Philippines: Potassium Hydroxide Market 2024

Potassium Hydroxide Market Size in the Philippines

The Philippine potassium hydroxide market skyrocketed to $X in 2022, rising by 51% 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). Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +147.4% against 2018 indices. Potassium hydroxide consumption peaked in 2022 and is expected to retain growth in the near future.

Potassium Hydroxide Exports

Exports from the Philippines

In 2022, after three years of growth, there was significant decline in shipments abroad of potassium hydroxide (caustic potash), when their volume decreased by -59.6% to X kg. In general, exports faced a sharp contraction. The pace of growth was the most pronounced in 2014 with an increase of 16,854%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, potassium hydroxide exports shrank significantly to $X in 2022. Overall, exports showed a sharp contraction. The growth pace was the most rapid in 2014 when exports increased by 10,430% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X kg) was the main destination for potassium hydroxide exports from the Philippines, accounting for a 82% share of total exports. Moreover, potassium hydroxide exports to the United Arab Emirates exceeded the volume sent to the second major destination, Taiwan (Chinese) (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled -15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-35.7% per year) and the UK (-32.3% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for potassium hydroxide (caustic potash) exports from the Philippines, comprising 90% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 4.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-31.6% per year) and the UK (-24.6% per year).

Export Prices by Country

In 2022, the average potassium hydroxide export price amounted to $X per ton, jumping by 51% against the previous year. Over the period under review, the export price posted significant growth. The growth pace was the most rapid in 2017 when the average export price increased by 145%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to the UK ($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 the United Arab Emirates (+21.5%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Hydroxide Imports

Imports into the Philippines

Potassium hydroxide imports into the Philippines skyrocketed to X tons in 2022, jumping by 15% against the previous year. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 30%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, potassium hydroxide imports surged to $X in 2022. Overall, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +190.5% against 2018 indices. The growth pace was the most rapid in 2019 when imports increased by 67%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, South Korea (X tons) constituted the largest supplier of potassium hydroxide to the Philippines, accounting for a 77% share of total imports. Moreover, potassium hydroxide imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume from South Korea amounted to +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.7% per year) and Taiwan (Chinese) (-7.8% per year).

In value terms, South Korea ($X) constituted the largest supplier of potassium hydroxide (caustic potash) to the Philippines, comprising 72% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea amounted to +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.5% per year) and Taiwan (Chinese) (-5.6% per year).

Import Prices by Country

In 2022, the average potassium hydroxide import price amounted to $X per ton, increasing by 43% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium hydroxide import price increased by +113.1% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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