Singapore: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Singapore

The Singaporean chemically modified oils market surged to $X in 2022, with an increase of 17% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a significant increase. Chemically modified oils consumption peaked in 2022 and is expected to retain growth in years to come.

Chemically Modified Oils Exports

Exports from Singapore

In 2022, chemically modified oils exports from Singapore soared to X tons, picking up by 22% compared with the previous year. Over the period under review, exports saw prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of 360% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, chemically modified oils exports surged to $X in 2022. Overall, exports showed a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 173% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Malaysia (X tons) was the main destination for chemically modified oils exports from Singapore, with a 97% share of total exports. It was followed by Hong Kong SAR (X kg), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at +13.9%.

In value terms, Malaysia ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Singapore, comprising 93% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia amounted to +21.1%.

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, rising by 22% against the previous year. In general, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +127.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 an increase of 40% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Hong Kong SAR stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Singapore

Chemically modified oils imports into Singapore expanded slightly to X tons in 2022, growing by 2.4% against the previous year's figure. In general, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 567% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chemically modified oils imports soared to $X in 2022. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 311%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

China (X tons), the United States (X tons) and Malaysia (X tons) were the main suppliers of chemically modified oils imports to Singapore, with a combined 76% share of total imports. Indonesia, Japan, Canada, Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +196.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Malaysia ($X) were the largest chemically modified oils suppliers to Singapore, together accounting for 76% of total imports. Indonesia, Japan, Canada, Taiwan (Chinese) and South Korea lagged somewhat behind, together comprising a further 22%.

Canada, with a CAGR of +179.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, jumping by 29% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 37%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Canada ($X per ton), while the price for Malaysia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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