Philippines: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in the Philippines

The Philippine market for tube or pipe fittings (of iron or steel) soared to $X in 2022, jumping by 19% 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 recorded a significant increase. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in years to come.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from the Philippines

In 2022, shipments abroad of tube or pipe fittings (of iron or steel) increased by 24% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, continue to indicate a abrupt downturn. The growth pace was the most rapid in 2021 with an increase of 65% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, iron or steel tube fitting exports shrank to $X in 2022. Overall, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 112% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Thailand (X tons) and Japan (X tons) were the main destinations of iron or steel tube fitting exports from the Philippines, with a combined 79% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +34.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel tube fitting exported from the Philippines were the United States ($X), Thailand ($X) and Japan ($X), with a combined 78% share of total exports.

Thailand, with a CAGR of +34.5%, recorded the highest rates of growth with regard to the value of exports, among 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 export price for tube or pipe fittings (of iron or steel) amounted to $X per ton, waning by -27.8% against the previous year. Over the period under review, the export price, however, posted a noticeable increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 55%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then shrank dramatically in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+8.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into the Philippines

Iron or steel tube fitting imports into the Philippines skyrocketed to X tons in 2022, growing by 19% compared with 2021. In general, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +24.7% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 45%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, iron or steel tube fitting imports skyrocketed to $X in 2022. Overall, imports recorded a perceptible increase. The pace of growth was the most pronounced in 2018 when imports increased by 29%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest iron or steel tube fitting supplier to the Philippines, with a 67% share of total imports. Moreover, iron or steel tube fitting imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. The third position in this ranking was held by Japan (X tons), with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+16.6% per year) and Japan (-3.0% per year).

In value terms, China ($X) constituted the largest supplier of tube or pipe fittings (of iron or steel) to the Philippines, comprising 36% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by Singapore, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.2% per year) and Singapore (+11.7% per year).

Import Prices by Country

In 2022, the average import price for tube or pipe fittings (of iron or steel) amounted to $X per ton, remaining constant against the previous year. Overall, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel tube fitting import price increased by +85.1% against 2016 indices. The growth pace was the most rapid in 2017 when the average import price increased by 49% against the previous year. The import price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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