Philippines: Explosives Market 2024

Explosives Market Size in the Philippines

In 2021, the Philippine explosives market decreased by -16.2% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +64.8% against 2017 indices. Over the period under review, the market hit record highs at $X in 2020, and then reduced markedly in the following year.

Explosives Production in the Philippines

In value terms, explosives production fell notably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2020 with an increase of 68%. As a result, production attained the peak level of $X, and then dropped dramatically in the following year.

Explosives Exports

Exports from the Philippines

Explosives exports from the Philippines soared to X tons in 2021, jumping by 206% against the previous year's figure. Overall, exports, however, saw a drastic downturn. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, explosives exports soared to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons), Australia (X tons) and Papua New Guinea (X tons) were the main destinations of explosives exports from the Philippines, together comprising 86% of total exports. These countries were followed by Taiwan (Chinese), Malaysia, Hong Kong SAR and Vietnam, which together accounted for a further 8.9%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +0.2%), while shipments for the other leaders experienced a decline.

In value terms, Australia ($X), Indonesia ($X) and Malaysia ($X) appeared to be the largest markets for explosives exported from the Philippines worldwide, with a combined 88% share of total exports.

Australia, with a CAGR of +13.6%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average explosives export price stood at $X per ton in 2021, increasing by 28% against the previous year. Overall, the export price saw resilient growth. The pace of growth was the most pronounced in 2014 an increase of 44%. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Explosives Imports

Imports into the Philippines

In 2021, imports of prepared explosives into the Philippines surged to X tons, picking up by 60% on the previous year. Over the period under review, imports posted strong growth. The pace of growth was the most pronounced in 2016 when imports increased by 148% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, explosives imports soared to $X in 2021. Overall, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 152%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in years to come.

Imports by Country

India (X tons), Indonesia (X tons) and China (X tons) were the main suppliers of explosives imports to the Philippines, with a combined 71% share of total imports. Spain, Australia and Malaysia lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +206.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Indonesia ($X) and Australia ($X) appeared to be the largest explosives suppliers to the Philippines, with a combined 37% share of total imports. China, Malaysia and Spain lagged somewhat behind, together comprising a further 12%.

In terms of the main suppliers, Spain, with a CAGR of +232.4%, recorded the highest rates of growth with regard to 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 2021, the average explosives import price amounted to $X per ton, with an increase of 46% against the previous year. Over the period under review, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, explosives import price increased by +121.3% against 2018 indices. The growth pace was the most rapid in 2019 when the average import price increased by 119%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+20.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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