Singapore: Pressure-Reducing Iron Valve Market 2024

Pressure-Reducing Iron Valve Market Size in Singapore

In 2022, the Singaporean pressure-reducing iron valve market decreased by -5.3% to $X, falling for the fourth consecutive year after four years of growth. Over the period under review, consumption saw a slight contraction. Pressure-reducing iron valve consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Pressure-Reducing Iron Valve Production in Singapore

In value terms, pressure-reducing iron valve production surged to $X in 2022 estimated in export price. In general, production, however, faced a drastic downturn. Pressure-reducing iron valve production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Pressure-Reducing Iron Valve Exports

Exports from Singapore

In 2022, shipments abroad of pressure-reducing, control, check and safety valves increased by 4.1% to X units, rising for the fourth year in a row after four years of decline. Over the period under review, total exports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +45.0% against 2018 indices. The pace of growth was the most pronounced in 2014 when exports increased by 52%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, pressure-reducing iron valve exports rose sharply to $X in 2022. The total export value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 22% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Kuwait (X units), Malaysia (X units) and Indonesia (X units) were the main destinations of pressure-reducing iron valve exports from Singapore, with a combined 45% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kuwait (with a CAGR of +105.9%), while the other leaders experienced more modest paces of growth.

In value terms, Kuwait ($X), Malaysia ($X) and Indonesia ($X) were the largest markets for pressure-reducing iron valve exported from Singapore worldwide, with a combined 45% share of total exports.

In terms of the main countries of destination, Kuwait, with a CAGR of +102.6%, 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

The average pressure-reducing iron valve export price stood at $X per unit in 2022, with an increase of 7.3% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 15% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the Philippines ($X per unit) and Vietnam ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (-1.6%), while the prices for the other major destinations experienced a decline.

Pressure-Reducing Iron Valve Imports

Imports into Singapore

Pressure-reducing iron valve imports into Singapore fell modestly to X units in 2022, approximately equating the previous year. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 18%. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, pressure-reducing iron valve imports totaled $X in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 18% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), the United States (X units) and Germany (X units) were the main suppliers of pressure-reducing iron valve imports to Singapore, with a combined 63% share of total imports. South Korea, Malaysia, the UK, India, France, Italy, Japan, Switzerland, Taiwan (Chinese) and Hungary lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +33.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pressure-reducing iron valve suppliers to Singapore were China ($X), the United States ($X) and Germany ($X), together accounting for 63% of total imports. South Korea, Malaysia, the UK, India, France, Italy, Japan, Switzerland, Taiwan (Chinese) and Hungary lagged somewhat behind, together accounting for a further 29%.

Hungary, with a CAGR of +36.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average pressure-reducing iron valve import price stood at $X per unit in 2022, with an increase of 2.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The growth pace was the most rapid in 2018 when the average import price increased by 18% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per unit) and the United States ($X per unit), while the price for South Korea ($X per unit) and Malaysia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform