Philippines: Phenols Market 2024

Phenols Market Size in the Philippines

The Philippine phenols market rose markedly to $X in 2022, picking up by X% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2019 indices. Phenols consumption peaked in 2022 and is likely to see steady growth in the near future.

Phenols Production in the Philippines

In value terms, phenols production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. Phenols production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Phenols Exports

Exports from the Philippines

In 2022, approx. X tons of phenols were exported from the Philippines; increasing by X% on the previous year. Overall, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, phenols exports expanded markedly to $X in 2022. Over the period under review, exports saw a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for phenols exports from the Philippines, with a X% share of total exports. Moreover, phenols exports to Singapore exceeded the volume sent to the second major destination, India (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Singapore stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Vietnam (X% per year).

In value terms, the largest markets for phenols exported from the Philippines were Singapore ($X), India ($X) and Vietnam ($X), together comprising X% of total exports.

Singapore, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average phenols export price stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then contracted significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced mixed trend patterns.

Phenols Imports

Imports into the Philippines

In 2022, approx. X tons of phenols were imported into the Philippines; surging by X% against the previous year's figure. Overall, imports showed prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, phenols imports skyrocketed to $X in 2022. In general, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest supplier of phenols to the Philippines, with a X% share of total imports. Moreover, phenols imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was held by China (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Taiwan (Chinese) stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and China (X% per year).

In value terms, Japan ($X), Taiwan (Chinese) ($X) and China ($X) appeared to be the largest phenols suppliers to the Philippines, with a combined X% share of total imports.

In terms of the main suppliers, Japan, with a CAGR of X%, saw the highest rates of growth with regard to 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 phenols import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price showed strong growth. The pace of growth was the most pronounced in 2017 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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