Singapore: Metal Rivet Market 2024

Metal Rivet Market Size in Singapore

In 2022, the Singaporean metal rivet market increased by 404% to $X, rising for the fourth consecutive year after two years of decline. In general, consumption showed significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Metal Rivet Production in Singapore

In value terms, metal rivet production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 239%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Metal Rivet Exports

Exports from Singapore

Metal rivet exports from Singapore dropped significantly to X tons in 2022, which is down by -16% on the previous year's figure. Overall, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2019 with an increase of 14% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal rivet exports dropped rapidly to $X in 2022. Over the period under review, exports recorded a perceptible setback. The pace of growth appeared the most rapid in 2015 when exports increased by 42% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for metal rivet exports from Singapore, with a 47% share of total exports. Moreover, metal rivet exports to Malaysia exceeded the volume sent to the second major destination, Vietnam (X tons), twofold. The third position in this ranking was held by Thailand (X tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia amounted to -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-5.5% per year) and Thailand (+1.8% per year).

In value terms, Malaysia ($X) remains the key foreign market for iron or steel rivets exports from Singapore, comprising 52% of total exports. The second position in the ranking was taken by Thailand ($X), with a 21% share of total exports. It was followed by Vietnam, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia stood at +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+1.9% per year) and Vietnam (-6.3% per year).

Export Prices by Country

In 2022, the average metal rivet export price amounted to $X per ton, waning by -7.8% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal rivet export price increased by +28.2% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 27% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Vietnam ($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 the Philippines (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Rivet Imports

Imports into Singapore

In 2022, overseas purchases of iron or steel rivets increased by 537% to X tons, rising for the second year in a row after four years of decline. Over the period under review, imports showed a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, metal rivet imports reduced markedly to $X in 2022. Overall, imports, however, saw a pronounced setback. The pace of growth was the most pronounced in 2021 with an increase of 47% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of metal rivet to Singapore, with a 89% share of total imports. Moreover, metal rivet imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +44.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.0% per year) and Japan (-14.2% per year).

In value terms, the largest metal rivet suppliers to Singapore were China ($X), the United States ($X) and Japan ($X), with a combined 88% share of total imports.

China, with a CAGR of +9.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average metal rivet import price stood at $X per ton in 2022, declining by -87.3% against the previous year. Overall, the import price continues to indicate a deep setback. The pace of growth appeared the most rapid in 2015 an increase of 23%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Japan ($X per ton), while the price for the United States ($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 (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :