Singapore: Market for Sanitary Ware And Parts Of Iron Or Steel 2024

Market Size for Sanitary Ware And Parts Of Iron Or Steel in Singapore

After two years of decline, the Singaporean market for sanitary ware and parts of iron or steel increased by 46% to $X in 2021. Overall, consumption saw a prominent increase. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Production of Sanitary Ware And Parts Of Iron Or Steel in Singapore

In value terms, iron or steel sanitary ware production shrank significantly to $X in 2021 estimated in export price. Overall, production recorded a sharp reduction. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Sanitary Ware And Parts Of Iron Or Steel

Exports from Singapore

In 2021, overseas shipments of sanitary ware and parts of iron or steel were finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 92% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, iron or steel sanitary ware exports reached $X in 2021. Overall, exports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2016 when exports increased by 139% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Japan (X tons) and China (X tons) were the main destinations of iron or steel sanitary ware exports from Singapore, together comprising 62% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +63.7%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Japan ($X) and China ($X) appeared to be the largest markets for iron or steel sanitary ware exported from Singapore worldwide, with a combined 62% share of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +64.2%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the average export price for sanitary ware and parts of iron or steel amounted to $X per ton, falling by -24.6% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 25%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, the countries with the highest prices were Sri Lanka ($X per ton) and Maldives ($X per ton), while the average price for exports to China ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+0.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sanitary Ware And Parts Of Iron Or Steel

Imports into Singapore

In 2021, iron or steel sanitary ware imports into Singapore surged to X tons, with an increase of 44% compared with the previous year's figure. In general, imports, however, continue to indicate a pronounced reduction. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, iron or steel sanitary ware imports soared to $X in 2021. Overall, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 125%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron or steel sanitary ware to Singapore, accounting for a 65% share of total imports. Moreover, iron or steel sanitary ware imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), sixfold. The third position in this ranking was taken by Vietnam (X tons), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+8.4% per year) and Vietnam (+72.3% per year).

In value terms, China ($X) constituted the largest supplier of sanitary ware and parts of iron or steel to Singapore, comprising 65% of total imports. The second position in the ranking was held by Indonesia ($X), with a 10% share of total imports. It was followed by Vietnam, with a 4.6% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+17.7% per year) and Vietnam (+86.5% per year).

Import Prices by Country

The average import price for sanitary ware and parts of iron or steel stood at $X per ton in 2021, with an increase of 5.6% against the previous year. Overall, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron or steel sanitary ware import price increased by +1.2% against 2018 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by 87%. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Vietnam ($X per ton) and Japan ($X per ton), while the price for Thailand ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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