Singapore: Tap And Valve Market 2024

Tap And Valve Market Size in Singapore

For the third year in a row, the Singaporean tap and valve market recorded growth in sales value, which increased by 10% to $X in 2022. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Tap And Valve Production in Singapore

In value terms, tap and valve production shrank to $X in 2022 estimated in export price. In general, production showed a abrupt downturn. The pace of growth was the most pronounced in 2013 with an increase of 29%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Tap And Valve Exports

Exports from Singapore

Tap and valve exports from Singapore surged to X tons in 2022, jumping by 51% compared with 2021. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +116.7% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, tap and valve exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and the United Arab Emirates (X tons) were the main destinations of tap and valve exports from Singapore, with a combined 38% share of total exports. China, Saudi Arabia, the United States, India, Thailand, Japan, Australia, Qatar, South Korea and Taiwan (Chinese) lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +41.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tap and valve exported from Singapore were Indonesia ($X), Malaysia ($X) and China ($X), with a combined 37% share of total exports. These countries were followed by the United Arab Emirates, Saudi Arabia, the United States, India, Thailand, Japan, Australia, Qatar, Taiwan (Chinese) and South Korea, which together accounted for a further 42%.

Among the main countries of destination, Qatar, with a CAGR of +42.4%, 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 more modest paces of growth.

Export Prices by Country

The average tap and valve export price stood at $X per ton in 2022, surging by 4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 16% against the previous year. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and China ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Tap And Valve Imports

Imports into Singapore

For the third consecutive year, Singapore recorded growth in overseas purchases of taps, cocks, valves and similar appliances, which increased by 35% to X tons in 2022. In general, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.1% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, tap and valve imports skyrocketed to $X in 2022. Over the period under review, imports recorded a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of tap and valve imports to Singapore, with a combined 46% share of total imports. Germany, Japan, Switzerland, the UK, Italy, India, France, South Korea, Taiwan (Chinese) and Indonesia lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +25.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tap and valve suppliers to Singapore were the United States ($X), China ($X) and Malaysia ($X), together accounting for 47% of total imports. Switzerland, Germany, Japan, the UK, Italy, France, India, South Korea, Taiwan (Chinese) and Indonesia lagged somewhat behind, together accounting for a further 43%.

Among the main suppliers, Switzerland, with a CAGR of +29.8%, saw 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 2022, the average tap and valve import price amounted to $X per ton, surging by 9.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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