Singapore: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Singapore

In 2021, the Singaporean conveyor or transmission belt market increased by 24% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Production of Conveyor Or Transmission Belts Or Belting in Singapore

In value terms, conveyor or transmission belt production reduced to $X in 2021 estimated in export price. In general, production faced a deep slump. The growth pace was the most rapid in 2016 when the production volume increased by 24%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from Singapore

After three years of decline, shipments abroad of conveyor or transmission belts or belting increased by 17% to X tons in 2021. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 48% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, conveyor or transmission belt exports soared to $X in 2021. Overall, exports, however, continue to indicate a perceptible slump. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and the United Arab Emirates (X tons) were the main destinations of conveyor or transmission belt exports from Singapore, together accounting for 35% of total exports. These countries were followed by the Philippines, Taiwan (Chinese), Vietnam, Thailand, South Korea, Australia, China, Russia, Pakistan and Bolivia, which together accounted for a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +18.0%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Taiwan (Chinese) ($X) were the largest markets for conveyor or transmission belt exported from Singapore worldwide, together accounting for 32% of total exports. These countries were followed by the Philippines, Vietnam, Thailand, South Korea, China, Russia, the United Arab Emirates, Pakistan, Bolivia and Australia, which together accounted for a further 41%.

Among the main countries of destination, Bolivia, with a CAGR of +19.4%, recorded the highest growth rate of 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 2021, the average conveyor or transmission belt export price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the export price showed a noticeable slump. The growth pace was the most rapid in 2018 an increase of 17% 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 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Bolivia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Bolivia (+1.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Singapore

In 2021, after three years of decline, there was significant growth in supplies from abroad of conveyor or transmission belts or belting, when their volume increased by 44% to X tons. Overall, imports, however, continue to indicate a perceptible setback. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, conveyor or transmission belt imports soared to $X in 2021. In general, imports, however, showed a pronounced contraction. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Thailand (X tons) and Indonesia (X tons) were the main suppliers of conveyor or transmission belt imports to Singapore, with a combined 53% share of total imports. Japan, Germany, Switzerland, the United States and Malaysia lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2021, the biggest increases were recorded for Switzerland (with a CAGR of +20.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest conveyor or transmission belt suppliers to Singapore were Thailand ($X), China ($X) and Indonesia ($X), with a combined 56% share of total imports. These countries were followed by Japan, Germany, the United States, Malaysia and Switzerland, which together accounted for a further 32%.

The United States, with a CAGR of +13.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average conveyor or transmission belt import price amounted to $X per ton, shrinking by -2.4% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2013 when the average import price increased by 12% against the previous year. The import price peaked at $X per ton in 2020, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Switzerland ($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 United States (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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