Singapore: Monophenols Market 2024

Monophenols Market Size in Singapore

In 2021, the Singaporean monophenols market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -32.4% against 2017 indices. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Monophenols Production in Singapore

In value terms, monophenols production amounted to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 51%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Monophenols Exports

Exports from Singapore

In 2021, overseas shipments of monophenols increased by 2.1% to X tons, rising for the second consecutive year after two years of decline. In general, total exports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +15.2% against 2019 indices. The growth pace was the most rapid in 2014 when exports increased by 72% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, monophenols exports soared to $X in 2021. Over the period under review, exports continue to indicate a modest expansion. The growth pace was the most rapid in 2014 when exports increased by 63%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), Thailand (X tons) and Malaysia (X tons) were the main destinations of monophenols exports from Singapore, together comprising 62% of total exports. These countries were followed by Indonesia, South Korea, India, Australia, Japan and Taiwan (Chinese), which together accounted for a further 36%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +77.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for monophenols exported from Singapore were China ($X), Thailand ($X) and South Korea ($X), together comprising 56% of total exports. Malaysia, Indonesia, India, Japan, Australia and Taiwan (Chinese) lagged somewhat behind, together comprising a further 39%.

Among the main countries of destination, Australia, with a CAGR of +72.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average monophenols export price stood at $X per ton in 2021, surging by 26% against the previous year. Overall, the export price, however, saw a perceptible reduction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 32% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was South Korea ($X per ton), while the average price for exports to Thailand ($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 Indonesia (-1.2%), while the prices for the other major destinations experienced a decline.

Monophenols Imports

Imports into Singapore

In 2021, overseas purchases of monophenols increased by 32% to X tons, rising for the second year in a row after two years of decline. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 71%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, monophenols imports surged to $X in 2021. In general, imports showed resilient growth. The pace of growth appeared the most rapid in 2017 when imports increased by 58%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest monophenols supplier to Singapore, with a 76% share of total imports. Moreover, monophenols imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) stood at +36.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-10.8% per year) and India (+56.3% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of monophenols to Singapore, comprising 68% of total imports. The second position in the ranking was taken by Germany ($X), with a 6% share of total imports. It was followed by the United States, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value from Taiwan (Chinese) stood at +36.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.6% per year) and the United States (+29.2% per year).

Import Prices by Country

The average monophenols import price stood at $X per ton in 2021, surging by 11% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 26%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+19.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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