Philippines: Metal Self-Locking Nut Market 2024

Metal Self-Locking Nut Market Size in the Philippines

The Philippine metal self-locking nut market plummeted to $X in 2021, which is down by -19.5% against the previous year. Over the period under review, consumption, however, continues to indicate a remarkable increase. As a result, consumption attained the peak level of $X, and then shrank markedly in the following year.

Metal Self-Locking Nut Production in the Philippines

In value terms, metal self-locking nut production fell rapidly to $X in 2021 estimated in export price. Overall, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +52.1% against 2016 indices. The growth pace was the most rapid in 2020 when the production volume increased by 50% against the previous year. As a result, production attained the peak level of $X, and then reduced notably in the following year.

Metal Self-Locking Nut Exports

Exports from the Philippines

In 2021, overseas shipments of iron or steel nuts (including self-locking nuts) increased by 51% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +57.1% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 61% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, metal self-locking nut exports surged to $X in 2021. In general, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +65.4% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons), the United States (X tons) and Germany (X tons) were the main destinations of metal self-locking nut exports from the Philippines, together comprising 71% of total exports. Taiwan (Chinese), Italy, the Netherlands, Poland and France lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +19.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal self-locking nut exported from the Philippines were South Korea ($X), the United States ($X) and Germany ($X), with a combined 72% share of total exports. Taiwan (Chinese), the Netherlands, Italy, Poland and France lagged somewhat behind, together accounting for a further 19%.

Poland, with a CAGR of +29.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average metal self-locking nut export price amounted to $X per ton, rising by 7.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2015 an increase of 25% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 France (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Self-Locking Nut Imports

Imports into the Philippines

In 2021, the amount of iron or steel nuts (including self-locking nuts) imported into the Philippines soared to X tons, jumping by 44% compared with 2020. Overall, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 138%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, metal self-locking nut imports skyrocketed to $X in 2021. Over the period under review, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 104% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest metal self-locking nut supplier to the Philippines, accounting for a 76% share of total imports. Moreover, metal self-locking nut imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), ninefold. Japan (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+8.4% per year) and Japan (+16.5% per year).

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the largest metal self-locking nut suppliers to the Philippines, with a combined 77% share of total imports. These countries were followed by Singapore, Malaysia and South Korea, which together accounted for a further 7.6%.

Among the main suppliers, Malaysia, with a CAGR of +35.1%, recorded the highest rates of growth with regard to 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 2021, the average metal self-locking nut import price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal self-locking nut import price increased by +64.9% against 2017 indices. The growth pace was the most rapid in 2018 an increase of 31%. Over the period under review, average import prices reached the peak figure at $X per ton in 2020, and then declined modestly in the following year.

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 Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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