Philippines: Market for Plastic Hoses and Hose Fittings 2024

Market Size for Plastic Hoses and Hose Fittings in the Philippines

The Philippine market for plastic hoses and hose fittings skyrocketed to $X in 2021, increasing by 41% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a prominent increase. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Exports of Plastic Hoses and Hose Fittings

Exports from the Philippines

In 2021, shipments abroad of plastic hoses and hose fittings decreased by -65.2% to X tons, falling for the second consecutive year after three years of growth. Overall, exports, however, showed resilient growth. The pace of growth was the most pronounced in 2017 when exports increased by 604%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, plastic hose and hose fitting exports contracted markedly to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 727% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Japan (X tons) and Thailand (X tons) were the main destinations of plastic hose and hose fitting exports from the Philippines, with a combined 83% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +43.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for plastic hoses and hose fittings exports from the Philippines, comprising 48% of total exports. The second position in the ranking was held by Indonesia ($X), with a 22% share of total exports. It was followed by South Korea, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +27.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+18.9% per year) and South Korea (-16.2% per year).

Export Prices by Country

The average export price for plastic hoses and hose fittings stood at $X per ton in 2021, reducing by -14.4% against the previous year. Over the period under review, the export price continues to indicate a deep downturn. The pace of growth was the most pronounced in 2018 when the average export price increased by 24%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per ton), while the average price for exports to China ($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 Malaysia (+12.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Plastic Hoses and Hose Fittings

Imports into the Philippines

In 2021, approx. X tons of plastic hoses and hose fittings were imported into the Philippines; jumping by 19% on the previous year's figure. Over the period under review, imports saw a resilient expansion. The pace of growth was the most pronounced in 2015 with an increase of 66% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, plastic hose and hose fitting imports surged to $X in 2021. In general, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +27.5% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 27% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest plastic hose and hose fitting supplier to the Philippines, accounting for a 77% share of total imports. Moreover, plastic hose and hose fitting imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. Spain (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.7% per year) and Spain (+0.9% per year).

In value terms, Spain ($X), Japan ($X) and China ($X) were the largest plastic hose and hose fitting suppliers to the Philippines, with a combined 73% share of total imports.

China, with a CAGR of +17.9%, saw 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

In 2021, the average import price for plastic hoses and hose fittings amounted to $X per ton, picking up by 1.6% against the previous year. Overall, the import price, however, continues to indicate a abrupt decrease. The growth pace was the most rapid in 2016 an increase of 82%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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