Philippines: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in the Philippines

In 2021, the Philippine tall oil fatty acids market increased by 4.2% to $X, rising for the seventh year in a row after two years of decline. In general, consumption recorded a resilient increase. Tall oil fatty acids consumption peaked in 2021 and is likely to continue growth in the near future.

Production of Industrial Tall Oil Fatty Acids in the Philippines

In value terms, tall oil fatty acids production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 11% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then contracted modestly in the following year.

Exports of Industrial Tall Oil Fatty Acids

Exports from the Philippines

Tall oil fatty acids exports from the Philippines contracted significantly to X tons in 2021, declining by -40.4% against the previous year. Overall, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 49%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, tall oil fatty acids exports contracted rapidly to $X in 2021. In general, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 when exports increased by 73%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Pakistan (X tons), Bangladesh (X tons) and China (X tons) were the main destinations of tall oil fatty acids exports from the Philippines, together comprising 92% of total exports.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of -5.3%), while shipments for the other leaders experienced a decline.

In value terms, Bangladesh ($X) remains the key foreign market for industrial tall oil fatty acids exports from the Philippines, comprising 56% of total exports. The second position in the ranking was taken by China ($X), with a 20% share of total exports. It was followed by Pakistan, with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Bangladesh totaled -6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-22.0% per year) and Pakistan (-2.7% per year).

Export Prices by Country

The average tall oil fatty acids export price stood at $X per ton in 2021, increasing by 17% against the previous year. Over the period under review, export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tall oil fatty acids export price increased by +88.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 39% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to Pakistan ($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 China (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Tall Oil Fatty Acids

Imports into the Philippines

In 2021, purchases abroad of industrial tall oil fatty acids decreased by -25.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, saw slight growth. The most prominent rate of growth was recorded in 2013 with an increase of 179%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, tall oil fatty acids imports shrank rapidly to $X in 2021. In general, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 375%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X tons), France (X tons) and Malaysia (X tons) were the main suppliers of tall oil fatty acids imports to the Philippines, together accounting for 65% of total imports.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +167.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of industrial tall oil fatty acids to the Philippines, comprising 54% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports. It was followed by Malaysia, with a 9.6% share.

From 2012 to 2021, the average annual growth rate of value from Spain totaled +69.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+12.0% per year) and Malaysia (+7.3% per year).

Import Prices by Country

The average tall oil fatty acids import price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. In general, import price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +7.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tall oil fatty acids import price increased by +38.1% against 2017 indices. The most prominent rate of growth was recorded in 2013 an increase of 70%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020, and then shrank modestly in the following year.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+1.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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