Singapore: Market for Prepared Glues And Other Prepared Adhesives 2024

Market Size for Prepared Glues And Other Prepared Adhesives in Singapore

After five years of growth, the Singaporean market for prepared glues and other prepared adhesives decreased by -7.5% to $X in 2021. Over the period under review, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +82.9% against 2015 indices. As a result, consumption reached the peak level of $X, and then declined in the following year.

Production of Prepared Glues And Other Prepared Adhesives in Singapore

In value terms, production of prepared glues and other prepared adhesives fell notably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 99% against the previous year. Over the period under review, production of reached the peak level at $X in 2020, and then fell markedly in the following year.

Exports of Prepared Glues And Other Prepared Adhesives

Exports from Singapore

For the fourth consecutive year, Singapore recorded decline in overseas shipments of prepared glues and other prepared adhesives, which decreased by -6.6% to X tons in 2021. Overall, total exports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -37.2% against 2017 indices. The most prominent rate of growth was recorded in 2015 with an increase of 25%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, exports of prepared glues and other prepared adhesives rose remarkably to $X in 2021. In general, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 35%. Over the period under review, the exports of attained the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Vietnam (X tons) was the main destination for exports of prepared glues and other prepared adhesives from Singapore, with a 59% share of total exports. Moreover, exports of prepared glues and other prepared adhesives to Vietnam exceeded the volume sent to the second major destination, Indonesia (X tons), twofold. China (X tons) ranked third in terms of total exports with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +21.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-1.0% per year) and China (+19.2% per year).

In value terms, China ($X), Taiwan (Chinese) ($X) and Vietnam ($X) appeared to be the largest markets for prepared glues and other prepared adhesives exported from Singapore worldwide, together accounting for 54% of total exports. Malaysia, Hong Kong SAR, Indonesia, Thailand, the United Arab Emirates, Saudi Arabia and Myanmar lagged somewhat behind, together accounting for a further 32%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +39.5%, saw 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

In 2021, the average export price for prepared glues and other prepared adhesives amounted to $X per ton, picking up by 22% against the previous year. Over the period under review, the export price posted a prominent expansion. The pace of growth appeared the most rapid in 2020 an increase of 71%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Myanmar ($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 the United Arab Emirates (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Prepared Glues And Other Prepared Adhesives

Imports into Singapore

Imports of prepared glues and other prepared adhesives into Singapore totaled X tons in 2021, with an increase of 15% against the year before. Overall, imports, however, continue to indicate a abrupt contraction. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, imports of prepared glues and other prepared adhesives rose slightly to $X in 2021. In general, imports saw a modest increase. The growth pace was the most rapid in 2017 when imports increased by 59% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of imports of prepared glues and other prepared adhesives to Singapore.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +71.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest prepared glues and other prepared adhesives suppliers to Singapore were China ($X), the United States ($X) and Germany ($X), together comprising 53% of total imports. These countries were followed by Malaysia, Indonesia, Japan, South Korea, Belgium, the UK, Thailand, Taiwan (Chinese), Australia and Italy, which together accounted for a further 40%.

In terms of the main suppliers, Belgium, with a CAGR of +66.0%, 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 import price for prepared glues and other prepared adhesives stood at $X per ton in 2021, reducing by -11.2% against the previous year. Over the period under review, the import price, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2017 when the average import price increased by 69% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2020, and then declined in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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