Singapore: Adipic Acid Market 2024

Adipic Acid Market Size in Singapore

In 2022, the Singaporean adipic acid market increased by 0.6% to $X, rising for the second consecutive year after three years of decline. Overall, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +47.0% against 2020 indices. Adipic acid consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Adipic Acid Exports

Exports from Singapore

In 2022, adipic acid exports from Singapore soared to X tons, with an increase of 106% against the year before. In general, exports, however, recorded a sharp downturn. The pace of growth was the most pronounced in 2015 with an increase of 286% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, adipic acid exports surged to $X in 2022. Overall, exports, however, showed a significant decrease. The pace of growth appeared the most rapid in 2015 when exports increased by 137% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Bangladesh (X tons) and the Netherlands (X tons) were the main destinations of adipic acid exports from Singapore, together comprising 78% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +177.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for adipic acid exported from Singapore were Indonesia ($X), Bangladesh ($X) and Australia ($X), together comprising 73% of total exports. New Zealand, the Netherlands, China and Malaysia lagged somewhat behind, together accounting for a further 24%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +125.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average adipic acid export price amounted to $X per ton, with a decrease of -15.5% against the previous year. Overall, the export price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 146% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted sharply in the following year.

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 New Zealand ($X per ton), while the average price for exports to China ($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 Taiwan (Chinese) (+22.5%), while the prices for the other major destinations experienced more modest paces of growth.

Adipic Acid Imports

Imports into Singapore

In 2022, adipic acid imports into Singapore declined to X tons, falling by -8.5% on the previous year. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 20% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, adipic acid imports expanded remarkably to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 73% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest adipic acid supplier to Singapore, accounting for a 76% share of total imports. Moreover, adipic acid imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +21.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+2.7% per year) and the United States (-51.1% per year).

In value terms, China ($X) constituted the largest supplier of adipic acid, its salts and esters to Singapore, comprising 75% of total imports. The second position in the ranking was held by South Korea ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +21.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+2.7% per year) and the United States (-47.4% per year).

Import Prices by Country

In 2022, the average adipic acid import price amounted to $X per ton, picking up by 15% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 56% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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