Singapore: Polyurethanes Market 2024

Polyurethanes Market Size in Singapore

The Singaporean polyurethanes market soared to $X in 2021, jumping by 53% against the previous year. In general, consumption continues to indicate a remarkable increase. Polyurethanes consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Polyurethanes Production in Singapore

In value terms, polyurethanes production expanded markedly to $X in 2021 estimated in export price. In general, the total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -27.4% against 2017 indices. The pace of growth appeared the most rapid in 2017 with an increase of 37%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Polyurethanes Exports

Exports from Singapore

In 2021, overseas shipments of polyurethanes in primary forms were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 15% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, polyurethanes exports soared to $X in 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 41%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for polyurethanes exports from Singapore, accounting for a 51% share of total exports. Moreover, polyurethanes exports to India exceeded the volume sent to the second major destination, Indonesia (X tons), sixfold. Pakistan (X tons) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume to India stood at +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+3.5% per year) and Pakistan (-2.6% per year).

In value terms, India ($X) remains the key foreign market for polyurethanes in primary forms exports from Singapore, comprising 43% of total exports. The second position in the ranking was taken by China ($X), with an 8.6% share of total exports. It was followed by Indonesia, with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India stood at +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+3.1% per year) and Indonesia (+1.4% per year).

Export Prices by Country

The average polyurethanes export price stood at $X per ton in 2021, rising by 26% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Polyurethanes Imports

Imports into Singapore

After two years of decline, purchases abroad of polyurethanes in primary forms increased by 14% to X tons in 2021. Over the period under review, imports, however, recorded a deep slump. The pace of growth was the most pronounced in 2014 when imports increased by 16%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, polyurethanes imports skyrocketed to $X in 2021. In general, imports, however, saw a noticeable setback. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of polyurethanes imports to Singapore, together accounting for 49% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +17.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and China ($X) constituted the largest polyurethanes suppliers to Singapore, together comprising 53% of total imports. These countries were followed by the Netherlands, India, Italy, Malaysia, Taiwan (Chinese), Mexico, Japan, South Korea, Belgium and Spain, which together accounted for a further 40%.

Among the main suppliers, Belgium, with a CAGR of +16.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average polyurethanes import price stood at $X per ton in 2021, rising by 3.4% against the previous year. Over the last nine years, it increased at an average annual rate of +3.6%. The pace of growth appeared the most rapid in 2016 when the average import price increased by 26%. Over the period under review, average import prices hit record highs in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Netherlands ($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 States (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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