Philippines: Thermoforming Machine Market 2024

Thermoforming Machine Market Size in the Philippines

In 2021, the Philippine thermoforming machine market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption showed a buoyant increase. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Thermoforming Machine Exports

Exports from the Philippines

In 2021, overseas shipments of thermoforming machines for working rubber or plastics were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports recorded a significant expansion. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, thermoforming machine exports soared to $X in 2021. Overall, exports enjoyed prominent growth. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X units), China (X units) and Japan (X units) were the main destinations of thermoforming machine exports from the Philippines, with a combined 90% share 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 China (with a CAGR of +43.0%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for thermoforming machines for working rubber or plastics exports from the Philippines, comprising 65% of total exports. The second position in the ranking was held by Japan ($X), with a 21% share of total exports. It was followed by South Korea, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam totaled +22.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+46.5% per year) and South Korea (+9.8% per year).

Export Prices by Country

In 2021, the average thermoforming machine export price amounted to $X per unit, growing by 8.5% against the previous year. In general, the export price, however, showed a abrupt contraction. The growth pace was the most rapid in 2018 when the average export price increased by 102%. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to China ($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 Japan (+9.6%), while the prices for the other major destinations experienced a decline.

Thermoforming Machine Imports

Imports into the Philippines

In 2021, supplies from abroad of thermoforming machines for working rubber or plastics was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 358%. As a result, imports attained the peak of X units. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, thermoforming machine imports skyrocketed to $X in 2021. Over the period under review, imports saw a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 237% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of thermoforming machine to the Philippines, with a 59% share of total imports. Moreover, thermoforming machine imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. The third position in this ranking was held by Singapore (X units), with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +24.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+22.2% per year) and Singapore (+45.6% per year).

In value terms, China ($X), Taiwan (Chinese) ($X) and Germany ($X) constituted the largest thermoforming machine suppliers to the Philippines, together comprising 61% of total imports. Singapore, Austria, India, Japan, Hong Kong SAR and Malaysia lagged somewhat behind, together comprising a further 31%.

Singapore, with a CAGR of +55.7%, 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

In 2021, the average thermoforming machine import price amounted to $X per unit, falling by -34.8% against the previous year. In general, the import price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the average import price increased by 46%. The import price peaked at $X per unit 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 Austria ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+8.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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