Philippines: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in the Philippines

In 2022, the Philippine industrial stearic acid market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Industrial stearic acid consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Industrial Stearic Acid Exports

Exports from the Philippines

In 2019, overseas shipments of industrial stearic acid decreased by X% to X tons for the first time since 2013, thus ending a five-year rising trend. In general, exports, however, showed significant growth. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons, and then fell rapidly in the following year.

In value terms, industrial stearic acid exports fell sharply to $X in 2019. Overall, exports, however, showed a significant increase. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then declined notably in the following year.

Exports by Country

Thailand (X kg), India (X kg) and Vietnam (X kg) were the main destinations of industrial stearic acid exports from the Philippines.

From 2012 to 2019, the biggest increases were recorded for Thailand (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) emerged as the key foreign market for industrial stearic acid exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by India ($X), with a X% share of total exports.

From 2012 to 2019, the average annual rate of growth in terms of value to Thailand totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2019, the average industrial stearic acid export price amounted to $X per ton, picking up by X% against the previous year. In general, the export price posted a prominent increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2019, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to India (X%).

Industrial Stearic Acid Imports

Imports into the Philippines

Industrial stearic acid imports into the Philippines fell to X tons in 2022, which is down by X% on the previous year. Over the period under review, total imports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, industrial stearic acid imports skyrocketed to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and China (X tons) were the main suppliers of industrial stearic acid imports to the Philippines, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X), Malaysia ($X) and China ($X) appeared to be the largest industrial stearic acid suppliers to the Philippines, together accounting for X% of total imports.

Malaysia, with a CAGR of X%, recorded the highest rates of growth with regard to 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 industrial stearic acid import price amounted to $X per ton, increasing by X% against the previous year. Overall, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial stearic acid import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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