Singapore: Glass Fibre Filament Market 2024

Glass Fibre Filament Market Size in Singapore

In 2021, after four years of decline, there was growth in the Singaporean glass fibre filament market, when its value increased by 0.3% to $X. Overall, consumption, however, recorded a slight contraction. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Glass Fibre Filament Production in Singapore

In value terms, glass fibre filament production rose modestly to $X in 2021 estimated in export price. In general, production, however, showed a abrupt curtailment. The growth pace was the most rapid in 2016 with an increase of 57%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Glass Fibre Filament Exports

Exports from Singapore

In 2021, shipments abroad of glass fibre filaments decreased by -21.7% to X tons, falling for the second consecutive year after two years of growth. Overall, exports showed a dramatic decline. The pace of growth appeared the most rapid in 2018 when exports increased by 55% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, glass fibre filament exports soared to $X in 2021. In general, exports continue to indicate a precipitous shrinkage. The pace of growth was the most pronounced in 2018 when exports increased by 96% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for glass fibre filament exports from Singapore, with a 62% share of total exports. Moreover, glass fibre filament exports to Indonesia exceeded the volume sent to the second major destination, Maldives (X tons), fourfold. The third position in this ranking was taken by Bangladesh (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia amounted to -1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-10.0% per year) and Bangladesh (+23.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for glass fibre filaments exports from Singapore, comprising 58% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 13% share of total exports. It was followed by Maldives, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia totaled +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+21.2% per year) and Maldives (-9.2% per year).

Export Prices by Country

The average glass fibre filament export price stood at $X per ton in 2021, rising by 138% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Maldives ($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 Indonesia (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Fibre Filament Imports

Imports into Singapore

In 2021, purchases abroad of glass fibre filaments decreased by -50.8% to X tons, falling for the second year in a row after two years of growth. Overall, imports recorded a dramatic slump. The pace of growth appeared the most rapid in 2019 with an increase of 50% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, glass fibre filament imports fell sharply to $X in 2021. Over the period under review, imports faced a significant curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 56% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main supplier of glass fibre filament to Singapore, with a 92% share of total imports. Moreover, glass fibre filament imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. The third position in this ranking was taken by Malaysia (X tons), with a 0.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.5% per year) and Malaysia (-40.9% per year).

In value terms, China ($X) constituted the largest supplier of glass fibre filaments to Singapore, comprising 82% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports. It was followed by the United States, with a 1.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-9.1% per year) and the United States (-23.0% per year).

Import Prices by Country

In 2021, the average glass fibre filament import price amounted to $X per ton, growing by 30% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+34.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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