Singapore: Pliers And Pincers Market 2024

Pliers And Pincers Market Size in Singapore

For the third consecutive year, the Singaporean pliers and pincers market recorded growth in sales value, which increased by 44% to $X in 2021. In general, consumption enjoyed a prominent expansion. Pliers and pincers consumption peaked in 2021 and is expected to retain growth in years to come.

Pliers And Pincers Production in Singapore

In value terms, pliers and pincers production reduced notably to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2020 with an increase of 148% against the previous year. As a result, production reached the peak level of $X, and then dropped sharply in the following year.

Pliers And Pincers Exports

Exports from Singapore

In 2021, overseas shipments of pliers, pincers and tweezers for nonmedical use decreased by -2.2% to X tons, falling for the second consecutive year after two years of growth. Overall, exports continue to indicate a deep reduction. The growth pace was the most rapid in 2018 when exports increased by 15% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, pliers and pincers exports soared to $X in 2021. Over the period under review, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2018 with an increase of 36% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Thailand (X tons) were the main destinations of pliers and pincers exports from Singapore, with a combined 54% share of total exports. The Philippines, Vietnam, Hong Kong SAR, China, Australia, Japan, South Korea, India, the United States and Russia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +24.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for pliers and pincers exported from Singapore were Malaysia ($X), Indonesia ($X) and Thailand ($X), with a combined 54% share of total exports. The Philippines, Vietnam, Hong Kong SAR, China, Australia, Japan, South Korea, India, the United States and Russia lagged somewhat behind, together accounting for a further 35%.

In terms of the main countries of destination, Vietnam, with a CAGR of +33.2%, recorded the highest growth rate of 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

The average pliers and pincers export price stood at $X per ton in 2021, growing by 24% against the previous year. Overall, export price indicated a remarkable increase from 2012 to 2021: its price 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. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and India ($X per ton), while the average price for exports to Malaysia ($X per ton) and Thailand ($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 the United States (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Pliers And Pincers Imports

Imports into Singapore

After two years of decline, purchases abroad of pliers, pincers and tweezers for nonmedical use increased by 223% to X tons in 2021. Overall, imports recorded a slight increase. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, pliers and pincers imports skyrocketed to $X in 2021. Over the period under review, imports posted a noticeable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), the United States (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of pliers and pincers imports to Singapore, with a combined 59% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +8.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of pliers, pincers and tweezers for nonmedical use to Singapore, comprising 39% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.1% per year) and Germany (+0.1% per year).

Import Prices by Country

In 2021, the average pliers and pincers import price amounted to $X per ton, falling by -14.3% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the average import price increased by 68% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then shrank in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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