Singapore: Glass Fibre Mat Market 2024

Glass Fibre Mat Market Size in Singapore

The Singaporean glass fibre mat market shrank modestly to $X in 2022, reducing by -3.5% against the previous year. The market value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Glass Fibre Mat Production in Singapore

In value terms, glass fibre mat production declined to $X in 2022 estimated in export price. Over the period under review, production showed a slight shrinkage. The pace of growth appeared the most rapid in 2015 when the production volume increased by 33%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Glass Fibre Mat Exports

Exports from Singapore

In 2022, exports of glass fibre mats from Singapore reduced remarkably to X tons, which is down by -17.5% against 2021 figures. Over the period under review, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2014 when exports increased by 68% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, glass fibre mat exports shrank notably to $X in 2022. In general, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when exports increased by 73%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for glass fibre mat exports from Singapore, with a 59% share of total exports. Moreover, glass fibre mat exports to Indonesia exceeded the volume sent to the second major destination, Kuwait (X tons), sixfold. Vietnam (X tons) ranked third in terms of total exports with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia totaled -11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+95.6% per year) and Vietnam (+69.7% per year).

In value terms, Indonesia ($X) remains the key foreign market for glass fibre mats exports from Singapore, comprising 57% of total exports. The second position in the ranking was held by Kuwait ($X), with a 9.5% share of total exports. It was followed by Malaysia, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia totaled -10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+89.6% per year) and Malaysia (-10.5% per year).

Export Prices by Country

The average glass fibre mat export price stood at $X per ton in 2022, shrinking by -4.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2013 when the average export price increased by 27% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per ton) and Kuwait ($X per ton), while the average price for exports to Indonesia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+20.8%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Fibre Mat Imports

Imports into Singapore

In 2022, the amount of glass fibre mats imported into Singapore was estimated at X tons, growing by 1.7% compared with 2021 figures. Overall, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2013 when imports increased by 131%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, glass fibre mat imports shrank to $X in 2022. Over the period under review, imports enjoyed a notable increase. The most prominent rate of growth was recorded in 2013 with an increase of 118% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest glass fibre mat supplier to Singapore, with a 50% share of total imports. Moreover, glass fibre mat imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was taken by Italy (X tons), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+12.2% per year) and Italy (+65.4% per year).

In value terms, China ($X) constituted the largest supplier of glass fibre mats to Singapore, comprising 52% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 16% share of total imports. It was followed by Japan, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+11.9% per year) and Japan (-1.6% per year).

Import Prices by Country

The average glass fibre mat import price stood at $X per ton in 2022, reducing by -8.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 22%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for France ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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