Philippines: Transmission Shaft Market 2024

Transmission Shaft Market Size in the Philippines

In 2022, after three years of decline, there was significant growth in the Philippine transmission shaft market, when its value increased by X% to $X. Over the period under review, consumption showed a strong increase. Transmission shaft consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Transmission Shaft Exports

Exports from the Philippines

In 2022, shipments abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by X% to X tons, rising for the second year in a row after two years of decline. In general, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, transmission shaft exports expanded significantly to $X in 2022. Over the period under review, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X tons), the United States (X tons) and Germany (X tons) were the main destinations of transmission shaft exports from the Philippines, with a combined X% share of total exports. Indonesia, Mexico, Japan, Vietnam, Singapore, Italy, Denmark, China, the UK and Argentina lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for transmission shaft exported from the Philippines were Thailand ($X), the United States ($X) and Germany ($X), with a combined X% share of total exports. Indonesia, Mexico, Japan, Singapore, Vietnam, Italy, Denmark, China, the UK and Argentina lagged somewhat behind, together accounting for a further X%.

Italy, with a CAGR of X%, saw 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 transmission shaft export price stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price recorded a noticeable decrease. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the UK ($X per ton) and Italy ($X per ton), while the average price for exports to Thailand ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Transmission Shaft Imports

Imports into the Philippines

In 2022, supplies from abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, transmission shaft imports stood at $X in 2022. Overall, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of transmission shaft to the Philippines, accounting for a X% share of total imports. Moreover, transmission shaft imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by Thailand (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Thailand (X% per year).

In value terms, the largest transmission shaft suppliers to the Philippines were Japan ($X), China ($X) and Thailand ($X), together accounting for X% of total imports.

Among the main suppliers, Thailand, with a CAGR of X%, saw the highest growth rate of 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

In 2022, the average transmission shaft import price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price posted a remarkable increase. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton 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 Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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