Philippines Petroleum Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Philippines Petroleum Industry revenue was valued at US$ 13,317.2 Mn in 2021 and is estimated to reach US$ 17,292.1 Mn by 2027. The market is registering growth at a CAGR of 4.4% during the forecast period 2022-2027. 

The growing impetus of the Philippines petroleum market is attributed to factors such as the resurgence of the upstream petroleum industry and increasing oil & gas explorations in the Philippines. The government is aiming to spur new investment in the upstream sector through the issuing of new blocks through the fifth Philippine Energy Contracting Round (PECR5). Initially launched in 2015, PECR5 offers a total of 11 petroleum blocks with a combined area of more than 4.7m ha in West Luzon, South-east Luzon, West Masbate-Iloilo, East Palawan, and the Recto Bank. Furthermore, the demand for energy in the Philippines is ever-increasing with the thrust of many business sectors to automation and paperless transactions. However, the Philippines largely imports oil & gas from other countries. In 2019, the Philippines imported various types of crude oil. Around 85% of the total crude mix (30,200 MB) was sourced from the UAE, Kuwait, Russia, and Saudi Arabia. Moreover, the oil and gas sector faces heavy scrutiny regarding environmental issues, such as air and water quality and offshore regulation.

Report Summary

The study of the Philippines petroleum market considers various determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the petroleum industry in the Philippines for 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Philippines Petroleum Market across 9 Chapters and, 96 pages. The report includes data presentation across 9 tables and 24 statistical figures. 

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers and intensity of rivalry is high. 

The subsequent section provides details of the market analysis based on different segments such as form, product, application, and end-user. The report includes a detailed study of the value chain of the industry. It includes raw exploration, production, processing, transportation, and marketing. The report also covers extensively the key competitors in the market for petroleum in the Philippines. 

Key Takeaways from the Philippines Petroleum Industry Report

• Based on form, the natural gas segment has the highest share in the Philippines petroleum industry, as natural gases are less harmful to the environment and are also more efficient. However, the condensate segment is expected to have the highest CAGR during the forecast period.
• In terms of product, the fuel segment holds the highest share in the Philippines petroleum market. In fuel, Diesel fuel occupies the highest share in 2021.
• Based on application, the transportation fuel segment holds the major share in the Philippines Petroleum market owing to the focus of market players in this segment. Further, the pharmaceutical and cosmetics segment is estimated to grow at the highest CAGR during the forecast period.
• The industrial segment is the highest end-user segment in the Philippines petroleum market owing to the increasing usage of petroleum in various industries. The transportation segment is anticipated to witness the fastest growth rate over the projection period.

Competitive Landscape

• Cosco Capital Incorporated is a retail company based in the Philippines that has operations in liquor distribution, commercial real estate, oil and minerals, and retail establishments.
• Alsons Consolidated Resources, Inc. (formerly known as Victoria Gold Mining Corporation) engaged in the business of exploration of oil, petroleum, and other mineral products. Furthermore, through its subsidiaries, produces electricity. Its investment in the Energy and Power business is concentrated in three power generation companies, namely Northern Mindanao Power Corporation (NMPC), Western Mindanao Power Corporation (WMPC), and Southern Philippines Power Corporation (SPPC).
• Anglo Philippine Holdings Corporation (APO) is an oil and mineral exploration company that operates under the name of Anglo Philippine Oil Corp.
• Forum Pacific, Inc. engages in purchasing, acquiring, and investing in assets, with the secondary persistence of appealing in the production, development, and exploration of petroleum and its related products, as well as chemical substances and other minerals.
• Novus Petroleum Ltd. is an oil and energy company. The company provides specialist solutions for the international oil and gas industry. The company is responsive, agile, and responsive, working as partners with their clients throughout the project life cycle.
• Conoco Phillips is an oil and energy company. It is a multinational corporation involved in the exploration of hydrocarbon. The company works in natural gas, crude oil, and natural gas liquids.

Segmentation Overview

The Philippines Petroleum Market is segmented based on form, product, application, and end-user. These segments are further sub-segmented into different categories to get a holistic view of the Philippines Petroleum Market. The following are the different segments of the Philippines Petroleum Market:

By Form segment of the Philippines Petroleum Market is sub-segmented into: 

• Natural Gas
• Condensate
• Crude Oil

By Product segment of the Philippines Petroleum Market is sub-segmented into: 

• Fuel
  • Butane
  • Diesel fuel
  • Fuel oil
  • Gasoline
  • Kerosene
  • Liquefied petroleum gas
  • Liquefied natural gas
  • Propane
• Microcrystalline wax
• Napalm
• Naphthalene
• Paraffin wax
• Petroleum jelly
• Petroleum wax
• Refined asphalt
• Refined bitumen

By Application segment of the Philippines Petroleum Market is sub-segmented into: 

• Transportation fuels
• Fuel oils
  • Heating
  • Electricity generation
• Asphalt and road oil
• Agriculture
• Pharmaceuticals and Cosmetics
• Feedstocks
  • Chemicals
  • Plastics
  • Synthetic materials

By End User segment of the Philippines Petroleum Market is sub-segmented into: 

• Industrial
• Residential
• Commercial
• Electric Power
• Transportation