Singapore: Wood Bending Machine Market 2024

Wood Bending Machine Market Size in Singapore

The Singaporean wood bending machine market dropped remarkably to $X in 2021, waning by -45.2% against the previous year. Overall, consumption recorded a mild curtailment. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Wood Bending Machine Production in Singapore

In value terms, wood bending machine production contracted remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a dramatic curtailment. Wood bending machine production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Wood Bending Machine Exports

Exports from Singapore

In 2021, shipments abroad of bending or assembling machines increased by 207% to X units, rising for the fifth consecutive year after two years of decline. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 227%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, wood bending machine exports shrank remarkably to $X in 2021. In general, exports, however, faced a precipitous descent. The pace of growth was the most pronounced in 2019 when exports increased by 100%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X units), Mexico (X units) and Vietnam (X units) were the main destinations of wood bending machine exports from Singapore, together accounting for 89% of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +96.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Vietnam ($X) constituted the largest markets for wood bending machine exported from Singapore worldwide, with a combined 59% share of total exports. These countries were followed by Mexico, which accounted for a further 6.7%.

Mexico, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average wood bending machine export price amounted to $X per unit, falling by -93.5% against the previous year. Over the period under review, the export price saw a significant decline. The most prominent rate of growth was recorded in 2015 an increase of 164%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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 Malaysia ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-2.9%), while the prices for the other major destinations experienced a decline.

Wood Bending Machine Imports

Imports into Singapore

In 2021, approx. X units of bending or assembling machines were imported into Singapore; growing by 14% compared with 2020. In general, imports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2019 when imports increased by 761% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, wood bending machine imports contracted dramatically to $X in 2021. Over the period under review, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 332% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of wood bending machine to Singapore, with a 52% share of total imports. Moreover, wood bending machine imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), threefold. South Korea (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +42.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+2.3% per year) and South Korea (+11.8% per year).

In value terms, the largest wood bending machine suppliers to Singapore were China ($X), Italy ($X) and Malaysia ($X), together accounting for 73% of total imports. Japan, Indonesia and South Korea lagged somewhat behind, together comprising a further 17%.

Among the main suppliers, Indonesia, with a CAGR of +53.5%, recorded 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

The average wood bending machine import price stood at $X per unit in 2021, which is down by -28.5% against the previous year. Overall, the import price continues to indicate a deep slump. The pace of growth was the most pronounced in 2020 an increase of 519%. Over the period under review, average import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2021, 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 Italy ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+5,393.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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