Singapore: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Singapore

In 2021, after five years of growth, there was significant decline in the Singaporean plastic furniture fittings market, when its value decreased by -18% to $X. In general, consumption, however, recorded a resilient expansion. As a result, consumption attained the peak level of $X, and then dropped dramatically in the following year.

Plastic Furniture Fittings Production in Singapore

In value terms, plastic furniture fittings production contracted sharply to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 53%. As a result, production reached the peak level of $X, and then contracted dramatically in the following year.

Plastic Furniture Fittings Exports

Exports from Singapore

In 2021, after three years of decline, there was significant growth in overseas shipments of plastic fittings for furniture, when their volume increased by 63% to X tons. In general, exports, however, showed a drastic downturn. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, plastic furniture fittings exports soared to $X in 2021. Overall, exports, however, saw a abrupt descent. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for plastic furniture fittings exports from Singapore, accounting for a 59% share of total exports. Moreover, plastic furniture fittings exports to Malaysia exceeded the volume sent to the second major destination, the United States (X tons), fourfold. Australia (X tons) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia totaled +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+4.5% per year) and Australia (-5.9% per year).

In value terms, Malaysia ($X) remains the key foreign market for plastic fittings for furniture exports from Singapore, comprising 59% of total exports. The second position in the ranking was taken by the United States ($X), with a 16% share of total exports. It was followed by Australia, with a 7.8% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at +25.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+6.6% per year) and Australia (-4.0% per year).

Export Prices by Country

In 2021, the average plastic furniture fittings export price amounted to $X per ton, waning by -8.2% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2013 when the average export price increased by 12%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Australia ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Fittings Imports

Imports into Singapore

In 2021, overseas purchases of plastic fittings for furniture increased by 11% to X tons, rising for the second year in a row after two years of decline. Overall, imports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2020 when imports increased by 52%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, plastic furniture fittings imports soared to $X in 2021. In general, imports, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2020 when imports increased by 52% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons), China (X tons) and Germany (X tons) were the main suppliers of plastic furniture fittings imports to Singapore, with a combined 78% share of total imports. The United States, Indonesia, the UK, Poland and the Netherlands lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +54.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic furniture fittings suppliers to Singapore were Malaysia ($X), China ($X) and Germany ($X), together comprising 77% of total imports. The United States, Indonesia, the UK, Poland and the Netherlands lagged somewhat behind, together comprising a further 12%.

Among the main suppliers, Poland, with a CAGR of +59.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic furniture fittings import price stood at $X per ton in 2021, growing by 5.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 7.9%. The import price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and Poland ($X per ton), while the price for China ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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