Philippines: Polyvinyl Chloride Market 2024

Polyvinyl Chloride Market Size in the Philippines

In 2022, the Philippine polyvinyl chloride market increased by 1,481% to $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Polyvinyl Chloride Production in the Philippines

In value terms, polyvinyl chloride production fell to $X in 2022 estimated in export price. In general, production recorded perceptible growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 196%. Polyvinyl chloride production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Polyvinyl Chloride Exports

Exports from the Philippines

After three years of growth, shipments abroad of polyvinyl chloride decreased by -33.6% to X tons in 2022. Overall, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 184%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then reduced notably in the following year.

In value terms, polyvinyl chloride exports declined rapidly to $X in 2022. In general, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 196% against the previous year. The exports peaked at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Vietnam (X tons) was the main destination for polyvinyl chloride exports from the Philippines, with a 76% share of total exports. Moreover, polyvinyl chloride exports to Vietnam exceeded the volume sent to the second major destination, Indonesia (X tons), ninefold. The third position in this ranking was taken by Malaysia (X tons), with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+62.4% per year) and Malaysia (+12.0% per year).

In value terms, Vietnam ($X) remains the key foreign market for polyvinyl chloride exports from the Philippines, comprising 74% of total exports. The second position in the ranking was taken by China ($X), with an 8.9% share of total exports. It was followed by Indonesia, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam amounted to +16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-7.7% per year) and Indonesia (+48.8% per year).

Export Prices by Country

The average polyvinyl chloride export price stood at $X per ton in 2022, declining by -12.5% against the previous year. Overall, the export price recorded a pronounced descent. The most prominent rate of growth was recorded in 2017 an increase of 163%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Indonesia ($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 China (-0.7%), while the prices for the other major destinations experienced a decline.

Polyvinyl Chloride Imports

Imports into the Philippines

In 2022, supplies from abroad of polyvinyl chloride increased by 1% to X tons, rising for the second year in a row after two years of decline. Overall, imports recorded a perceptible expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 107%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, polyvinyl chloride imports reached $X in 2022. Over the period under review, imports posted a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 89% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Thailand (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of polyvinyl chloride imports to the Philippines, with a combined 74% share of total imports. Indonesia, Singapore, Japan and Vietnam lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +25.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest polyvinyl chloride suppliers to the Philippines were China ($X), Thailand ($X) and Taiwan (Chinese) ($X), with a combined 66% share of total imports. Singapore, Japan, Indonesia and Vietnam lagged somewhat behind, together accounting for a further 22%.

Among the main suppliers, Indonesia, with a CAGR of +30.7%, 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

The average polyvinyl chloride import price stood at $X per ton in 2022, flattening at the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polyvinyl chloride import price increased by +71.6% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 27%. The import price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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