The commercial industrial gases market in the Philippines is estimated to have generated revenues of $355.6 million in 2018. This is up from $141.1 million in 2008, indicating an average annual growth rate of 10.2% for the decade.
The Philippine economy grew at an average rate of 10.2% between 2008 and 2018. The economy is reasonably well-administered and has weathered recent financial turmoil in the wider global economy fairly well. However, there remains a great deal of poverty, unemployment is high and there is a lot of reliance on foreign remittances from Filipino expatriates around the world.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 3.8% p.a. in a low scenario to 7.3% p.a. in a high scenario. Accordingly, the industry in the Philippines is expected to achieve revenues of between $447m to $545m by 2023.
Published: 2020
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