Singapore: Silicates Market 2024

Silicates Market Size in Singapore

In 2021, the Singaporean silicates market increased by 50% to $X, rising for the second year in a row after three years of decline. In general, the total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +76.9% against 2019 indices. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Silicates Exports

Exports from Singapore

In 2021, approx. X tons of silicates, commercial alkali metal silicates were exported from Singapore; picking up by 49% on 2020. Over the period under review, exports, however, saw a abrupt slump. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, silicates exports soared to $X in 2021. Overall, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 176%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Vietnam (X tons) and Israel (X tons) were the main destinations of silicates exports from Singapore, with a combined 62% share of total exports. These countries were followed by Pakistan, Indonesia, Bangladesh, the Netherlands, Papua New Guinea and Thailand, which together accounted for a further 28%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +305.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for silicates exported from Singapore were Israel ($X), Malaysia ($X) and Vietnam ($X), with a combined 69% share of total exports. These countries were followed by the Netherlands, Indonesia, Pakistan, Bangladesh, Papua New Guinea and Thailand, which together accounted for a further 18%.

Among the main countries of destination, the Netherlands, with a CAGR of +346.7%, 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 silicates export price stood at $X per ton in 2021, with an increase of 19% against the previous year. Overall, the export price saw a moderate increase. The growth pace was the most rapid in 2014 when the average export price increased by 169% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Pakistan ($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 Bangladesh (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Silicates Imports

Imports into Singapore

In 2021, supplies from abroad of silicates, commercial alkali metal silicates increased by 67% to X tons, rising for the second year in a row after three years of decline. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +97.5% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silicates imports skyrocketed to $X in 2021. In general, imports, however, recorded a mild downturn. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X tons) was the main silicates supplier to Singapore, accounting for a 91% share of total imports. Moreover, silicates imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. The third position in this ranking was taken by the United States (X tons), with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.1% per year) and the United States (+1.4% per year).

In value terms, the largest silicates suppliers to Singapore were the United States ($X), Malaysia ($X) and China ($X), together comprising 89% of total imports.

Among the main suppliers, the United States, with a CAGR of +6.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average silicates import price amounted to $X per ton, shrinking by -25.5% against the previous year. Over the period under review, the import price saw a abrupt curtailment. The pace of growth was the most pronounced in 2018 an increase of 21% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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