Philippines: Safety Valve Market 2024

Safety Valve Market Size in the Philippines

In 2021, the Philippine safety valve market increased by 31% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a mild decrease. Safety valve consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Safety Valve Exports

Exports from the Philippines

In 2021, shipments abroad of safety or relief valves for pipes, boiler shells, tanks and vats decreased by -0.9% to X units, falling for the fourth year in a row after three years of growth. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 1,417% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, safety valve exports fell to $X in 2021. Over the period under review, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2017 with an increase of 1,358% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for safety valve exports from the Philippines, accounting for a 81% share of total exports. Moreover, safety valve exports to the United States exceeded the volume sent to the second major destination, Australia (X units), more than tenfold. Indonesia (X units) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +133.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (0.0% per year) and Indonesia (+9.9% per year).

In value terms, the United States ($X) remains the key foreign market for safety or relief valves for pipes, boiler shells, tanks and vats exports from the Philippines, comprising 80% of total exports. The second position in the ranking was taken by Australia ($X), with a 7.6% share of total exports. It was followed by Indonesia, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +356.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (0.0% per year) and Indonesia (+42.0% per year).

Export Prices by Country

In 2021, the average safety valve export price amounted to $X per unit, waning by -1.7% against the previous year. Over the period under review, the export price, however, continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2019 when the average export price increased by 258% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2020, and then declined modestly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Australia ($X per unit), while the average price for exports to Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+39.2%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into the Philippines

After two years of decline, overseas purchases of safety or relief valves for pipes, boiler shells, tanks and vats increased by 54% to X units in 2021. Overall, imports, however, saw a deep setback. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, safety valve imports surged to $X in 2021. In general, imports continue to indicate a tangible increase. The pace of growth appeared the most rapid in 2017 when imports increased by 73% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X units), China (X units) and Thailand (X units) were the main suppliers of safety valve imports to the Philippines, with a combined 61% share of total imports. Japan, Taiwan (Chinese), Singapore, Germany, Hong Kong SAR and South Korea lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +11.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest safety valve suppliers to the Philippines were the United States ($X), China ($X) and Thailand ($X), with a combined 59% share of total imports. Japan, Taiwan (Chinese), Singapore, Germany, South Korea and Hong Kong SAR lagged somewhat behind, together accounting for a further 31%.

Taiwan (Chinese), with a CAGR of +20.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average safety valve import price stood at $X per unit in 2021, dropping by -22.6% against the previous year. In general, the import price, however, continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2019 an increase of 107%. The import price peaked at $X per unit in 2020, and then contracted significantly in the following year.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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