Philippines: Market for Rubber-to-Metal and Moulded Articles 2024

Market Size for Rubber-to-Metal and Moulded Articles in the Philippines

The Philippine rubber-to-metal and moulded article market rose remarkably to $X in 2021, picking up by 15% against the previous year. In general, consumption recorded strong growth. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Production of Rubber-to-Metal and Moulded Articles in the Philippines

In value terms, rubber-to-metal and moulded article production rose notably to $X in 2021 estimated in export price. In general, production continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2017 when the production volume increased by 36%. Rubber-to-metal and moulded article production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Rubber-to-Metal and Moulded Articles

Exports from the Philippines

After two years of decline, overseas shipments of rubber-to-metal and moulded articles increased by 30% to X tons in 2021. Overall, total exports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -23.7% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 49%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, rubber-to-metal and moulded article exports soared to $X in 2021. Over the period under review, exports posted strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 53% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for rubber-to-metal and moulded article exports from the Philippines, accounting for a 70% share of total exports. Moreover, rubber-to-metal and moulded article exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), tenfold. The third position in this ranking was held by Indonesia (X tons), with a 3.1% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-0.9% per year) and Indonesia (+3.7% per year).

In value terms, Japan ($X) remains the key foreign market for rubber-to-metal and moulded articles exports from the Philippines, comprising 56% of total exports. The second position in the ranking was taken by the United States ($X), with a 6.7% share of total exports. It was followed by Thailand, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+7.7% per year) and Thailand (+21.8% per year).

Export Prices by Country

In 2021, the average rubber-to-metal and moulded article export price amounted to $X per ton, with an increase of 16% against the previous year. In general, export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rubber-to-metal and moulded article export price increased by +126.8% against 2016 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 82%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Vietnam ($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 (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Rubber-to-Metal and Moulded Articles

Imports into the Philippines

In 2021, rubber-to-metal and moulded article imports into the Philippines skyrocketed to X tons, surging by 76% on 2020. Overall, imports showed a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, rubber-to-metal and moulded article imports skyrocketed to $X in 2021. In general, imports posted a prominent increase. The pace of growth was the most pronounced in 2016 when imports increased by 62%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest rubber-to-metal and moulded article supplier to the Philippines, with a 69% share of total imports. Moreover, rubber-to-metal and moulded article imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), sixfold. The third position in this ranking was held by Japan (X tons), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +32.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.9% per year) and Japan (+4.1% per year).

In value terms, China ($X) constituted the largest supplier of rubber-to-metal and moulded articles to the Philippines, comprising 46% of total imports. The second position in the ranking was held by Japan ($X), with a 17% share of total imports. It was followed by Thailand, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +43.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.6% per year) and Thailand (+9.3% per year).

Import Prices by Country

In 2021, the average rubber-to-metal and moulded article import price amounted to $X per ton, reducing by -23.8% against the previous year. Overall, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rubber-to-metal and moulded article import price decreased by -31.2% against 2019 indices. The pace of growth was the most pronounced in 2013 an increase of 23%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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 Vietnam (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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