Singapore: Color Printing Ink Market 2024

Color Printing Ink Market Size in Singapore

In 2022, the Singaporean color printing ink market increased by 1.1% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, saw a perceptible setback. The pace of growth was the most pronounced in 2017 when the market value increased by 6.4%. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Color Printing Ink Production in Singapore

In value terms, color printing ink production expanded sharply to $X in 2022 estimated in export price. In general, production posted a measured expansion. The pace of growth appeared the most rapid in 2020 with an increase of 73%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Color Printing Ink Exports

Exports from Singapore

In 2022, overseas shipments of color printing ink decreased by -2.4% to X tons, falling for the third year in a row after eight years of growth. In general, total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -39.2% against 2019 indices. The pace of growth was the most pronounced in 2014 when exports increased by 22%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, color printing ink exports shrank to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 20%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for color printing ink exports from Singapore, with a 33% share of total exports. Moreover, color printing ink exports to the United States exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. India (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-3.0% per year) and India (+14.0% per year).

In value terms, the United States ($X) remains the key foreign market for color printing ink exports from Singapore, comprising 34% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of total exports. It was followed by China, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-1.1% per year) and China (+2.0% per year).

Export Prices by Country

In 2022, the average color printing ink export price amounted to $X per ton, falling by -5.1% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 13% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Myanmar ($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 Bangladesh (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Color Printing Ink Imports

Imports into Singapore

In 2022, purchases abroad of color printing ink decreased by -15.2% to X tons, falling for the third consecutive year after two years of growth. In general, imports showed a deep reduction. The pace of growth appeared the most rapid in 2019 with an increase of 30% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, color printing ink imports declined notably to $X in 2022. Overall, imports showed a deep setback. The growth pace was the most rapid in 2014 when imports increased by 33%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest color printing ink supplier to Singapore, with a 44% share of total imports. Moreover, color printing ink imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. China (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia stood at +28.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-5.4% per year) and China (-6.0% per year).

In value terms, Indonesia ($X) constituted the largest supplier of color printing ink to Singapore, comprising 50% of total imports. The second position in the ranking was held by Japan ($X), with an 8.9% share of total imports. It was followed by Israel, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia totaled +31.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-13.7% per year) and Israel (+9.5% per year).

Import Prices by Country

The average color printing ink import price stood at $X per ton in 2022, waning by -4.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 14%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 Israel ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform