Philippines: Polystyrene Market 2025

Polystyrene Market Size in the Philippines

The Philippine polystyrene market surged to $X in 2022, increasing by 22% 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 saw a prominent expansion. Polystyrene consumption peaked in 2022 and is expected to retain growth in the near future.

Polystyrene Exports

Exports from the Philippines

In 2022, the amount of polystyrene exported from the Philippines plummeted to X tons, with a decrease of -45% against 2021. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 624% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then dropped rapidly in the following year.

In value terms, polystyrene exports contracted notably to $X in 2022. Over the period under review, exports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2017 when exports increased by 2,217% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for polystyrene exports from the Philippines, accounting for a 84% share of total exports. Moreover, polystyrene exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +59.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+5.8% per year) and South Korea (+1.6% per year).

In value terms, China ($X) remains the key foreign market for polystyrene exports from the Philippines, comprising 71% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +42.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-3.2% per year) and South Korea (+2.7% per year).

Export Prices by Country

In 2022, the average polystyrene export price amounted to $X per ton, with a decrease of -19% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 an increase of 220%. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to China ($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 South Korea (+1.0%), while the prices for the other major destinations experienced a decline.

Polystyrene Imports

Imports into the Philippines

Polystyrene imports into the Philippines expanded remarkably to X tons in 2022, picking up by 5.9% compared with 2021. Overall, imports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 56%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, polystyrene imports rose remarkably to $X in 2022. In general, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 101%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest supplier of polystyrene to the Philippines, with a 30% share of total imports. Moreover, polystyrene imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. China (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Taiwan (Chinese) totaled +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+13.0% per year) and China (+41.4% per year).

In value terms, the largest polystyrene suppliers to the Philippines were Taiwan (Chinese) ($X), South Korea ($X) and China ($X), with a combined 53% share of total imports.

Among the main suppliers, China, with a CAGR of +44.1%, saw 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 polystyrene import price amounted to $X per ton, growing by 7.8% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 29% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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