Singapore: Amino Resin Market 2024

Amino Resin Market Size in Singapore

The Singaporean amino resin market fell notably to $X in 2022, with a decrease of -30.3% against the previous year. In general, consumption saw a slight decline. As a result, consumption attained the peak level of $X, and then contracted notably in the following year.

Amino Resin Production in Singapore

In value terms, amino resin production fell to $X in 2022 estimated in export price. Overall, production recorded a noticeable contraction. The most prominent rate of growth was recorded in 2018 with an increase of 50%. Amino resin production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Amino Resin Exports

Exports from Singapore

After three years of decline, shipments abroad of amino resins increased by 8.9% to X tons in 2022. Over the period under review, exports showed a buoyant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 162%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, amino resin exports fell modestly to $X in 2022. Overall, exports showed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 123% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for amino resin exports from Singapore, with a 62% share of total exports. Moreover, amino resin exports to Thailand exceeded the volume sent to the second major destination, the Philippines (X tons), fivefold. The third position in this ranking was held by Vietnam (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Thailand amounted to +45.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+36.7% per year) and Vietnam (+3.1% per year).

In value terms, Thailand ($X) remains the key foreign market for amino resins exports from Singapore, comprising 54% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 14% share of total exports. It was followed by Vietnam, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand stood at +43.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+28.0% per year) and Vietnam (+3.8% per year).

Export Prices by Country

In 2022, the average amino resin export price amounted to $X per ton, shrinking by -8.5% against the previous year. In general, the export price showed a perceptible setback. The growth pace was the most rapid in 2021 when the average export price increased by 43%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat 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 Indonesia ($X per ton), while the average price for exports to Thailand ($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 Indonesia (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Amino Resin Imports

Imports into Singapore

Amino resin imports into Singapore declined to X tons in 2022, which is down by -11.7% compared with the previous year. Overall, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 86% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, amino resin imports dropped to $X in 2022. Over the period under review, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2018 when imports increased by 131% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest amino resin supplier to Singapore, accounting for a 84% share of total imports. Moreover, amino resin imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume from Saudi Arabia stood at +289.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.8% per year) and China (+17.0% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of amino resins to Singapore, comprising 79% of total imports. The second position in the ranking was held by the United States ($X), with an 8.2% share of total imports. It was followed by China, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Saudi Arabia stood at +308.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-11.3% per year) and China (+12.1% per year).

Import Prices by Country

The average amino resin import price stood at $X per ton in 2022, surging by 3.1% against the previous year. In general, the import price, however, showed a mild curtailment. The pace of growth was the most pronounced in 2018 an increase of 24%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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