Philippines: Aromatic Hydrocarbon Mixtures Market 2024

Aromatic Hydrocarbon Mixtures Market Size in the Philippines

The Philippine aromatic hydrocarbon mixtures market contracted to $X in 2022, shrinking by -4.8% against the previous year. Overall, consumption continues to indicate a noticeable setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Aromatic Hydrocarbon Mixtures Production in the Philippines

In value terms, aromatic hydrocarbon mixtures production contracted to $X in 2022 estimated in export price. In general, production, however, saw a noticeable reduction. The pace of growth was the most pronounced in 2017 when the production volume increased by 26% against the previous year. Aromatic hydrocarbon mixtures production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Aromatic Hydrocarbon Mixtures Exports

Exports from the Philippines

In 2022, shipments abroad of naphthalene and other aromatic hydrocarbon mixtures increased by 24% to X tons, rising for the third year in a row after two years of decline. In general, exports saw a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 13,848% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, aromatic hydrocarbon mixtures exports soared to $X in 2022. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 6,875% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for aromatic hydrocarbon mixtures exports from the Philippines, accounting for a 82% share of total exports. Moreover, aromatic hydrocarbon mixtures exports to Singapore exceeded the volume sent to the second major destination, Malaysia (X tons), fivefold.

From 2013 to 2022, the average annual rate of growth in terms of volume to Singapore totaled +7.8%.

In value terms, Singapore ($X) remains the key foreign market for naphthalene and other aromatic hydrocarbon mixtures exports from the Philippines, comprising 80% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 20% share of total exports.

From 2013 to 2022, the average annual growth rate of value to Singapore totaled +12.5%.

Export Prices by Country

The average aromatic hydrocarbon mixtures export price stood at $X per ton in 2022, picking up by 21% against the previous year. In general, the export price, however, showed a abrupt setback. The pace of growth appeared the most rapid in 2018 an increase of 122%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Singapore stood at $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+4.3%), while the prices for the other major destinations experienced a decline.

Aromatic Hydrocarbon Mixtures Imports

Imports into the Philippines

In 2022, aromatic hydrocarbon mixtures imports into the Philippines reduced to X tons, waning by -11.1% compared with the previous year's figure. In general, imports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2016 when imports increased by 228%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, aromatic hydrocarbon mixtures imports rose notably to $X in 2022. Overall, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 176%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Thailand (X tons), South Korea (X tons) and Singapore (X tons) were the main suppliers of aromatic hydrocarbon mixtures imports to the Philippines, with a combined 92% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +27.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest aromatic hydrocarbon mixtures suppliers to the Philippines were Thailand ($X), South Korea ($X) and Singapore ($X), together accounting for 97% of total imports.

Thailand, with a CAGR of +41.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average aromatic hydrocarbon mixtures import price stood at $X per ton in 2022, jumping by 28% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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