Singapore: Artificial Corundum Market 2024

Artificial Corundum Market Size in Singapore

After two years of decline, the Singaporean artificial corundum market increased by 111% to $X in 2021. Overall, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Artificial Corundum Exports

Exports from Singapore

In 2021, approx. X tons of artificial corundum were exported from Singapore; which is down by -34.7% against the previous year. In general, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 238% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, artificial corundum exports dropped dramatically to $X in 2021. Over the period under review, exports recorded a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of 171%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for artificial corundum exports from Singapore, with a 48% share of total exports. Moreover, artificial corundum exports to the Netherlands exceeded the volume sent to the second major destination, Indonesia (X tons), twofold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands amounted to +103.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-22.3% per year) and Taiwan (Chinese) (+27.6% per year).

In value terms, Taiwan (Chinese) ($X), Indonesia ($X) and Hong Kong SAR ($X) appeared to be the largest markets for artificial corundum exported from Singapore worldwide, with a combined 87% share of total exports.

Hong Kong SAR, with a CAGR of +112.1%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average artificial corundum export price stood at $X per ton in 2021, shrinking by -33.2% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 324% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the Netherlands ($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 Turkey (+64.6%), while the prices for the other major destinations experienced more modest paces of growth.

Artificial Corundum Imports

Imports into Singapore

Artificial corundum imports into Singapore skyrocketed to X tons in 2021, picking up by 87% compared with 2020. Overall, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +87.4% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, artificial corundum imports skyrocketed to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest artificial corundum supplier to Singapore, with a 74% share of total imports. Moreover, artificial corundum imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. Austria (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-1.7% per year) and Austria (+5.8% per year).

In value terms, the largest artificial corundum suppliers to Singapore were China ($X), the UK ($X) and Germany ($X), with a combined 83% share of total imports.

China, with a CAGR of +17.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average artificial corundum import price amounted to $X per ton, dropping by -6.5% against the previous year. Over the period under review, the import price recorded a noticeable downturn. The pace of growth was the most pronounced in 2018 an increase of 14%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+19.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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