Philippines: Polymethyl Methacrylate Market 2024

Polymethyl Methacrylate Market Size in the Philippines

The Philippine polymethyl methacrylate market expanded rapidly to $X in 2022, surging by 11% against the previous year. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +12.3% against 2019 indices. Polymethyl methacrylate consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Polymethyl Methacrylate Production in the Philippines

In value terms, polymethyl methacrylate production totaled $X in 2022 estimated in export price. Overall, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +12.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 62% against the previous year. Polymethyl methacrylate production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Polymethyl Methacrylate Exports

Exports from the Philippines

In 2022, shipments abroad of polymethyl methacrylate in primary forms decreased by -58.2% to X tons, falling for the second consecutive year after four years of growth. Overall, exports, however, saw a significant expansion. The growth pace was the most rapid in 2018 with an increase of 29,083% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, polymethyl methacrylate exports reduced notably to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 14,310%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons), Hong Kong SAR (X tons) and Malaysia (X tons) were the main destinations of polymethyl methacrylate exports from the Philippines.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +80.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for polymethyl methacrylate exported from the Philippines were China ($X), Hong Kong SAR ($X) and Malaysia ($X).

Malaysia, with a CAGR of +57.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average polymethyl methacrylate export price stood at $X per ton in 2022, increasing by 25% against the previous year. In general, the export price, however, saw a abrupt setback. The pace of growth was the most pronounced in 2015 an increase of 53%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Hong Kong SAR ($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 Hong Kong SAR (+21.5%), while the prices for the other major destinations experienced a decline.

Polymethyl Methacrylate Imports

Imports into the Philippines

In 2022, purchases abroad of polymethyl methacrylate in primary forms was finally on the rise to reach X tons after two years of decline. Overall, imports showed a strong increase. The pace of growth was the most pronounced in 2016 with an increase of 124% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, polymethyl methacrylate imports skyrocketed to $X in 2022. Over the period under review, imports showed a significant expansion. The growth pace was the most rapid in 2016 with an increase of 104% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of polymethyl methacrylate imports to the Philippines, together accounting for 80% of total imports. Singapore, Italy, Indonesia, India and Malaysia lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +45.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and Singapore ($X) appeared to be the largest polymethyl methacrylate suppliers to the Philippines, together comprising 78% of total imports. Taiwan (Chinese), Italy, Malaysia, India and Indonesia lagged somewhat behind, together accounting for a further 13%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +56.6%, recorded the highest growth rate of 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

In 2022, the average polymethyl methacrylate import price amounted to $X per ton, waning by -11.7% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polymethyl methacrylate import price increased by +52.3% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 24% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell in the following year.

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 Italy ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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