Singapore: Azo- Or Azoxy-Compounds Market 2024

Azo- Or Azoxy-Compounds Market Size in Singapore

The Singaporean azo- or azoxy-compounds market contracted to $X in 2022, shrinking by -2.5% against the previous year. Overall, consumption, however, saw a abrupt shrinkage. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Azo- Or Azoxy-Compounds Production in Singapore

In value terms, azo- or azoxy-compounds production declined to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt descent. The growth pace was the most rapid in 2021 when the production volume increased by 28% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Azo- Or Azoxy-Compounds Exports

Exports from Singapore

In 2022, shipments abroad of diazo-, azo- or azoxy-compounds was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, saw a abrupt descent. The pace of growth was the most pronounced in 2016 when exports increased by 89% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, azo- or azoxy-compounds exports contracted to $X in 2022. Over the period under review, exports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 47%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for azo- or azoxy-compounds exports from Singapore, accounting for a 72% share of total exports. Moreover, azo- or azoxy-compounds exports to Malaysia exceeded the volume sent to the second major destination, Thailand (X tons), fivefold. The third position in this ranking was held by Indonesia (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+2.2% per year) and Indonesia (+18.2% per year).

In value terms, Malaysia ($X) remains the key foreign market for diazo-, azo- or azoxy-compounds exports from Singapore, comprising 90% of total exports. The second position in the ranking was held by Thailand ($X), with a 4.3% share of total exports. It was followed by Indonesia, with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled -9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+2.0% per year) and Indonesia (+4.8% per year).

Export Prices by Country

The average azo- or azoxy-compounds export price stood at $X per ton in 2022, declining by -29.5% against the previous year. Over the period under review, the export price saw a noticeable setback. The pace of growth appeared the most rapid in 2017 when the average export price increased by 97% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Vietnam ($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 the Philippines (+39.2%), while the prices for the other major destinations experienced a decline.

Azo- Or Azoxy-Compounds Imports

Imports into Singapore

In 2022, the amount of diazo-, azo- or azoxy-compounds imported into Singapore surged to X tons, picking up by 84% on the previous year's figure. Overall, imports showed resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 95%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, azo- or azoxy-compounds imports soared to $X in 2022. In general, imports saw a resilient increase. The growth pace was the most rapid in 2013 when imports increased by 75% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main suppliers of azo- or azoxy-compounds imports to Singapore, with a combined 79% share of total imports. South Korea and Malaysia lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +71.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of diazo-, azo- or azoxy-compounds to Singapore, comprising 53% of total imports. The second position in the ranking was taken by the United States ($X), with a 24% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+42.3% per year) and China (-1.6% per year).

Import Prices by Country

The average azo- or azoxy-compounds import price stood at $X per ton in 2022, dropping by -30.2% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, azo- or azoxy-compounds import price increased by +10.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 62% against the previous year. The import price peaked 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 Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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