Philippines: Inflator System Airbag Market 2024

Inflator System Airbag Market Size in the Philippines

In 2022, the Philippine inflator system airbag market decreased by X% to $X for the first time since 2011, thus ending a ten-year rising trend. In general, consumption posted a prominent expansion. Inflator system airbag consumption peaked at $X in 2021, and then reduced in the following year.

Inflator System Airbag Production in the Philippines

In value terms, inflator system airbag production declined to $X in 2022 estimated in export price. Overall, production showed a pronounced decrease. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Inflator System Airbag Exports

Exports from the Philippines

In 2022, approx. X tons of airbags with inflator system and parts thereof were exported from the Philippines; with a decrease of X% compared with the previous year's figure. In general, exports faced a sharp slump. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, inflator system airbag exports fell dramatically to $X in 2022. Overall, exports recorded a dramatic curtailment. The pace of growth was the most pronounced in 2019 when exports increased by X%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for inflator system airbag exports from the Philippines, accounting for a X% share of total exports. Moreover, inflator system airbag exports to Japan exceeded the volume sent to the second major destination, China (X tons), ninefold. The third position in this ranking was held by Thailand (X tons), with a X% share.

From 2017 to 2022, the average annual growth rate of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Thailand (X% per year).

In value terms, Japan ($X) remains the key foreign market for airbags with inflator system and parts thereof exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2017 to 2022, the average annual rate of growth in terms of value to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Thailand (X% per year).

Export Prices by Country

The average inflator system airbag export price stood at $X per ton in 2022, reducing by X% against the previous year. Overall, export price indicated a remarkable increase from 2017 to 2022: its price increased at an average annual rate of X% over the last five-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, inflator system airbag export price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2021, and then fell in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were India ($X per ton) and Japan ($X per ton), while the average price for exports to Malaysia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Inflator System Airbag Imports

Imports into the Philippines

In 2022, the amount of airbags with inflator system and parts thereof imported into the Philippines fell slightly to X tons, dropping by X% compared with 2021. Overall, imports recorded a precipitous contraction. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, inflator system airbag imports shrank markedly to $X in 2022. In general, imports recorded a precipitous contraction. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest inflator system airbag supplier to the Philippines, accounting for a X% share of total imports. Moreover, inflator system airbag imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Singapore (X tons) ranked third in terms of total imports with a X% share.

From 2017 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Singapore (X% per year).

In value terms, the largest inflator system airbag suppliers to the Philippines were the United States ($X), China ($X) and Singapore ($X), together accounting for X% of total imports.

In terms of the main suppliers, Singapore, with a CAGR of X%, 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

The average inflator system airbag import price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the import price continues to indicate a deep contraction. The growth pace was the most rapid in 2018 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

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

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform