Singapore: Market for Forged Bars Of Stainless Steel 2024

Market Size for Forged Bars Of Stainless Steel in Singapore

The Singaporean forged stainless steel bar market declined slightly to $X in 2022, shrinking by X% against the previous year. Over the period under review, consumption, however, enjoyed a notable expansion. As a result, consumption reached the peak level of $X, and then declined modestly in the following year.

Production of Forged Bars Of Stainless Steel in Singapore

In value terms, forged stainless steel bar production declined sharply to $X in 2022 estimated in export price. Over the period under review, production recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Forged Bars Of Stainless Steel

Exports from Singapore

In 2022, overseas shipments of forged bars of stainless steel decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a deep setback. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, forged stainless steel bar exports rose significantly to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and China (X tons) were the main destinations of forged stainless steel bar exports from Singapore, together accounting for X% of total exports. India, Pakistan, Japan and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Pakistan (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and China ($X) appeared to be the largest markets for forged stainless steel bar exported from Singapore worldwide, with a combined X% share of total exports. Taiwan (Chinese), Japan, India and Pakistan lagged somewhat behind, together comprising a further X%.

Pakistan, with a CAGR of X%, saw 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

The average forged stainless steel bar export price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price continues to indicate a prominent increase. The pace of growth was the most pronounced in 2021 when the average export price increased by X%. The export price peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Pakistan ($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 Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Forged Bars Of Stainless Steel

Imports into Singapore

After two years of growth, purchases abroad of forged bars of stainless steel decreased by X% to X tons in 2022. Over the period under review, imports recorded a noticeable decline. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, forged stainless steel bar imports expanded slightly to $X in 2022. In general, imports recorded a pronounced contraction. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main suppliers of forged stainless steel bar imports to Singapore, with a combined X% share of total imports. Malaysia, South Korea, Thailand, Sweden, Italy and Germany lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest forged stainless steel bar suppliers to Singapore were Taiwan (Chinese) ($X), Japan ($X) and China ($X), together accounting for X% of total imports. South Korea, Sweden, Italy, Malaysia, Thailand and Germany lagged somewhat behind, together accounting for a further X%.

Sweden, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 forged stainless steel bar import price amounted to $X per ton, jumping by X% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, forged stainless steel bar import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2019; afterwards, it flattened through to 2022.

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 Sweden ($X per ton), while the price for China ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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