Philippines: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in the Philippines

The Philippine retreaded pneumatic tyre market rose rapidly to $X in 2022, increasing by 13% against the previous year. In general, consumption, however, saw a perceptible decline. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Retreaded Pneumatic Tyre Production in the Philippines

In value terms, retreaded pneumatic tyre production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced decrease. The pace of growth was the most pronounced in 2018 with an increase of 85% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Retreaded Pneumatic Tyre Exports

Exports from the Philippines

In 2022, approx. X units of retreaded pneumatic tyres were exported from the Philippines; which is down by -98.2% compared with the previous year's figure. In general, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2014 when exports increased by 846%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, retreaded pneumatic tyre exports shrank dramatically to $X in 2022. Overall, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 1,708% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for retreaded pneumatic tyre exports from the Philippines, with a 97% share of total exports. It was followed by China (X units), with a 1.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-14.3% per year) and the United States (-49.3% per year).

In value terms, Thailand ($X) emerged as the key foreign market for retreaded pneumatic tyres exports from the Philippines, comprising 69% of total exports. The second position in the ranking was taken by the United States ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand stood at -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-29.4% per year) and China (-17.2% per year).

Export Prices by Country

The average retreaded pneumatic tyre export price stood at $X per unit in 2022, dropping by -73.2% against the previous year. Over the period under review, the export price recorded a abrupt curtailment. The growth pace was the most rapid in 2015 when the average export price increased by 165% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Thailand ($X per unit) 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 States (+39.2%), while the prices for the other major destinations experienced a decline.

Retreaded Pneumatic Tyre Imports

Imports into the Philippines

In 2022, supplies from abroad of retreaded pneumatic tyres was finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports enjoyed prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of 290%. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, retreaded pneumatic tyre imports soared to $X in 2022. In general, imports saw a resilient increase. The pace of growth appeared the most rapid in 2015 with an increase of 532% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of retreaded pneumatic tyre to the Philippines, with a 84% share of total imports. Moreover, retreaded pneumatic tyre imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), ninefold. The third position in this ranking was taken by South Korea (X units), with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +44.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+21.2% per year) and South Korea (+37.9% per year).

In value terms, China ($X) constituted the largest supplier of retreaded pneumatic tyres to the Philippines, comprising 40% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by Thailand, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +29.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+30.8% per year) and Thailand (-0.6% per year).

Import Prices by Country

In 2022, the average retreaded pneumatic tyre import price amounted to $X per unit, which is down by -6.9% against the previous year. Overall, the import price, however, showed a perceptible increase. The growth pace was the most rapid in 2015 when the average import price increased by 231% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 Thailand ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+57.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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