Philippines: Transmission Shaft Market 2024

Transmission Shaft Market Size in the Philippines

In 2022, after three years of decline, there was significant growth in the Philippine transmission shaft market, when its value increased by 6.2% to $X. In general, consumption, however, recorded strong growth. Transmission shaft consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Transmission Shaft Exports

Exports from the Philippines

In 2022, shipments abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 18% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 378%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, transmission shaft exports rose rapidly to $X in 2022. In general, exports posted prominent growth. The growth pace was the most rapid in 2013 when exports increased by 161% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons), the United States (X tons) and Germany (X tons) were the main destinations of transmission shaft exports from the Philippines, together comprising 51% of total exports. Indonesia, Mexico, Japan, Vietnam, Singapore, Italy, Denmark, China, the UK and Argentina lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +316.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for transmission shaft exported from the Philippines were Thailand ($X), the United States ($X) and Germany ($X), together accounting for 49% of total exports. Indonesia, Mexico, Japan, Singapore, Vietnam, Italy, Denmark, China, the UK and Argentina lagged somewhat behind, together comprising a further 44%.

Italy, with a CAGR of +423.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average transmission shaft export price amounted to $X per ton, declining by -10% against the previous year. Overall, the export price showed a pronounced contraction. The most prominent rate of growth was recorded in 2019 when the average export price increased by 38% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the UK ($X per ton) and Italy ($X per ton), while the average price for exports to Thailand ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+25.8%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into the Philippines

In 2022, purchases abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 4.1% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate buoyant growth. The growth pace was the most rapid in 2016 when imports increased by 69% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, transmission shaft imports reached $X in 2022. Overall, imports showed resilient growth. The growth pace was the most rapid in 2016 with an increase of 96%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of transmission shaft to the Philippines, with a 49% share of total imports. Moreover, transmission shaft imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by Thailand (X tons), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+7.0% per year) and Thailand (+30.3% per year).

In value terms, the largest transmission shaft suppliers to the Philippines were Japan ($X), China ($X) and Thailand ($X), together accounting for 59% of total imports.

Among the main suppliers, Thailand, with a CAGR of +32.8%, 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 2022, the average transmission shaft import price amounted to $X per ton, picking up by 9.5% against the previous year. Overall, the import price saw a strong expansion. The most prominent rate of growth was recorded in 2019 when the average import price increased by 62% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+20.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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