Updated Feb 20, 2023 19:50

Heterocyclic Compound Market in the Philippines

Market Overview
In , the Philippine heterocyclic compound market increased by % to $, rising for the third consecutive year after two years of decline. Over the period under review, consumption recorded a buoyant increase. Heterocyclic compound consumption peaked in and is expected to retain growth in the near future.


Consumption
In , heterocyclic compound consumption in the Philippines surged to tons, growing by % compared with figures. Over the period under review, consumption showed a prominent expansion. Over the period under review, consumption reached the maximum volume in and is likely to continue growth in the immediate term.

The value of the heterocyclic compound market in the Philippines surged to $ in , growing by % 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 showed resilient growth. Over the period under review, the market attained the maximum level in and is expected to retain growth in years to come.


Market Forecast
The heterocyclic compound market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Heterocyclic compound market in the Philippines consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately ( percentage point) over the period under review.


Trade Balance
The Philippines remains a net importer of heterocyclic compound; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.