Philippines: Oxygen Market 2024

Oxygen Market Size in the Philippines

The Philippine oxygen market fell modestly to $X in 2022, which is down by -2.5% against the previous year. Over the period under review, consumption saw a prominent expansion. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Oxygen Production in the Philippines

In value terms, oxygen production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of 69% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Oxygen Exports

Exports from the Philippines

In 2022, oxygen exports from the Philippines contracted rapidly to X cubic meters, dropping by -68.2% against the year before. Over the period under review, exports, however, continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 1,273%. The exports peaked at X cubic meters in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, oxygen exports contracted markedly to $X in 2022. In general, exports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 1,816% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X cubic meters) was the main destination for oxygen exports from the Philippines, accounting for a 97% share of total exports. It was followed by Japan (X cubic meters), with a 2.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +85.7%.

In value terms, the United States ($X) emerged as the key foreign market for oxygen exports from the Philippines, comprising 95% of total exports. The second position in the ranking was held by Japan ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +91.8%.

Export Prices by Country

The average oxygen export price stood at $X per cubic meter in 2022, standing approx. at the previous year. In general, the export price, however, continues to indicate perceptible growth. The growth pace was the most rapid in 2017 when the average export price increased by 44% against the previous year. The export price peaked at $X per cubic meter in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per cubic meter), while the average price for exports to the United States amounted to $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Oxygen Imports

Imports into the Philippines

In 2022, approx. X cubic meters of oxygen were imported into the Philippines; with an increase of 216% against the previous year. Overall, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 1,604%. As a result, imports attained the peak of X cubic meters. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, oxygen imports fell rapidly to $X in 2022. Over the period under review, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 when imports increased by 2,860%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X cubic meters) constituted the largest oxygen supplier to the Philippines, accounting for a 59% share of total imports. Moreover, oxygen imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X cubic meters), twofold. The third position in this ranking was taken by Thailand (X cubic meters), with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +121.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+98.2% per year) and Thailand (+67.8% per year).

In value terms, Singapore ($X), China ($X) and Thailand ($X) were the largest oxygen suppliers to the Philippines, with a combined 79% share of total imports.

Singapore, with a CAGR of +109.1%, recorded the highest growth rate of the value of imports, in terms of 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 oxygen import price stood at $X per cubic meter in 2022, falling by -80.1% against the previous year. Overall, the import price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2015 when the average import price increased by 118% against the previous year. Over the period under review, average import prices reached the maximum at $X per cubic meter in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per cubic meter), while the price for China ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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