Singapore: Silver Nitrate Market 2024

Silver Nitrate Market Size in Singapore

The Singaporean silver nitrate market soared to $X in 2021, with an increase of 29% against the previous year. Overall, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.1% 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 +78.3% against 2014 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Silver Nitrate Production in Singapore

In value terms, silver nitrate production reduced slightly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a pronounced descent. The pace of growth was the most pronounced in 2020 when the production volume increased by 5.6%. Silver nitrate production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Silver Nitrate Exports

Exports from Singapore

In 2021, shipments abroad of silver nitrate was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, showed a perceptible contraction. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, silver nitrate exports soared to $X in 2021. In general, exports, however, recorded a dramatic contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 78%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for silver nitrate exports from Singapore, with a 95% share of total exports. It was followed by Indonesia (X kg), with a 2.2% share of total exports. The third position in this ranking was held by India (X kg), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia totaled +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-30.5% per year) and India (+190.3% per year).

In value terms, Malaysia ($X), India ($X) and Indonesia ($X) appeared to be the largest markets for silver nitrate exported from Singapore worldwide, together comprising 99% of total exports.

Among the main countries of destination, India, with a CAGR of +367.0%, 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 mixed trend patterns.

Export Prices by Country

The average silver nitrate export price stood at $X per ton in 2021, which is down by -16.9% against the previous year. Overall, the export price continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2020 an increase of 79% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Malaysia ($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 (+57.6%), while the prices for the other major destinations experienced mixed trend patterns.

Silver Nitrate Imports

Imports into Singapore

In 2021, approx. X tons of silver nitrate were imported into Singapore; jumping by 137% against the previous year's figure. Overall, imports recorded prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 166%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, silver nitrate imports surged to $X in 2021. In general, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 247% against the previous year. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of silver nitrate to Singapore, accounting for a 89% share of total imports. Moreover, silver nitrate imports from the United States exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), more than tenfold. The third position in this ranking was taken by the UK (X kg), with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +55.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+51.5% per year) and the UK (-1.7% per year).

In value terms, the United States ($X) constituted the largest supplier of silver nitrate to Singapore, comprising 94% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 2.4% share of total imports. It was followed by the UK, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +67.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+77.5% per year) and the UK (+0.5% per year).

Import Prices by Country

In 2021, the average silver nitrate import price amounted to $X per ton, growing by 36% against the previous year. Overall, the import price enjoyed a strong increase. The growth pace was the most rapid in 2016 when the average import price increased by 61%. The import price peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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