Singapore: Market for Plastic Fittings for Tubes, Pipes and Hoses 2024

Market Size for Plastic Fittings for Tubes, Pipes and Hoses in Singapore

In 2021, the Singaporean market for plastic fittings for tubes, pipes and hoses was finally on the rise to reach $X after three years of decline. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Plastic Fittings for Tubes, Pipes and Hoses in Singapore

In value terms, production of plastic fittings for tubes, pipes and hoses stood at $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 56% against the previous year. Over the period under review, production of hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Plastic Fittings for Tubes, Pipes and Hoses

Exports from Singapore

In 2021, overseas shipments of plastic fittings for tubes, pipes and hoses were finally on the rise to reach X tons after two years of decline. Overall, exports, however, saw a deep downturn. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of plastic fittings for tubes, pipes and hoses skyrocketed to $X in 2021. In general, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.2% 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 +78.5% against 2019 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), Japan (X tons) and Thailand (X tons) were the main destinations of exports of plastic fittings for tubes, pipes and hoses from Singapore, together accounting for 52% of total exports. These countries were followed by Malaysia, China, New Zealand, Indonesia, Vietnam, Belgium, Hong Kong SAR, Australia and Maldives, which together accounted for a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by New Zealand (with a CAGR of +43.0%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) appeared to be the largest markets for plastic fittings for tubes, pipes and hoses exported from Singapore worldwide, with a combined 72% share of total exports. Belgium, Malaysia, Hong Kong SAR, Thailand, Indonesia, Vietnam, Australia, New Zealand and Maldives lagged somewhat behind, together comprising a further 19%.

New Zealand, with a CAGR of +57.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for plastic fittings for tubes, pipes and hoses stood at $X per ton in 2021, increasing by 27% against the previous year. In general, the export price showed a strong increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 74% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Belgium ($X per ton), while the average price for exports to New Zealand ($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 China (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic Fittings for Tubes, Pipes and Hoses

Imports into Singapore

In 2021, imports of plastic fittings for tubes, pipes and hoses into Singapore soared to X tons, with an increase of 30% against the previous year's figure. Overall, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +80.1% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 51%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, imports of plastic fittings for tubes, pipes and hoses skyrocketed to $X in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +34.0% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), the UK (X tons) and China (X tons) were the main suppliers of imports of plastic fittings for tubes, pipes and hoses to Singapore, with a combined 59% share of total imports. The United States, Indonesia, Japan, Italy, Taiwan (Chinese), Germany, Switzerland, India and Australia lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +26.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of plastic fittings for tubes, pipes and hoses to Singapore, comprising 26% of total imports. The second position in the ranking was held by the UK ($X), with a 12% share of total imports. It was followed by Malaysia, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+25.9% per year) and Malaysia (+13.1% per year).

Import Prices by Country

The average import price for plastic fittings for tubes, pipes and hoses stood at $X per ton in 2021, increasing by 19% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 24%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: 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 (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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