Philippines: Silicone Market 2024

Silicone Market Size in the Philippines

The Philippine silicone market reduced to $X in 2021, with a decrease of -2.6% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Silicone Production in the Philippines

In value terms, silicone production reduced to $X in 2021 estimated in export price. Over the period under review, production saw a noticeable downturn. The pace of growth was the most pronounced in 2018 with an increase of 39% against the previous year. Silicone production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Silicone Exports

Exports from the Philippines

After two years of decline, shipments abroad of silicones (in primary forms) increased by 192% to X tons in 2021. Overall, exports, however, recorded a dramatic decline. The most prominent rate of growth was recorded in 2018 when exports increased by 2,412%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, silicone exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a sharp contraction. The pace of growth appeared the most rapid in 2017 with an increase of 3,658%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X tons), China (X tons) and Thailand (X tons) were the main destinations of silicone exports from the Philippines, together accounting for 83% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +86.9%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Nauru ($X) and China ($X) appeared to be the largest markets for silicone exported from the Philippines worldwide, together accounting for 80% of total exports. Hong Kong SAR, Thailand, Indonesia, Vietnam and the United States lagged somewhat behind, together accounting for a further 15%.

Among the main countries of destination, Thailand, with a CAGR of +72.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average silicone export price stood at $X per ton in 2021, growing by 256% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nauru ($X per ton), while the average price for exports to Vietnam ($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 Vietnam (+44.6%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into the Philippines

In 2021, silicone imports into the Philippines expanded sharply to X tons, increasing by 5.5% against 2020. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 68%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, silicone imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a deep downturn. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest silicone supplier to the Philippines, with a 35% share of total imports. Moreover, silicone imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+10.1% per year) and Thailand (+15.5% per year).

In value terms, Japan ($X), China ($X) and Thailand ($X) were the largest silicone suppliers to the Philippines, together accounting for 70% of total imports. South Korea, the United States, Germany, India, the UK and Malaysia lagged somewhat behind, together accounting for a further 24%.

Among the main suppliers, Malaysia, with a CAGR of +25.2%, saw 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 silicone import price amounted to $X per ton, increasing by 22% against the previous year. In general, the import price, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2017 when the average import price increased by 31%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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 Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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