Singapore: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Singapore

In 2022, the Singaporean monocarboxylic acid market decreased by -11.4% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, enjoyed a resilient expansion. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Production in Singapore

In value terms, monocarboxylic acid production stood at $X in 2022 estimated in export price. Overall, production enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 5,395,967,100% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Monocarboxylic Acid Exports

Exports from Singapore

In 2022, overseas shipments of acrylic acid and its salts and other monocarboxylic acid increased by 7% to X tons, rising for the seventh year in a row after two years of decline. In general, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 124% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, monocarboxylic acid exports reduced to $X in 2022. Over the period under review, exports enjoyed buoyant growth. The growth pace was the most rapid in 2018 with an increase of 36%. The exports peaked at $X in 2021, and then declined in the following year.

Exports by Country

Malaysia (X tons) was the main destination for monocarboxylic acid exports from Singapore, accounting for a 88% share of total exports. Moreover, monocarboxylic acid exports to Malaysia exceeded the volume sent to the second major destination, India (X tons), more than tenfold. Thailand (X tons) ranked third in terms of total exports with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled +49.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-7.7% per year) and Thailand (-1.3% per year).

In value terms, Malaysia ($X) remains the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Singapore, comprising 68% of total exports. The second position in the ranking was taken by Thailand ($X), with a 5.1% share of total exports. It was followed by India, with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia stood at +21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+2.1% per year) and India (-11.0% per year).

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, reducing by -12.2% against the previous year. In general, the export price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2014 when the average export price increased by 33%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+9.0%), while the prices for the other major destinations experienced mixed trend patterns.

Monocarboxylic Acid Imports

Imports into Singapore

In 2022, supplies from abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -5% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 61%. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, monocarboxylic acid imports shrank to $X in 2022. Overall, imports, however, posted moderate growth. The pace of growth appeared the most rapid in 2021 when imports increased by 45%. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

Japan (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of monocarboxylic acid imports to Singapore, with a combined 93% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +82.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Singapore, comprising 45% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports. It was followed by Indonesia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.6% per year) and Indonesia (+5.6% per year).

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, picking up by 3.3% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2018 an increase of 92%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+17.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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