Singapore: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Singapore

In 2022, after two years of growth, there was decline in the Singaporean carbon dioxide market, when its value decreased by -0.4% to $X. In general, consumption, however, continues to indicate strong growth. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Carbon Dioxide Production in Singapore

In value terms, carbon dioxide production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 133% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Carbon Dioxide Exports

Exports from Singapore

For the third year in a row, Singapore recorded growth in overseas shipments of carbon dioxide, which increased by 11% to X tons in 2022. Overall, exports enjoyed a prominent expansion. The growth pace was the most rapid in 2018 when exports increased by 190% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, carbon dioxide exports skyrocketed to $X in 2022. Over the period under review, exports posted moderate growth. The most prominent rate of growth was recorded in 2018 with an increase of 106% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for carbon dioxide exports from Singapore, with a 52% share of total exports. Moreover, carbon dioxide exports to Indonesia exceeded the volume sent to the second major destination, Papua New Guinea (X tons), fourfold. The third position in this ranking was held by Malaysia (X tons), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (+63.6% per year) and Malaysia (-5.9% per year).

In value terms, the largest markets for carbon dioxide exported from Singapore were Indonesia ($X), Papua New Guinea ($X) and Australia ($X), together accounting for 57% of total exports. Malaysia, New Zealand, the Philippines and Fiji lagged somewhat behind, together accounting for a further 19%.

In terms of the main countries of destination, New Zealand, with a CAGR of +108.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average carbon dioxide export price amounted to $X per ton, growing by 8.7% against the previous year. Overall, the export price, however, showed a noticeable downturn. The pace of growth appeared the most rapid in 2014 an increase of 73% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, 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 Papua New Guinea ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (-4.8%), while the prices for the other major destinations experienced a decline.

Carbon Dioxide Imports

Imports into Singapore

In 2022, purchases abroad of carbon dioxide increased by 8.1% to X tons, rising for the second consecutive year after six years of decline. In general, imports, however, showed a slight slump. The pace of growth appeared the most rapid in 2021 with an increase of 51%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, carbon dioxide imports rose notably to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 84%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia (X tons), Taiwan (Chinese) (X tons) and China (X tons) were the main suppliers of carbon dioxide imports to Singapore, together comprising 79% of total imports. Israel, Indonesia, Thailand and Austria lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +110.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of carbon dioxide to Singapore, comprising 63% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by Israel, with a 7% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-1.9% per year) and Israel (+18.1% per year).

Import Prices by Country

In 2022, the average carbon dioxide import price amounted to $X per ton, growing by 1.8% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, carbon dioxide import price increased by +73.8% against 2018 indices. The growth pace was the most rapid in 2019 when the average import price increased by 45%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Austria ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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