Singapore: Market for Polyethylene in Primary Forms 2024

Market Size for Polyethylene in Primary Forms in Singapore

The Singaporean polyethylene in primary forms market soared to $X in 2021, with an increase of 192% against the previous year. Over the period under review, consumption showed a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Polyethylene in Primary Forms in Singapore

In value terms, polyethylene in primary forms production rose significantly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when the production volume increased by 35% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Exports of Polyethylene in Primary Forms

Exports from Singapore

In 2021, shipments abroad of polyethylene in primary forms decreased by -20.7% to X tons, falling for the second year in a row after six years of growth. Overall, total exports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.0% 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 decreased by -27.7% against 2019 indices. The growth pace was the most rapid in 2019 when exports increased by 19% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, polyethylene in primary forms exports rose rapidly to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 17%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for polyethylene in primary forms exports from Singapore, accounting for a 41% share of total exports. Moreover, polyethylene in primary forms exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Indonesia (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+7.7% per year) and Indonesia (+1.3% per year).

In value terms, China ($X) remains the key foreign market for polyethylene in primary forms exports from Singapore, comprising 39% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 16% share of total exports. It was followed by Indonesia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+7.0% per year) and Indonesia (+0.8% per year).

Export Prices by Country

In 2021, the average polyethylene in primary forms export price amounted to $X per ton, picking up by 40% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and Thailand ($X per ton), while the average price for exports to China ($X per ton) and Vietnam ($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 South Korea (+0.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Polyethylene in Primary Forms

Imports into Singapore

In 2021, supplies from abroad of polyethylene in primary forms decreased by -19.4% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 27%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, polyethylene in primary forms imports fell to $X in 2021. Overall, imports continue to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2017 with an increase of 29%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons) constituted the largest polyethylene in primary forms supplier to Singapore, accounting for a 88% share of total imports. Moreover, polyethylene in primary forms imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Saudi Arabia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.0% per year) and the United Arab Emirates (-21.4% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of polyethylene in primary forms to Singapore, comprising 85% of total imports. The second position in the ranking was taken by the United States ($X), with a 6.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Saudi Arabia stood at -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.9% per year) and the United Arab Emirates (-20.8% per year).

Import Prices by Country

In 2021, the average polyethylene in primary forms import price amounted to $X per ton, growing by 14% against the previous year. Over the period under review, the import price, however, saw a perceptible setback. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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