Singapore: Insulating Board Market 2025

Insulating Board Market Size in Singapore

In 2022, the Singaporean insulating board market increased by 37% to $X, rising for the second consecutive year after four years of decline. Overall, consumption, however, saw a deep slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Insulating Board Exports

Exports from Singapore

In 2022, exports of insulating board from Singapore dropped remarkably to X cubic meters, which is down by -76.9% against the previous year's figure. In general, exports saw a abrupt decline. The pace of growth appeared the most rapid in 2013 with an increase of 186% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, insulating board exports dropped markedly to $X in 2022. Overall, exports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2013 with an increase of 148%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sri Lanka (X cubic meters) was the main destination for insulating board exports from Singapore, accounting for a 55% share of total exports. Moreover, insulating board exports to Sri Lanka exceeded the volume sent to the second major destination, Australia (X cubic meters), twofold. The third position in this ranking was taken by New Zealand (X cubic meters), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sri Lanka was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+16.0% per year) and New Zealand (+68.2% per year).

In value terms, Sri Lanka ($X) emerged as the key foreign market for insulating board exports from Singapore, comprising 56% of total exports. The second position in the ranking was taken by Australia ($X), with a 24% share of total exports. It was followed by New Zealand, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sri Lanka stood at +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+18.4% per year) and New Zealand (+78.4% per year).

Export Prices by Country

In 2022, the average insulating board export price amounted to $X per cubic meter, picking up by 21% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The export price peaked at $X per cubic meter in 2014; however, from 2015 to 2022, 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 New Zealand ($X per cubic meter), while the average price for exports to Malaysia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Insulating Board Imports

Imports into Singapore

In 2022, imports of insulating board into Singapore fell to X cubic meters, waning by -13.5% on the previous year. Overall, imports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2021 when imports increased by 111% against the previous year. Imports peaked at X cubic meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, insulating board imports soared to $X in 2022. Over the period under review, imports saw a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of 116% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X cubic meters), China (X cubic meters) and Ireland (X cubic meters) were the main suppliers of insulating board imports to Singapore, with a combined 71% share of total imports. Taiwan (Chinese), India, Poland and Thailand lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +20.6%), while imports for the other leaders experienced a decline.

In value terms, Malaysia ($X) constituted the largest supplier of insulating board to Singapore, comprising 41% of total imports. The second position in the ranking was held by Ireland ($X), with a 20% share of total imports. It was followed by China, with a 17% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia stood at -10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+5.1% per year) and China (-7.5% per year).

Import Prices by Country

In 2022, the average insulating board import price amounted to $X per cubic meter, rising by 38% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Ireland ($X per cubic meter), while the price for India ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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