 211% 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, industrial monocarboxylic fatty acids imports skyrocketed to $X in 2021. In general, imports posted a buoyant increase. The pace of growth appeared the most rapid in 2015 with an increase of 151%. Imports peaked in 2021 and are likely to continue growth in the near future.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and Japan (X tons) were the main suppliers of industrial monocarboxylic fatty acids imports to the Philippines, together accounting for 92% of total imports. China, South Korea and India lagged somewhat behind, together accounting for a further 6.5%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +34.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and Japan ($X) constituted the largest industrial monocarboxylic fatty acids suppliers to the Philippines, with a combined 85% share of total imports. China, India and South Korea lagged somewhat behind, together comprising a further 8.5%.

India, with a CAGR of +34.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average industrial monocarboxylic fatty acids import price stood at $X per ton in 2021, rising by 42% against the previous year. In general, import price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, industrial monocarboxylic fatty acids import price increased by +79.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 96% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in years to come.

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 India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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