Singapore: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in Singapore

The Singaporean polyethylene glycol wax market soared to $X in 2021, growing by 95% against the previous year. Over the period under review, consumption recorded a tangible increase. Polyethylene glycol wax consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Polyethylene Glycol Wax Production in Singapore

In value terms, polyethylene glycol wax production shrank sharply to $X in 2021 estimated in export price. In general, production, however, continues to indicate a significant increase. Over the period under review, production attained the peak level at $X in 2020, and then shrank notably in the following year.

Polyethylene Glycol Wax Exports

Exports from Singapore

In 2021, polyethylene glycol wax exports from Singapore shrank dramatically to X tons, which is down by -29.4% on the year before. Over the period under review, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 451%. As a result, the exports attained the peak of X tons, and then declined rapidly in the following year.

In value terms, polyethylene glycol wax exports dropped slightly to $X in 2021. Overall, exports, however, recorded prominent growth. The pace of growth was the most pronounced in 2016 with an increase of 103% against the previous year. The exports peaked at $X in 2020, and then declined modestly in the following year.

Exports by Country

China (X tons) was the main destination for polyethylene glycol wax exports from Singapore, accounting for a 72% share of total exports. Moreover, polyethylene glycol wax exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), fivefold. The third position in this ranking was taken by Brazil (X tons), with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +171.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+17.3% per year) and Brazil (+65.2% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for artificial and prepared waxes of polyethylene glycol exports from Singapore, comprising 57% of total exports. The second position in the ranking was taken by China ($X), with a 28% share of total exports. It was followed by Indonesia, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia amounted to +23.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+128.9% per year) and Indonesia (+6.0% per year).

Export Prices by Country

In 2021, the average polyethylene glycol wax export price amounted to $X per ton, surging by 41% against the previous year. Overall, the export price, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2016 when the average export price increased by 84% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+30.9%), while the prices for the other major destinations experienced more modest paces of growth.

Polyethylene Glycol Wax Imports

Imports into Singapore

In 2021, approx. X tons of artificial and prepared waxes of polyethylene glycol were imported into Singapore; growing by 21% compared with 2020 figures. Over the period under review, imports posted a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 56% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, polyethylene glycol wax imports skyrocketed to $X in 2021. Overall, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 56% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

Malaysia (X tons), India (X tons) and Thailand (X tons) were the main suppliers of polyethylene glycol wax imports to Singapore, together comprising 62% of total imports. These countries were followed by Taiwan (Chinese), China, Japan, Belgium, South Korea and the United States, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +29.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Malaysia ($X) and Taiwan (Chinese) ($X) constituted the largest polyethylene glycol wax suppliers to Singapore, together accounting for 60% of total imports. These countries were followed by Thailand, China, Japan, Belgium, South Korea and the United States, which together accounted for a further 29%.

In terms of the main suppliers, Belgium, with a CAGR of +26.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average polyethylene glycol wax import price amounted to $X per ton, increasing by 21% against the previous year. In general, the import price saw modest growth. The pace of growth appeared the most rapid in 2020 an increase of 28% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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