Singapore: Spectacle Plastic Frame Market 2024

Spectacle Plastic Frame Market Size in Singapore

The Singaporean spectacle plastic frame market skyrocketed to $X in 2021, surging by 371% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a abrupt downturn. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Spectacle Plastic Frame Exports

Exports from Singapore

Spectacle plastic frame exports from Singapore shrank rapidly to X units in 2021, which is down by -68.5% on the year before. Overall, exports showed a drastic downturn. The growth pace was the most rapid in 2013 with an increase of 173%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, spectacle plastic frame exports contracted significantly to $X in 2021. Over the period under review, exports saw a deep slump. The pace of growth appeared the most rapid in 2020 with an increase of 168%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for spectacle plastic frame exports from Singapore, with a 46% share of total exports. Moreover, spectacle plastic frame exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X units), threefold. The third position in this ranking was held by the United States (X units), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia totaled -9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-12.8% per year) and the United States (+12.8% per year).

In value terms, the largest markets for spectacle plastic frame exported from Singapore were Hong Kong SAR ($X), Indonesia ($X) and Malaysia ($X), with a combined 71% share of total exports. These countries were followed by the United States, Thailand, Italy, Canada and the Philippines, which together accounted for a further 18%.

Italy, with a CAGR of +91.0%, recorded the highest rates of growth with regard to the value of exports, among 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 spectacle plastic frame export price stood at $X per unit in 2021, shrinking by -20.5% against the previous year. Over the period under review, export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spectacle plastic frame export price increased by +57.5% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 51%. As a result, the export price reached the peak level of $X per unit, and then reduced notably in the following year.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+29.0%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacle Plastic Frame Imports

Imports into Singapore

In 2021, approx. X units of plastic frames and mountings for spectacles and goggles were imported into Singapore; picking up by 78% against the previous year's figure. Over the period under review, imports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 121%. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, spectacle plastic frame imports skyrocketed to $X in 2021. Overall, imports, however, saw a noticeable curtailment. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest spectacle plastic frame supplier to Singapore, with a 67% share of total imports. Moreover, spectacle plastic frame imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), sixfold. The UK (X units) 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 China amounted to -13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+6.0% per year) and the UK (+14.4% per year).

In value terms, China ($X) constituted the largest supplier of plastic frames and mountings for spectacles and goggles to Singapore, comprising 49% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports. It was followed by the UK, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-15.8% per year) and the UK (+33.5% per year).

Import Prices by Country

The average spectacle plastic frame import price stood at $X per unit in 2021, with an increase of 27% against the previous year. In general, the import price recorded a remarkable increase. The most prominent rate of growth was recorded in 2018 an increase of 64%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+38.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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