Philippines: Vacuum Pump Market 2024

Vacuum Pump Market Size in the Philippines

The Philippine vacuum pump market stood at $X in 2022, growing by 4.4% against the previous year. Overall, consumption, however, recorded a perceptible descent. The growth pace was the most rapid in 2020 with an increase of 9.4%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Vacuum Pump Production in the Philippines

In value terms, vacuum pump production rose slightly to $X in 2022 estimated in export price. Overall, production, however, showed a pronounced slump. The growth pace was the most rapid in 2020 with an increase of 10% against the previous year. Vacuum pump production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Vacuum Pump Exports

Exports from the Philippines

In 2022, approx. X units of vacuum pumps were exported from the Philippines; reducing by -74.4% on the year before. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 6,875%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, vacuum pump exports reduced rapidly to $X in 2022. Over the period under review, exports, however, showed measured growth. The most prominent rate of growth was recorded in 2016 when exports increased by 9,801%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X units), Singapore (X units) and China (X units) were the main destinations of vacuum pump exports from the Philippines, together accounting for 68% of total exports. Thailand, Japan, Vietnam and France lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +69.9%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and Singapore ($X) constituted the largest markets for vacuum pump exported from the Philippines worldwide, with a combined 68% share of total exports.

Thailand, with a CAGR of +173.2%, recorded the highest growth rate of 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

The average vacuum pump export price stood at $X per unit in 2022, increasing by 20% against the previous year. Overall, the export price continues to indicate a temperate increase. The pace of growth was the most pronounced in 2016 an increase of 28,738%. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: 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 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+171.5%), while the prices for the other major destinations experienced more modest paces of growth.

Vacuum Pump Imports

Imports into the Philippines

In 2022, supplies from abroad of vacuum pumps increased by 179% to X units, rising for the second consecutive year after three years of decline. In general, imports saw a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, vacuum pump imports shrank to $X in 2022. Over the period under review, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 89%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of vacuum pump to the Philippines, accounting for a 73% share of total imports. Moreover, vacuum pump imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), sixfold. The third position in this ranking was taken by Singapore (X units), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +23.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+14.4% per year) and Singapore (+14.6% per year).

In value terms, China ($X), Japan ($X) and Singapore ($X) constituted the largest vacuum pump suppliers to the Philippines, together accounting for 53% of total imports. The United States, Taiwan (Chinese) and South Korea lagged somewhat behind, together comprising a further 21%.

South Korea, with a CAGR of +17.2%, recorded the highest growth rate of the value of imports, among 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 2022, the average vacuum pump import price amounted to $X per unit, which is down by -66.1% against the previous year. Overall, the import price recorded a deep downturn. The pace of growth appeared the most rapid in 2015 when the average import price increased by 72% against the previous year. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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