Singapore: Ethylene Market 2024

Ethylene Market Size in Singapore

In 2021, the Singaporean ethylene market was finally on the rise to reach $X after three years of decline. Over the period under review, the total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ethylene Production in Singapore

In value terms, ethylene production surged to $X in 2021 estimated in export price. Over the period under review, production saw a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 265%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Ethylene Exports

Exports from Singapore

In 2021, approx. X tons of ethylene were exported from Singapore; waning by -6% compared with 2020. In general, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 102%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, ethylene exports soared to $X in 2021. Over the period under review, exports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 123%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for ethylene exports from Singapore, with a 73% share of total exports. Moreover, ethylene exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), ninefold. The third position in this ranking was held by China (X tons), with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia totaled +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+30.5% per year) and China (+20.9% per year).

In value terms, Indonesia ($X) remains the key foreign market for ethylene exports from Singapore, comprising 73% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 7.5% share of total exports. It was followed by Taiwan (Chinese), with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia totaled +19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+28.4% per year) and Taiwan (Chinese) (+202.4% per year).

Export Prices by Country

In 2021, the average ethylene export price amounted to $X per ton, growing by 52% against the previous year. Over the period under review, the export price, however, recorded a perceptible setback. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Qatar ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to Thailand ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+7.5%), while the prices for the other major destinations experienced a decline.

Ethylene Imports

Imports into Singapore

Ethylene imports into Singapore skyrocketed to X tons in 2021, with an increase of 48% on the previous year. In general, imports, however, saw a sharp decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 5,494% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, ethylene imports rose notably to $X in 2021. Overall, imports, however, saw a precipitous descent. The pace of growth was the most pronounced in 2018 when imports increased by 1,445%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) was the main ethylene supplier to Singapore, with a 95% share of total imports. It was followed by China (X tons), with a 1.9% share of total imports. Thailand (X tons) ranked third in terms of total imports with a 0.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) totaled -35.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+65.5% per year) and Thailand (-60.8% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of ethylene to Singapore, comprising 79% of total imports. The second position in the ranking was held by China ($X), with a 7.1% share of total imports. It was followed by Malaysia, with a 0.3% share.

From 2012 to 2021, the average annual growth rate of value from Taiwan (Chinese) totaled -29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+91.3% per year) and Malaysia (-60.0% per year).

Import Prices by Country

In 2021, the average ethylene import price amounted to $X per ton, shrinking by -26.1% against the previous year. Overall, the import price, however, continues to indicate a strong increase. The pace of growth was the most pronounced in 2020 when the average import price increased by 432%. As a result, import price reached the peak level of $X per ton, and then contracted remarkably 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 China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+238.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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