Singapore: Market for Palmitic Acid, Stearic Acid, Their Salts And Esters 2024

Market Size for Palmitic Acid, Stearic Acid, Their Salts And Esters in Singapore

In 2021, the Singaporean market for palmitic acid, stearic acid, their salts and esters increased by 196% to $X for the first time since 2012, thus ending a eight-year declining trend. Over the period under review, consumption continues to indicate a modest increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Palmitic Acid, Stearic Acid, Their Salts And Esters in Singapore

In value terms, production of palmitic acid, stearic acid, their salts and esters shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 17%. Over the period under review, production of attained the maximum level at $X in 2020, and then reduced modestly in the following year.

Exports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Exports from Singapore

In 2021, the amount of palmitic acid, stearic acid, their salts and esters exported from Singapore expanded sharply to X tons, picking up by 5.2% compared with the previous year. In general, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% 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 +63.1% against 2012 indices. The pace of growth was the most pronounced in 2018 when exports increased by 16% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, exports of palmitic acid, stearic acid, their salts and esters surged to $X in 2021. Over the period under review, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.1% 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 +73.9% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for exports of palmitic acid, stearic acid, their salts and esters from Singapore, accounting for a 22% share of total exports. Moreover, exports of palmitic acid, stearic acid, their salts and esters to the United States exceeded the volume sent to the second major destination, Saudi Arabia (X tons), twofold. South Korea (X tons) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+3.3% per year) and South Korea (+12.9% per year).

In value terms, the United States ($X) remains the key foreign market for palmitic acid, stearic acid, their salts and esters exports from Singapore, comprising 30% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 9.7% share of total exports. It was followed by South Korea, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+3.5% per year) and South Korea (+11.8% per year).

Export Prices by Country

In 2021, the average export price for palmitic acid, stearic acid, their salts and esters amounted to $X per ton, picking up by 16% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Iran ($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 Zambia (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Imports into Singapore

In 2021, the amount of palmitic acid, stearic acid, their salts and esters imported into Singapore reduced rapidly to X tons, dropping by -47.1% on the previous year's figure. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 86% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of palmitic acid, stearic acid, their salts and esters shrank modestly to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 35% against the previous year. Over the period under review, imports of hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest palmitic acid, stearic acid, their salts and esters supplier to Singapore, with a 56% share of total imports. Moreover, imports of palmitic acid, stearic acid, their salts and esters from Malaysia exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. Indonesia (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia amounted to -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+12.0% per year) and Indonesia (-4.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of palmitic acid, stearic acid, their salts and esters to Singapore, comprising 43% of total imports. The second position in the ranking was taken by India ($X), with a 19% share of total imports. It was followed by the United States, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia amounted to -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+8.8% per year) and the United States (+5.4% per year).

Import Prices by Country

The average import price for palmitic acid, stearic acid, their salts and esters stood at $X per ton in 2021, surging by 83% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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