Singapore: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in Singapore

After two years of growth, the Singaporean retreaded pneumatic tyre market decreased by -3.3% to $X in 2022. Over the period under review, consumption recorded a noticeable descent. Retreaded pneumatic tyre consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Retreaded Pneumatic Tyre Production in Singapore

In value terms, retreaded pneumatic tyre production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced reduction. The pace of growth was the most pronounced in 2014 when the production volume increased by 56%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Retreaded Pneumatic Tyre Exports

Exports from Singapore

For the third consecutive year, Singapore recorded decline in overseas shipments of retreaded pneumatic tyres, which decreased by -28.2% to X units in 2022. Over the period under review, exports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2019 with an increase of 40% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, retreaded pneumatic tyre exports contracted to $X in 2022. In general, exports saw a pronounced setback. The most prominent rate of growth was recorded in 2019 when exports increased by 41% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X units) was the main destination for retreaded pneumatic tyre exports from Singapore, accounting for a 78% share of total exports. Moreover, retreaded pneumatic tyre exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X units), ninefold. The third position in this ranking was held by the United Arab Emirates (X units), with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia stood at +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-22.7% per year) and the United Arab Emirates (0.0% per year).

In value terms, the largest markets for retreaded pneumatic tyre exported from Singapore were Malaysia ($X), Indonesia ($X) and Thailand ($X), together accounting for 68% of total exports. The United Arab Emirates, Afghanistan, Brunei Darussalam and Myanmar lagged somewhat behind, together comprising a further 4%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average retreaded pneumatic tyre export price amounted to $X per unit, with an increase of 36% against the previous year. In general, the export price continues to indicate buoyant growth. The growth pace was the most rapid in 2020 an increase of 75% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+26.8%), while the prices for the other major destinations experienced more modest paces of growth.

Retreaded Pneumatic Tyre Imports

Imports into Singapore

In 2022, approx. X units of retreaded pneumatic tyres were imported into Singapore; shrinking by -30.3% on 2021 figures. Overall, imports showed a abrupt slump. The pace of growth was the most pronounced in 2021 with an increase of 26%. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, retreaded pneumatic tyre imports shrank remarkably to $X in 2022. In general, imports recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 when imports increased by 24%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia (X units), Australia (X units) and Japan (X units) were the main suppliers of retreaded pneumatic tyre imports to Singapore, with a combined 80% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +3.7%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X), Thailand ($X) and Malaysia ($X) constituted the largest retreaded pneumatic tyre suppliers to Singapore, with a combined 84% share of total imports.

Thailand, with a CAGR of +7.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average retreaded pneumatic tyre import price amounted to $X per unit, picking up by 4.5% against the previous year. Overall, the import price showed a noticeable expansion. The growth pace was the most rapid in 2017 when the average import price increased by 99%. Over the period under review, average import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a 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 Thailand ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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