Singapore: Expansible Polystyrene Market 2024

Expansible Polystyrene Market Size in Singapore

The Singaporean expansible polystyrene market skyrocketed to $X in 2021, growing by 18% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Expansible Polystyrene Production in Singapore

In value terms, expansible polystyrene production skyrocketed to $X in 2021 estimated in export price. Over the period under review, the total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -16.8% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 54% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Expansible Polystyrene Exports

Exports from Singapore

In 2021, approx. X tons of expansible polystyrene in primary forms were exported from Singapore; surging by 10% against 2020. Overall, exports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 83%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, expansible polystyrene exports soared to $X in 2021. Over the period under review, exports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2019 when exports increased by 131% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for expansible polystyrene exports from Singapore, with a 86% share of total exports. Moreover, expansible polystyrene exports to Indonesia exceeded the volume sent to the second major destination, Thailand (X tons), more than tenfold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia stood at -4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+20.0% per year) and Hong Kong SAR (-15.5% per year).

In value terms, Indonesia ($X) remains the key foreign market for expansible polystyrene in primary forms exports from Singapore, comprising 79% of total exports. The second position in the ranking was held by Thailand ($X), with a 14% share of total exports. It was followed by Malaysia, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia stood at -6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+22.3% per year) and Malaysia (-17.7% per year).

Export Prices by Country

In 2021, the average expansible polystyrene export price amounted to $X per ton, jumping by 41% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat 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 Thailand ($X per ton), while the average price for exports to Hong Kong SAR ($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 New Zealand (+48.0%), while the prices for the other major destinations experienced more modest paces of growth.

Expansible Polystyrene Imports

Imports into Singapore

In 2021, after two years of decline, there was significant growth in overseas purchases of expansible polystyrene in primary forms, when their volume increased by 17% to X tons. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 69% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, expansible polystyrene imports soared to $X in 2021. In general, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 69%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of expansible polystyrene to Singapore, with a 52% share of total imports. Moreover, expansible polystyrene imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. India (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) amounted to +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+6.2% per year) and India (+9.4% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of expansible polystyrene in primary forms to Singapore, comprising 39% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 16% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Taiwan (Chinese) amounted to +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+6.9% per year) and the United States (-1.6% per year).

Import Prices by Country

The average expansible polystyrene import price stood at $X per ton in 2021, with an increase of 35% against the previous year. Over the period under review, the import price, however, showed a slight setback. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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 the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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