Singapore: Crude Glycerol Market 2024

Crude Glycerol Market Size in Singapore

In 2021, the Singaporean crude glycerol market decreased by -14.1% to $X, falling for the third consecutive year after three years of growth. Overall, consumption, however, continues to indicate a moderate increase. Crude glycerol consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Crude Glycerol Production in Singapore

In value terms, crude glycerol production soared to $X in 2021 estimated in export price. Overall, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.6% against 2019 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 66% against the previous year. Crude glycerol production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Crude Glycerol Exports

Exports from Singapore

In 2021, shipments abroad of crude glycerol, glycerine waters and lyes was finally on the rise to reach X tons after two years of decline. Overall, exports posted a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 247% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, crude glycerol exports soared to $X in 2021. In general, exports enjoyed a moderate increase. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for crude glycerol exports from Singapore, with a 89% share of total exports. Moreover, crude glycerol exports to Japan exceeded the volume sent to the second major destination, China (X tons), eightfold.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+62.0% per year) and Malaysia (-45.0% per year).

In value terms, Japan ($X) remains the key foreign market for crude glycerol, glycerine waters and lyes exports from Singapore, comprising 74% of total exports. The second position in the ranking was taken by China ($X), with a 25% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+28.2% per year) and Malaysia (-44.9% per year).

Export Prices by Country

In 2021, the average crude glycerol export price amounted to $X per ton, increasing by 15% against the previous year. Over the period under review, the export price, however, continues to indicate a deep reduction. The growth pace was the most rapid in 2017 when the average export price increased by 67%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($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 Malaysia (+0.2%), while the prices for the other major destinations experienced a decline.

Crude Glycerol Imports

Imports into Singapore

After two years of growth, purchases abroad of crude glycerol, glycerine waters and lyes decreased by -5.3% to X tons in 2021. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when imports increased by 35%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, crude glycerol imports skyrocketed to $X in 2021. In general, total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +36.7% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 64%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Indonesia (X tons) was the main supplier of crude glycerol to Singapore, accounting for a 93% share of total imports. Moreover, crude glycerol imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-12.7% per year) and Hong Kong SAR (+53.3% per year).

In value terms, Indonesia ($X) constituted the largest supplier of crude glycerol, glycerine waters and lyes to Singapore, comprising 92% of total imports. The second position in the ranking was held by Malaysia ($X), with a 3.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-14.6% per year) and Hong Kong SAR (+35.0% per year).

Import Prices by Country

In 2021, the average crude glycerol import price amounted to $X per ton, with an increase of 43% against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The import price peaked at $X per ton in 2018; however, from 2019 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 Hong Kong SAR ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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