Philippines: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in the Philippines

The Philippine asphalt or bitumen article market skyrocketed to $X in 2023, growing by X% 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 continues to indicate a remarkable increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Asphalt or Bitumen Articles

Exports from the Philippines

In 2023, shipments abroad of asphalt or bitumen articles decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports saw a drastic downturn. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, asphalt or bitumen article exports shrank notably to $X in 2023. Overall, exports saw a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

Exports by Country

Japan (X tons) and Micronesia (X tons) were the main destinations of asphalt or bitumen article exports from the Philippines.

From 2012 to 2023, the biggest increases were recorded for Japan (with a CAGR of X%).

In value terms, the largest markets for asphalt or bitumen article exported from the Philippines were Japan ($X) and Micronesia ($X).

Among the main countries of destination, Micronesia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average asphalt or bitumen article export price stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the export price, however, posted a notable increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2023, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Micronesia ($X per ton), while the average price for exports to Japan stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Asphalt or Bitumen Articles

Imports into the Philippines

For the third consecutive year, the Philippines recorded growth in purchases abroad of asphalt or bitumen articles, which increased by X% to X tons in 2023. Overall, imports continue to indicate a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, asphalt or bitumen article imports soared to $X in 2023. Over the period under review, imports continue to indicate a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2023, the United Arab Emirates (X tons) constituted the largest supplier of asphalt or bitumen article to the Philippines, with a X% share of total imports. Moreover, asphalt or bitumen article imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), eightfold. The third position in this ranking was held by Italy (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from the United Arab Emirates stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Italy (X% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of asphalt or bitumen articles to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with an X% share of total imports. It was followed by Italy, with a X% share.

From 2012 to 2023, the average annual growth rate of value from the United Arab Emirates stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Italy (X% per year).

Import Prices by Country

The average asphalt or bitumen article import price stood at $X per ton in 2023, rising by X% against the previous year. Over the period under review, import price indicated a measured expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, asphalt or bitumen article import price increased by X% against 2017 indices. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2023 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Egypt ($X per ton) and Italy ($X per ton), while the price for the United Arab Emirates ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform