Singapore: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Singapore

The Singaporean synthetic organic tanning substances market dropped to $X in 2021, reducing by -5.4% against the previous year. Over the period under review, consumption recorded a deep setback. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Production of Synthetic Organic Tanning Substances in Singapore

In value terms, synthetic organic tanning substances production reduced modestly to $X in 2021 estimated in export price. In general, production, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2014 with an increase of 4.6%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Exports of Synthetic Organic Tanning Substances

Exports from Singapore

In 2021, the amount of synthetic organic tanning substances exported from Singapore fell to X tons, declining by -7.7% against the previous year's figure. In general, exports, however, continue to indicate a temperate expansion. The most prominent rate of growth was recorded in 2015 with an increase of 125% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, synthetic organic tanning substances exports dropped to $X in 2021. Over the period under review, exports showed a slight decline. The most prominent rate of growth was recorded in 2015 with an increase of 100% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), South Korea (X tons) and Bangladesh (X tons) were the main destinations of synthetic organic tanning substances exports from Singapore, with a combined 54% share of total exports. These countries were followed by Thailand, Vietnam, Pakistan, Indonesia, Japan, Hong Kong SAR and Taiwan (Chinese), which together accounted for a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +15.4%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Bangladesh ($X) and South Korea ($X) were the largest markets for synthetic organic tanning substances exported from Singapore worldwide, with a combined 49% share of total exports. Thailand, Vietnam, Indonesia, Pakistan, Japan, Hong Kong SAR and Taiwan (Chinese) lagged somewhat behind, together comprising a further 37%.

Vietnam, with a CAGR of +10.5%, saw the highest rates of growth with regard to the value of exports, in terms of 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 synthetic organic tanning substances export price stood at $X per ton in 2021, rising by 1.8% against the previous year. Overall, the export price, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2014 an increase of 3.6%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Thailand (-1.5%), while the prices for the other major destinations experienced a decline.

Imports of Synthetic Organic Tanning Substances

Imports into Singapore

In 2021, supplies from abroad of synthetic organic tanning substances decreased by -9.7% to X tons, falling for the fourth consecutive year after two years of growth. In general, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2016 with an increase of 16% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic organic tanning substances imports reduced to $X in 2021. Over the period under review, imports saw a deep contraction. The pace of growth appeared the most rapid in 2016 when imports increased by 13%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest synthetic organic tanning substances supplier to Singapore, accounting for a 47% share of total imports. Moreover, synthetic organic tanning substances imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to -7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.0% per year) and Germany (-16.6% per year).

In value terms, India ($X) constituted the largest supplier of synthetic organic tanning substances to Singapore, comprising 39% of total imports. The second position in the ranking was taken by China ($X), with a 19% share of total imports. It was followed by Germany, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India stood at -9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.2% per year) and Germany (-18.2% per year).

Import Prices by Country

The average synthetic organic tanning substances import price stood at $X per ton in 2021, waning by -5.1% against the previous year. In general, the import price continues to indicate a slight slump. The growth pace was the most rapid in 2018 an increase of 6.4%. The import price peaked 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, the country with the highest price was Canada ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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