Singapore: Safety Valve Market 2024

Safety Valve Market Size in Singapore

The Singaporean safety valve market surged to $X in 2021, with an increase of 179% against the previous year. Overall, consumption continues to indicate a significant increase. Safety valve consumption peaked in 2021 and is expected to retain growth in the near future.

Safety Valve Production in Singapore

In value terms, safety valve production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw a deep setback. Safety valve production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Safety Valve Exports

Exports from Singapore

In 2021, shipments abroad of safety or relief valves for pipes, boiler shells, tanks and vats decreased by -18.9% to X units, falling for the second year in a row after two years of growth. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 59% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, safety valve exports contracted dramatically to $X in 2021. Over the period under review, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 50%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X units), China (X units) and India (X units) were the main destinations of safety valve exports from Singapore, with a combined 38% share of total exports. These countries were followed by Indonesia, the United States, Qatar, Hong Kong SAR, Saudi Arabia, Algeria, the United Arab Emirates, Thailand, the UK and Germany, which together accounted for a further 36%.

From 2012 to 2021, the biggest increases were recorded for Qatar (with a CAGR of +56.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for safety valve exported from Singapore were Malaysia ($X), China ($X) and India ($X), together accounting for 36% of total exports. Indonesia, the United Arab Emirates, the United States, Qatar, Hong Kong SAR, Saudi Arabia, Algeria, Thailand, the UK and Germany lagged somewhat behind, together comprising a further 38%.

In terms of the main countries of destination, Qatar, with a CAGR of +61.7%, recorded 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 safety valve export price amounted to $X per unit, falling by -2.8% against the previous year. Over the last nine years, it increased at an average annual rate of +4.1%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2020, and then dropped in the following year.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Qatar ($X per unit) 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 (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into Singapore

In 2021, approx. X units of safety or relief valves for pipes, boiler shells, tanks and vats were imported into Singapore; increasing by 51% against 2020. In general, imports recorded a strong expansion. The growth pace was the most rapid in 2013 when imports increased by 55%. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, safety valve imports soared to $X in 2021. Overall, imports recorded a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Switzerland (X units), Malaysia (X units) and the United States (X units) were the main suppliers of safety valve imports to Singapore, with a combined 83% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +79.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest safety valve suppliers to Singapore were Switzerland ($X), Malaysia ($X) and the United States ($X), with a combined 83% share of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +81.1%, saw the highest rates of growth with regard to 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

In 2021, the average safety valve import price amounted to $X per unit, rising by 2.3% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average import price increased by 13% against the previous year. The import price peaked in 2021 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the United States ($X per unit) and Malaysia ($X per unit), while the price for the UK ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+0.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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