Philippines: Market for Spray Guns And Similar Appliances 2024

Market Size for Spray Guns And Similar Appliances in the Philippines

The Philippine market for spray guns and similar appliances shrank sharply to $X in 2022, which is down by -20.6% 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, however, saw a measured increase. Spray guns and similar appliances consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Exports of Spray Guns And Similar Appliances

Exports from the Philippines

Spray guns and similar appliances exports from the Philippines dropped remarkably to X units in 2022, reducing by -62.8% against the year before. Over the period under review, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 999%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, spray guns and similar appliances exports declined dramatically to $X in 2022. In general, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2021 with an increase of 1,169% against the previous year. As a result, the exports attained the peak of $X, and then declined notably in the following year.

Exports by Country

South Korea (X units) was the main destination for spray guns and similar appliances exports from the Philippines, with a 79% share of total exports. Moreover, spray guns and similar appliances exports to South Korea exceeded the volume sent to the second major destination, Vietnam (X units), fourfold.

From 2013 to 2022, the average annual rate of growth in terms of volume to South Korea totaled -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+317.5% per year) and Japan (-40.6% per year).

In value terms, South Korea ($X) emerged as the key foreign market for spray guns and similar appliances exports from the Philippines, comprising 79% of total exports. The second position in the ranking was held by Vietnam ($X), with a 20% share of total exports.

From 2013 to 2022, the average annual rate of growth in terms of value to South Korea stood at +38.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+321.7% per year) and Japan (-23.5% per year).

Export Prices by Country

In 2022, the average export price for spray guns and similar appliances amounted to $X per unit, shrinking by -10.6% against the previous year. Overall, the export price, however, showed a significant expansion. The growth pace was the most rapid in 2018 when the average export price increased by 514%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2021, and then dropped in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to South Korea ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+95.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spray Guns And Similar Appliances

Imports into the Philippines

In 2022, imports of spray guns and similar appliances into the Philippines contracted dramatically to X units, waning by -34.6% against the year before. Overall, imports showed a perceptible reduction. The most prominent rate of growth was recorded in 2014 with an increase of 132% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, spray guns and similar appliances imports expanded significantly to $X in 2022. In general, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 128%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest spray guns and similar appliances supplier to the Philippines, with a 64% share of total imports. Moreover, spray guns and similar appliances imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold. Japan (X units) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.8% per year) and Japan (+13.2% per year).

In value terms, China ($X) constituted the largest supplier of spray guns and similar appliances to the Philippines, comprising 64% of total imports. The second position in the ranking was taken by the United States ($X), with an 8.7% share of total imports. It was followed by Japan, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +27.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+28.7% per year) and Japan (+22.4% per year).

Import Prices by Country

In 2022, the average import price for spray guns and similar appliances amounted to $X per unit, with an increase of 62% against the previous year. Overall, the import price enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 334%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United Arab Emirates ($X per unit) and Indonesia ($X per unit), while the price for Singapore ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+34.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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