Singapore: Mineral Wool Market 2025

Mineral Wool Market Size in Singapore

The Singaporean mineral wool market skyrocketed to $X in 2021, increasing by 53% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a perceptible curtailment. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Mineral Wool Exports

Exports from Singapore

In 2021, after three years of growth, there was significant decline in overseas shipments of slag wool, rock wool and similar mineral wools and mixtures, when their volume decreased by -50.3% to X tons. Overall, exports recorded a perceptible decline. The pace of growth was the most pronounced in 2015 with an increase of 62% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, mineral wool exports rose significantly to $X in 2021. Over the period under review, exports, however, saw a pronounced expansion. The most prominent rate of growth was recorded in 2015 with an increase of 64%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for mineral wool exports from Singapore, accounting for a 77% share of total exports. Moreover, mineral wool exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold. Australia (X tons) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia amounted to +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-21.9% per year) and Australia (+81.5% per year).

In value terms, Norway ($X), Indonesia ($X) and Australia ($X) were the largest markets for mineral wool exported from Singapore worldwide, with a combined 92% share of total exports.

Australia, with a CAGR of +73.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average mineral wool export price stood at $X per ton in 2021, with an increase of 116% against the previous year. Over the period under review, the export price posted strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Brunei Darussalam ($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 Malaysia (+1.2%), while the prices for the other major destinations experienced a decline.

Mineral Wool Imports

Imports into Singapore

After six years of decline, overseas purchases of slag wool, rock wool and similar mineral wools and mixtures increased by 41% to X tons in 2021. Overall, imports, however, recorded a pronounced descent. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, mineral wool imports surged to $X in 2021. In general, imports, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 27%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest mineral wool supplier to Singapore, accounting for a 54% share of total imports. Moreover, mineral wool imports from Malaysia exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia amounted to -5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.8% per year) and Thailand (+38.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to Singapore, comprising 34% of total imports. The second position in the ranking was taken by India ($X), with a 14% share of total imports. It was followed by Poland, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia stood at -9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+8.4% per year) and Poland (-4.0% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, reducing by -13.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 11%. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

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 Poland ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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