Singapore: Phenylacetic Acid Market 2024

Phenylacetic Acid Market Size in Singapore

In 2022, the Singaporean phenylacetic acid market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated slight growth from 2012 to 2022: its value 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. Over the period under review, the market attained the peak level at $X in 2021, and then contracted dramatically in the following year.

Phenylacetic Acid Production in Singapore

In value terms, phenylacetic acid production reduced to $X in 2022 estimated in export price. In general, production recorded a perceptible contraction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Phenylacetic Acid Exports

Exports from Singapore

In 2022, shipments abroad of phenylacetic acid, its salts and esters increased by X% to X tons, rising for the fourth year in a row after three years of decline. Overall, exports enjoyed a strong increase. The pace of growth was the most pronounced in 2019 when exports increased by X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, phenylacetic acid exports surged to $X in 2022. In general, exports saw a buoyant expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Malaysia (X tons), Pakistan (X tons) and India (X tons) were the main destinations of phenylacetic acid exports from Singapore, with a combined X% share of total exports. Indonesia, Thailand, Belgium, Bangladesh, the Philippines and Vietnam lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for phenylacetic acid exported from Singapore were Malaysia ($X), Pakistan ($X) and Indonesia ($X), with a combined X% share of total exports. India, Belgium, Thailand, Bangladesh, the Philippines and Vietnam lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Belgium, with a CAGR of X%, recorded 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

In 2022, the average phenylacetic acid export price amounted to $X per ton, with a decrease of X% against the previous year. Overall, export price indicated pronounced growth 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, phenylacetic acid export price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Malaysia ($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 Belgium (X%), while the prices for the other major destinations experienced more modest paces of growth.

Phenylacetic Acid Imports

Imports into Singapore

In 2022, purchases abroad of phenylacetic acid, its salts and esters increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, total imports indicated a measured increase from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, phenylacetic acid imports rose slightly to $X in 2022. Overall, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

The United States (X tons), China (X tons) and India (X tons) were the main suppliers of phenylacetic acid imports to Singapore, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of phenylacetic acid, its salts and esters to Singapore, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and India (X% per year).

Import Prices by Country

In 2022, the average phenylacetic acid import price amounted to $X per ton, with a decrease of X% against the previous year. In general, import price indicated moderate growth 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, phenylacetic acid import price decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices failed to regain momentum.

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 ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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