Philippines: Market for Iron Or Steel Towers And Lattice Masts 2024

Market Size for Iron Or Steel Towers And Lattice Masts in the Philippines

In 2021, after four years of growth, there was significant decline in the Philippine iron or steel towers market, when its value decreased by -10.7% to $X. In general, consumption, however, showed a significant expansion. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank in the following year.

Exports of Iron Or Steel Towers And Lattice Masts

Exports from the Philippines

In 2021, approx. X tons of iron or steel towers and lattice masts were exported from the Philippines; declining by -52.3% on the previous year's figure. In general, exports, however, showed slight growth. The most prominent rate of growth was recorded in 2014 when exports increased by 826% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, iron or steel towers exports reduced markedly to $X in 2021. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2014 when exports increased by 1,113% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Palau (X tons), Singapore (X tons) and Japan (X tons) were the main destinations of iron or steel towers exports from the Philippines, together accounting for 97% of total exports. New Zealand and Micronesia lagged somewhat behind, together comprising a further 3.2%.

From 2012 to 2021, the biggest increases were recorded for New Zealand (with a CAGR of +38.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Palau ($X) remains the key foreign market for iron or steel towers and lattice masts exports from the Philippines, comprising 73% of total exports. The second position in the ranking was held by Singapore ($X), with a 19% share of total exports. It was followed by Japan, with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Palau stood at +13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+1.1% per year) and Japan (-23.2% per year).

Export Prices by Country

In 2021, the average iron or steel towers export price amounted to $X per ton, increasing by 33% against the previous year. Over the period under review, the export price, however, recorded a abrupt downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to New Zealand ($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 Palau (-9.0%), while the prices for the other major destinations experienced a decline.

Imports of Iron Or Steel Towers And Lattice Masts

Imports into the Philippines

In 2021, iron or steel towers imports into the Philippines contracted sharply to X tons, shrinking by -15% compared with 2020. In general, imports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 102% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then plummeted in the following year.

In value terms, iron or steel towers imports contracted to $X in 2021. Overall, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 88% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then dropped in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest iron or steel towers supplier to the Philippines, accounting for a 82% share of total imports. Moreover, iron or steel towers imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), eightfold. France (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +24.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.7% per year) and France (+33.5% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel towers and lattice masts to the Philippines, comprising 81% of total imports. The second position in the ranking was held by India ($X), with a 10% share of total imports. It was followed by France, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +33.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+9.8% per year) and France (+22.3% per year).

Import Prices by Country

The average iron or steel towers import price stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron or steel towers import price increased by +41.7% against 2018 indices. The growth pace was the most rapid in 2019 an increase of 35% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from France ($X per ton) and India ($X per ton), while the price for China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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