Philippines: Metal-Reinforced Rubber Hose Market 2024

Metal-Reinforced Rubber Hose Market Size in the Philippines

The Philippine metal-reinforced rubber hose market surged to $X in 2022, increasing by 54% 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). In general, consumption posted a strong increase. Metal-reinforced rubber hose consumption peaked in 2022 and is expected to retain growth in years to come.

Metal-Reinforced Rubber Hose Exports

Exports from the Philippines

In 2022, the amount of rubber hose reinforced with metal exported from the Philippines skyrocketed to X kg, increasing by 89% against 2021. Overall, exports recorded a significant expansion. The exports peaked at X kg in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal-reinforced rubber hose exports skyrocketed to $X in 2022. Over the period under review, exports posted a significant increase. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Guatemala (X kg), Canada (X kg) and New Zealand (X kg) were the main destinations of metal-reinforced rubber hose exports from the Philippines.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +97.3%), while the other leaders experienced mixed trend patterns.

In value terms, Guatemala ($X) emerged as the key foreign market for rubber hose reinforced with metal exports from the Philippines, comprising 72% of total exports. The second position in the ranking was held by Canada ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Guatemala was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+111.1% per year) and New Zealand (-2.8% per year).

Export Prices by Country

The average metal-reinforced rubber hose export price stood at $X per ton in 2022, with an increase of 160% against the previous year. Overall, the export price saw a temperate increase. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Canada ($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 Taiwan (Chinese) (+20.2%), while the prices for the other major destinations experienced more modest paces of growth.

Metal-Reinforced Rubber Hose Imports

Imports into the Philippines

In 2022, the amount of rubber hose reinforced with metal imported into the Philippines soared to X tons, increasing by 59% compared with the year before. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 90%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, metal-reinforced rubber hose imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2014 when imports increased by 124%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal-reinforced rubber hose to the Philippines, with a 62% share of total imports. Moreover, metal-reinforced rubber hose imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. The third position in this ranking was held by Thailand (X tons), with a 7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+219.9% per year) and Thailand (+23.4% per year).

In value terms, the largest metal-reinforced rubber hose suppliers to the Philippines were China ($X), the United States ($X) and Thailand ($X), together comprising 65% of total imports. Malaysia, Singapore, Turkey and Taiwan (Chinese) lagged somewhat behind, together comprising a further 24%.

In terms of the main suppliers, Malaysia, with a CAGR of +158.3%, 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 metal-reinforced rubber hose import price stood at $X per ton in 2022, falling by -4.2% against the previous year. Over the period under review, the import price saw a pronounced slump. The pace of growth appeared the most rapid in 2014 an increase of 39%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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