Singapore: Silicone Market 2024

Silicone Market Size in Singapore

In 2021, the Singaporean silicone market increased by 6% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate strong growth. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Silicone Production in Singapore

In value terms, silicone production reduced to $X in 2021 estimated in export price. Overall, production, however, posted strong growth. The growth pace was the most rapid in 2020 with an increase of 24%. Silicone production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Silicone Exports

Exports from Singapore

In 2021, the amount of silicones (in primary forms) exported from Singapore soared to X tons, picking up by 33% compared with the year before. Overall, total exports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.8% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, silicone exports surged to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and Bangladesh (X tons) were the main destinations of silicone exports from Singapore, together comprising 83% 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 Bangladesh (with a CAGR of +13.0%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for silicones (in primary forms) exports from Singapore, comprising 49% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 22% share of total exports. It was followed by China, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia stood at +10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-7.2% per year) and China (+3.9% per year).

Export Prices by Country

The average silicone export price stood at $X per ton in 2021, falling by -6.6% against the previous year. Over the period under review, the export price continues to indicate a mild downturn. The pace of growth appeared the most rapid in 2020 an increase of 32% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Indonesia ($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 India (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into Singapore

In 2021, approx. X tons of silicones (in primary forms) were imported into Singapore; growing by 34% against the previous year. The total import volume increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 36%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silicone imports surged to $X in 2021. In general, imports, however, continue to indicate a mild reduction. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X tons), Germany (X tons) and China (X tons) were the main suppliers of silicone imports to Singapore, with a combined 47% share of total imports. These countries were followed by Japan, India, Indonesia, South Korea, Thailand, Belgium, Malaysia, Sweden and Taiwan (Chinese), which together accounted for a further 46%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +41.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and South Korea ($X) constituted the largest silicone suppliers to Singapore, together accounting for 65% of total imports. China, Germany, Thailand, Malaysia, Taiwan (Chinese), Indonesia, Belgium, India and Sweden lagged somewhat behind, together comprising a further 29%.

In terms of the main suppliers, Indonesia, with a CAGR of +33.9%, recorded 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 silicone import price amounted to $X per ton, which is down by -4% against the previous year. Over the period under review, the import price showed a perceptible shrinkage. The growth pace was the most rapid in 2018 when the average import price increased by 40%. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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 Japan ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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