Singapore: Market for Nitric Acid And Sulphonitric Acids 2024

Market Size for Nitric Acid And Sulphonitric Acids in Singapore

In 2021, the Singaporean nitric and sulphonitric acids market was finally on the rise to reach $X after five years of decline. Over the period under review, consumption, however, showed a abrupt contraction. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Production of Nitric Acid And Sulphonitric Acids in Singapore

In value terms, nitric and sulphonitric acids production rose sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 55%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Exports of Nitric Acid And Sulphonitric Acids

Exports from Singapore

In 2021, after two years of growth, there was significant decline in overseas shipments of nitric acid and sulphonitric acids, when their volume decreased by -8.1% to X tons. Over the period under review, exports, however, recorded notable growth. The pace of growth was the most pronounced in 2015 when exports increased by 49%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, nitric and sulphonitric acids exports skyrocketed to $X in 2021. In general, exports, however, showed a resilient increase. The pace of growth was the most pronounced in 2015 when exports increased by 321% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for nitric and sulphonitric acids exports from Singapore, with a 63% share of total exports. Moreover, nitric and sulphonitric acids exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia totaled +31.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-9.9% per year) and Taiwan (Chinese) (+33.7% per year).

In value terms, Malaysia ($X), Taiwan (Chinese) ($X) and Indonesia ($X) were the largest markets for nitric and sulphonitric acids exported from Singapore worldwide, together accounting for 82% of total exports. These countries were followed by Vietnam, Papua New Guinea and Thailand, which together accounted for a further 5.8%.

Among the main countries of destination, Vietnam, with a CAGR of +137.5%, saw the highest rates of growth with regard to 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 nitric and sulphonitric acids export price stood at $X per ton in 2021, increasing by 33% against the previous year. Overall, the export price continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2015 an increase of 183%. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Indonesia ($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 Myanmar (+29.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nitric Acid And Sulphonitric Acids

Imports into Singapore

In 2021, imports of nitric acid and sulphonitric acids into Singapore amounted to X tons, picking up by 5.1% against the year before. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 11%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, nitric and sulphonitric acids imports declined modestly to $X in 2021. Overall, imports, however, continue to indicate a slight shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by 8.8%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of nitric and sulphonitric acids to Singapore, accounting for a 46% share of total imports. Moreover, nitric and sulphonitric acids imports from South Korea exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. Malaysia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea stood at +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.4% per year) and Malaysia (-3.5% per year).

In value terms, Taiwan (Chinese) ($X), South Korea ($X) and Japan ($X) were the largest nitric and sulphonitric acids suppliers to Singapore, with a combined 82% share of total imports. China, Malaysia, Germany and France lagged somewhat behind, together accounting for a further 15%.

China, with a CAGR of +16.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average nitric and sulphonitric acids import price stood at $X per ton in 2021, shrinking by -5% against the previous year. In general, the import price showed a noticeable descent. The most prominent rate of growth was recorded in 2020 an increase of 11%. The import price peaked at $X per ton in 2012; however, from 2013 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 Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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