Singapore: Biodiesel Market 2024

Biodiesel Market Size in Singapore

In 2021, after two years of growth, there was significant decline in the Singaporean biodiesel market, when its value decreased by -5.5% to $X. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +26.3% against 2018 indices. Biodiesel consumption peaked at $X in 2020, and then declined in the following year.

Biodiesel Production in Singapore

In value terms, biodiesel production fell to $X in 2021 estimated in export price. Overall, production continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by 82%. Biodiesel production peaked at $X in 2020, and then declined in the following year.

Biodiesel Exports

Exports from Singapore

In 2021, exports of biodiesel from Singapore skyrocketed to X tons, increasing by 193% against the previous year's figure. In general, exports, however, showed a sharp decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 280%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, biodiesel exports surged to $X in 2021. Overall, exports, however, saw a significant curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 333% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), India (X tons) and Malaysia (X tons) were the main destinations of biodiesel exports from Singapore, together comprising 68% of total exports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +107.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for biodiesel exported from Singapore were India ($X), the Netherlands ($X) and Malaysia ($X), with a combined 79% share of total exports.

India, with a CAGR of +105.2%, recorded the highest rates of growth with regard to 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 biodiesel export price stood at $X per ton in 2021, increasing by 3.5% against the previous year. Over the period under review, the export price recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 115% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the United States ($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 Malaysia (+18.8%), while the prices for the other major destinations experienced more modest paces of growth.

Biodiesel Imports

Imports into Singapore

In 2021, biodiesel imports into Singapore soared to X tons, jumping by 353% on 2020 figures. Overall, imports recorded a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 512,823%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, biodiesel imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2013 with an increase of 111,761%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of biodiesel to Singapore, accounting for a 70% share of total imports. Moreover, biodiesel imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was taken by Malaysia (X tons), with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +71.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+171.1% per year) and Malaysia (+25.6% per year).

In value terms, the United States ($X) constituted the largest supplier of biodiesel to Singapore, comprising 85% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 12% share of total imports. It was followed by Malaysia, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +42.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+202.7% per year) and Malaysia (+34.1% per year).

Import Prices by Country

In 2021, the average biodiesel import price amounted to $X per ton, waning by -11.7% against the previous year. In general, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2015 an increase of 349% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 the United States ($X per ton), while the price for the Netherlands ($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 Netherlands (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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