Singapore: Toluene Market 2024

Toluene Market Size in Singapore

In 2021, the Singaporean toluene market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption posted a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Toluene Production in Singapore

In value terms, toluene production stood at $X in 2021 estimated in export price. Over the period under review, production continues to indicate a measured expansion. The pace of growth appeared the most rapid in 2013 with an increase of 115% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Toluene Exports

Exports from Singapore

In 2021, the amount of toluene exported from Singapore fell rapidly to X tons, shrinking by -38.1% compared with the previous year. Overall, exports, however, saw a perceptible increase. The most prominent rate of growth was recorded in 2013 with an increase of 108% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, toluene exports amounted to $X in 2021. Over the period under review, exports continue to indicate a pronounced slump. The pace of growth appeared the most rapid in 2013 with an increase of 107% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons), India (X tons) and Malaysia (X tons) were the main destinations of toluene exports from Singapore, together accounting for 71% of total exports. China, Vietnam, South Korea, Taiwan (Chinese) and Australia lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +67.8%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), India ($X) and Malaysia ($X) constituted the largest markets for toluene exported from Singapore worldwide, together accounting for 72% of total exports. These countries were followed by China, Vietnam, South Korea, Taiwan (Chinese) and Australia, which together accounted for a further 21%.

In terms of the main countries of destination, South Korea, with a CAGR of +36.9%, 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

In 2021, the average toluene export price amounted to $X per ton, with an increase of 63% against the previous year. Over the period under review, the export price, however, recorded a perceptible setback. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to China ($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 Australia (-3.0%), while the prices for the other major destinations experienced a decline.

Toluene Imports

Imports into Singapore

In 2021, overseas purchases of toluene decreased by -28.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 329%. Over the period under review, imports hit record highs at X tons in 2020, and then contracted sharply in the following year.

In value terms, toluene imports stood at $X in 2021. In general, imports, however, showed a measured expansion. The growth pace was the most rapid in 2019 when imports increased by 275% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

Thailand (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of toluene imports to Singapore, together comprising 83% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +97.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Malaysia ($X) and Indonesia ($X) appeared to be the largest toluene suppliers to Singapore, with a combined 76% share of total imports.

Indonesia, with a CAGR of +132.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 toluene import price amounted to $X per ton, surging by 45% against the previous year. In general, the import price, however, continues to indicate a drastic downturn. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 the Netherlands ($X per ton), while the price for Indonesia ($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 (+208.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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