Singapore: Electrical Insulating Fittings Market 2024

Electrical Insulating Fittings Market Size in Singapore

In 2022, the Singaporean electrical insulating fittings market increased by 123% to $X, rising for the second year in a row after two years of decline. In general, consumption enjoyed a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Electrical Insulating Fittings Production in Singapore

In value terms, electrical insulating fittings production fell to $X in 2022 estimated in export price. Overall, production, however, saw a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 74% against the previous year. Electrical insulating fittings production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Electrical Insulating Fittings Exports

Exports from Singapore

In 2022, the amount of electrical insulating fittings of plastics exported from Singapore shrank slightly to X tons, reducing by -3.7% compared with the previous year. Overall, exports, however, showed a buoyant expansion. The growth pace was the most rapid in 2019 with an increase of 65%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, electrical insulating fittings exports expanded rapidly to $X in 2022. In general, exports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of 61% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons), South Korea (X tons) and Malaysia (X tons) were the main destinations of electrical insulating fittings exports from Singapore, with a combined 52% share of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +85.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical insulating fittings exported from Singapore were China ($X), South Korea ($X) and Indonesia ($X), together comprising 45% of total exports.

South Korea, with a CAGR of +87.1%, recorded the highest growth rate of 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 electrical insulating fittings export price amounted to $X per ton, rising by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Hong Kong SAR ($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 Thailand (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Insulating Fittings Imports

Imports into Singapore

In 2022, electrical insulating fittings imports into Singapore soared to X tons, jumping by 72% against the year before. In general, imports saw a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, electrical insulating fittings imports surged to $X in 2022. Over the period under review, imports continue to indicate a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of electrical insulating fittings to Singapore, accounting for a 52% share of total imports. Moreover, electrical insulating fittings imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. China (X tons) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +64.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+32.4% per year) and China (+4.3% per year).

In value terms, Malaysia ($X) constituted the largest supplier of electrical insulating fittings of plastics to Singapore, comprising 61% of total imports. The second position in the ranking was held by the United States ($X), with a 16% share of total imports. It was followed by China, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +75.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+33.9% per year) and China (+7.4% per year).

Import Prices by Country

In 2022, the average electrical insulating fittings import price amounted to $X per ton, surging by 45% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electrical insulating fittings import price increased by +65.9% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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