Singapore: Acrylic Acid Esters Market 2024

Acrylic Acid Esters Market Size in Singapore

In 2022, after five years of growth, there was decline in the Singaporean acrylic acid esters market, when its value decreased by -0.8% to $X. Over the period under review, consumption enjoyed a prominent increase. Over the period under review, the market hit record highs at $X in 2021, and then dropped in the following year.

Acrylic Acid Esters Production in Singapore

In value terms, acrylic acid esters production amounted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 16% against the previous year. Acrylic acid esters production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Acrylic Acid Esters Exports

Exports from Singapore

In 2022, exports of esters of acrylic acid from Singapore fell slightly to X tons, with a decrease of -4.7% compared with the year before. In general, exports saw a deep downturn. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, acrylic acid esters exports fell modestly to $X in 2022. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2021 when exports increased by 88% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for acrylic acid esters exports from Singapore, accounting for a 33% share of total exports. Moreover, acrylic acid esters exports to Japan exceeded the volume sent to the second major destination, the Philippines (X tons), twofold. Indonesia (X tons) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to -10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-1.6% per year) and Indonesia (+18.3% per year).

In value terms, Japan ($X) remains the key foreign market for esters of acrylic acid exports from Singapore, comprising 37% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 15% share of total exports. It was followed by the Philippines, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled -7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+16.8% per year) and the Philippines (-2.7% per year).

Export Prices by Country

The average acrylic acid esters export price stood at $X per ton in 2022, picking up by 2.7% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, acrylic acid esters export price increased by +144.3% against 2016 indices. The pace of growth appeared the most rapid in 2021 an increase of 49%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Australia ($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 (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Acrylic Acid Esters Imports

Imports into Singapore

In 2022, approx. X tons of esters of acrylic acid were imported into Singapore; reducing by -9% on 2021 figures. Overall, imports, however, showed a strong expansion. The pace of growth was the most pronounced in 2013 when imports increased by 73%. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, acrylic acid esters imports contracted slightly to $X in 2022. In general, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 71% against the previous year. As a result, imports reached the peak of $X, and then fell slightly in the following year.

Imports by Country

Saudi Arabia (X tons), Indonesia (X tons) and the United States (X tons) were the main suppliers of acrylic acid esters imports to Singapore, with a combined 64% share of total imports. Japan, Taiwan (Chinese), China and South Africa lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +76.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Saudi Arabia ($X) and the United States ($X) appeared to be the largest acrylic acid esters suppliers to Singapore, together comprising 68% of total imports. Indonesia, Taiwan (Chinese), China and South Africa lagged somewhat behind, together accounting for a further 28%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +63.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average acrylic acid esters import price amounted to $X per ton, growing by 7.6% against the previous year. Overall, the import price, however, continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2014 an increase of 38%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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