Singapore: Polishes For Coachwork Market 2024

Polishes For Coachwork Market Size in Singapore

The Singaporean polishes for coachwork market contracted markedly to $X in 2022, falling by -16.1% against the previous year. Over the period under review, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +32.2% against 2020 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Polishes For Coachwork Production in Singapore

In value terms, polishes for coachwork production declined slightly to $X in 2022 estimated in export price. Overall, production, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 40%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Polishes For Coachwork Exports

Exports from Singapore

In 2022, overseas shipments of polishes for coachwork were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports posted a strong increase. The growth pace was the most rapid in 2013 with an increase of 88%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, polishes for coachwork exports surged to $X in 2022. In general, exports enjoyed a noticeable increase. The pace of growth was the most pronounced in 2016 when exports increased by 57%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), Malaysia (X tons) and Thailand (X tons) were the main destinations of polishes for coachwork exports from Singapore, with a combined 52% share of total exports. Taiwan (Chinese), Indonesia, the Philippines, the United States, Australia, India, China, South Korea and Hong Kong SAR lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +137.2%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) emerged as the key foreign market for polishes for coachwork exports from Singapore, comprising 24% of total exports. The second position in the ranking was held by Indonesia ($X), with an 11% share of total exports. It was followed by Thailand, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam totaled +41.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-0.7% per year) and Thailand (-1.1% per year).

Export Prices by Country

In 2022, the average polishes for coachwork export price amounted to $X per ton, increasing by 9.4% against the previous year. Overall, the export price, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 41%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the United States ($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 China (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Polishes For Coachwork Imports

Imports into Singapore

In 2022, approx. X tons of polishes for coachwork were imported into Singapore; which is down by -3.9% compared with 2021. Over the period under review, total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.4% 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 +54.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 61% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, polishes for coachwork imports fell to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 51%. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Malaysia (X tons) and the UK (X tons) were the main suppliers of polishes for coachwork imports to Singapore, with a combined 85% 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 Malaysia (with a CAGR of +45.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of polishes for coachwork to Singapore, comprising 53% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 22% share of total imports. It was followed by the UK, with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+37.4% per year) and the UK (-5.8% per year).

Import Prices by Country

In 2022, the average polishes for coachwork import price amounted to $X per ton, dropping by -5.7% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 40% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, 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 ($X per ton), while the price for Australia ($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 (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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