Singapore: Isocyanates Market 2024

Isocyanates Market Size in Singapore

The Singaporean isocyanates market fell remarkably to $X in 2022, waning by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a mild downturn. Isocyanates consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Isocyanates Exports

Exports from Singapore

In 2022, overseas shipments of isocyanates decreased by X% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, exports showed a precipitous decline. The most prominent rate of growth was recorded in 2018 with an increase of X% 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, isocyanates exports contracted dramatically to $X in 2022. Overall, exports continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Bangladesh (X tons) was the main destination for isocyanates exports from Singapore, with a X% share of total exports. Moreover, isocyanates exports to Bangladesh exceeded the volume sent to the second major destination, Cambodia (X tons), twofold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bangladesh totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (X% per year) and Malaysia (X% per year).

In value terms, Bangladesh ($X) emerged as the key foreign market for isocyanates exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Cambodia ($X), with a X% share of total exports. It was followed by Malaysia, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bangladesh totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the average isocyanates export price amounted to $X per ton, surging by X% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isocyanates export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2017; afterwards, it flattened through to 2022.

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

Isocyanates Imports

Imports into Singapore

In 2022, approx. X tons of isocyanates were imported into Singapore; which is down by X% compared with the previous year's figure. Overall, imports showed a deep reduction. The growth pace was the most rapid in 2016 when imports increased by X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, isocyanates imports shrank sharply to $X in 2022. In general, imports showed a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by X% 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

Japan (X tons), China (X tons) and South Korea (X tons) were the main suppliers of isocyanates imports to Singapore, together comprising X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X), China ($X) and South Korea ($X) were the largest isocyanates suppliers to Singapore, with a combined X% share of total imports.

In terms of the main suppliers, Japan, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average isocyanates import price amounted to $X per ton, waning by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 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 Belgium ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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