Singapore: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Singapore

For the sixth year in a row, the Singaporean polypropylene in primary forms market recorded growth in sales value, which increased by 8.4% to $X in 2022. In general, consumption continues to indicate a prominent expansion. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the near future.

Production of Polypropylene in Primary Forms in Singapore

In value terms, polypropylene in primary forms production rose modestly to $X in 2022 estimated in export price. Overall, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.9% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 64% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Exports of Polypropylene in Primary Forms

Exports from Singapore

In 2022, overseas shipments of polypropylene in primary forms were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by 11%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, polypropylene in primary forms exports shrank modestly to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 14%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), Indonesia (X tons) and India (X tons) were the main destinations of polypropylene in primary forms exports from Singapore, with a combined 65% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +26.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for polypropylene in primary forms exported from Singapore were China ($X), Indonesia ($X) and India ($X), with a combined 64% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +24.7%, recorded the highest rates of growth with regard to 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 polypropylene in primary forms export price stood at $X per ton in 2022, reducing by -5.4% against the previous year. Over the period under review, the export price showed a mild contraction. The pace of growth appeared the most rapid in 2021 when the average export price increased by 13%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Malaysia ($X per ton) and Indonesia ($X per ton), while the average price for exports to Bangladesh ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (-1.0%), while the prices for the other major destinations experienced a decline.

Imports of Polypropylene in Primary Forms

Imports into Singapore

In 2022, overseas purchases of polypropylene in primary forms increased by 6.8% to X tons, rising for the second year in a row after three years of decline. In general, imports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 11% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, polypropylene in primary forms imports totaled $X in 2022. Overall, imports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 15% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest supplier of polypropylene in primary forms to Singapore, accounting for a 86% share of total imports. Moreover, polypropylene in primary forms imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 2% share.

From 2012 to 2022, the average annual growth rate of volume from Saudi Arabia totaled -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.9% per year) and Taiwan (Chinese) (+19.7% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of polypropylene in primary forms to Singapore, comprising 81% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 4.9% share of total imports. It was followed by the United States, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value from Saudi Arabia totaled -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.1% per year) and the United States (-6.1% per year).

Import Prices by Country

The average polypropylene in primary forms import price stood at $X per ton in 2022, which is down by -3.3% against the previous year. Over the period under review, the import price recorded a slight curtailment. The growth pace was the most rapid in 2017 when the average import price increased by 8.2% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 the United States ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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