Philippines: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in the Philippines

In 2022, after four years of growth, there was significant decline in the Philippine polypropylene in primary forms market, when its value decreased by -41% to $X. In general, consumption, however, continues to indicate a relatively flat trend pattern. Polypropylene in primary forms consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Exports of Polypropylene in Primary Forms

Exports from the Philippines

In 2022, the amount of polypropylene in primary forms exported from the Philippines surged to X tons, picking up by 125% on the previous year's figure. Overall, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 905%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, polypropylene in primary forms exports soared to $X in 2022. Over the period under review, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by 761% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for polypropylene in primary forms exports from the Philippines, with a 79% share of total exports. Moreover, polypropylene in primary forms exports to Indonesia exceeded the volume sent to the second major destination, China (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia amounted to +117.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+15.1% per year) and Myanmar (+48.7% per year).

In value terms, Indonesia ($X) remains the key foreign market for polypropylene in primary forms exports from the Philippines, comprising 80% of total exports. The second position in the ranking was taken by China ($X), with a 9.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia stood at +116.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+12.1% per year) and Myanmar (+48.2% per year).

Export Prices by Country

The average polypropylene in primary forms export price stood at $X per ton in 2022, declining by -3.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 33%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to China ($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 Israel (+9.8%), while the prices for the other major destinations experienced a decline.

Imports of Polypropylene in Primary Forms

Imports into the Philippines

In 2022, imports of polypropylene in primary forms into the Philippines declined to X tons, falling by -14.2% compared with 2021. Over the period under review, imports, however, continue to indicate a pronounced expansion. The pace of growth appeared the most rapid in 2019 with an increase of 120% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then declined in the following year.

In value terms, polypropylene in primary forms imports dropped dramatically to $X in 2022. In general, imports, however, posted a resilient expansion. The growth pace was the most rapid in 2014 when imports increased by 125% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Thailand (X tons) and Vietnam (X tons) were the main suppliers of polypropylene in primary forms imports to the Philippines, together comprising 51% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +48.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and Vietnam ($X) were the largest polypropylene in primary forms suppliers to the Philippines, together accounting for 50% of total imports.

Vietnam, with a CAGR of +51.6%, recorded 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

In 2022, the average polypropylene in primary forms import price amounted to $X per ton, with a decrease of -2.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2014 an increase of 49%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Oman ($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) (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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