Philippines: Ketone And Quinone Market 2024

Ketone And Quinone Market Size in the Philippines

After two years of decline, the Philippine ketone and quinone market increased by 48% to $X in 2021. Over the period under review, consumption recorded strong growth. Ketone and quinone consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Ketone And Quinone Exports

Exports from the Philippines

In 2021, the amount of ketones and quinones exported from the Philippines soared to X tons, picking up by 26% on the previous year's figure. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2020 with an increase of 10,176% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, ketone and quinone exports dropped notably to $X in 2021. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 20,470% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for ketone and quinone exports from the Philippines, accounting for a 76% share of total exports. Moreover, ketone and quinone exports to Singapore exceeded the volume sent to the second major destination, India (X kg), ninefold. The third position in this ranking was held by China (X kg), with a 6.7% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore stood at +42.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-2.8% per year) and China (+45.9% per year).

In value terms, the largest markets for ketone and quinone exported from the Philippines were China ($X), India ($X) and Thailand ($X), together accounting for 80% of total exports.

Among the main countries of destination, Thailand, with a CAGR of +70.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average ketone and quinone export price stood at $X per ton in 2021, reducing by -32.6% against the previous year. In general, the export price recorded a pronounced decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 100%. As a result, the export price reached the peak level of $X per ton, and then shrank sharply in the following year.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Singapore ($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 India (+10.8%), while the prices for the other major destinations experienced mixed trend patterns.

Ketone And Quinone Imports

Imports into the Philippines

In 2021, overseas purchases of ketones and quinones increased by 23% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, total imports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 31% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, ketone and quinone imports skyrocketed to $X in 2021. In general, imports posted a strong increase. The pace of growth appeared the most rapid in 2017 when imports increased by 75%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of ketone and quinone imports to the Philippines, with a combined 83% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +8.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) appeared to be the largest ketone and quinone suppliers to the Philippines, together accounting for 84% of total imports.

In terms of the main suppliers, China, with a CAGR of +12.2%, recorded the highest growth rate of 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

The average ketone and quinone import price stood at $X per ton in 2021, surging by 29% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the average import price increased by 39%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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