Singapore: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in Singapore

In 2022, the Singaporean composite laboratory reagents market increased by 2.1% to $X for the first time since 2019, thus ending a two-year declining trend. In general, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -22.7% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Composite Laboratory Reagents Production in Singapore

In value terms, composite laboratory reagents production stood at $X in 2022 estimated in export price. In general, production continues to indicate a strong expansion. The growth pace was the most rapid in 2014 with an increase of 35%. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Composite Laboratory Reagents Exports

Exports from Singapore

After three years of growth, shipments abroad of composite diagnostic or laboratory reagents decreased by -8% to X tons in 2022. Over the period under review, exports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 37% against the previous year. As a result, the exports attained the peak of X tons, and then declined in the following year.

In value terms, composite laboratory reagents exports soared to $X in 2022. In general, exports, however, continue to indicate buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons), Thailand (X tons) and Malaysia (X tons) were the main destinations of composite laboratory reagents exports from Singapore, with a combined 40% share of total exports. Vietnam, the United States, the Philippines, India, Australia, Bangladesh, Pakistan, China and the Netherlands lagged somewhat behind, together accounting for a further 50%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +26.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for composite laboratory reagents exported from Singapore were the United States ($X), China ($X) and the Netherlands ($X), together accounting for 61% of total exports. Australia, India, Indonesia, Vietnam, Malaysia, Thailand, the Philippines, Bangladesh and Pakistan lagged somewhat behind, together accounting for a further 20%.

Bangladesh, with a CAGR of +22.2%, saw 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

In 2022, the average composite laboratory reagents export price amounted to $X per ton, growing by 50% against the previous year. Over the period under review, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Pakistan ($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 Australia (+20.3%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into Singapore

In 2022, after five years of growth, there was significant decline in overseas purchases of composite diagnostic or laboratory reagents, when their volume decreased by -38.5% to X tons. Overall, imports, however, posted a temperate increase. The pace of growth appeared the most rapid in 2018 when imports increased by 71% against the previous year. Imports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, composite laboratory reagents imports dropped rapidly to $X in 2022. Over the period under review, imports, however, showed resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 38%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), China (X tons) and Japan (X tons) were the main suppliers of composite laboratory reagents imports to Singapore, together accounting for 67% of total imports. Germany, Lithuania, the Netherlands, Belgium, the UK and France lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of +79.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of composite diagnostic or laboratory reagents to Singapore, comprising 43% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by Lithuania, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+38.0% per year) and Lithuania (+60.6% per year).

Import Prices by Country

The average composite laboratory reagents import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. In general, the import price continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2016 an increase of 117%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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 the UK ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+21.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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