Singapore: Tyre Cord Fabric Market 2024

Tyre Cord Fabric Market Size in Singapore

The Singaporean tyre cord fabric market expanded rapidly to $X in 2021, surging by 7.4% against the previous year. Over the period under review, consumption saw a prominent increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Tyre Cord Fabric Production in Singapore

In value terms, tyre cord fabric production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production showed a resilient increase. The growth pace was the most rapid in 2013 when the production volume increased by 49% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Tyre Cord Fabric Exports

Exports from Singapore

In 2021, shipments abroad of tyre cord fabric of high tenacity yarn increased by 33% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 301%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, tyre cord fabric exports contracted to $X in 2021. Over the period under review, exports, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2013 with an increase of 351% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bangladesh (X tons) was the main destination for tyre cord fabric exports from Singapore, accounting for a 96% share of total exports. It was followed by Malaysia (X tons), with a 1.9% share of total exports. The United States (X kg) ranked third in terms of total exports with a 0.4% share.

From 2012 to 2021, the average annual growth rate of volume to Bangladesh stood at +9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-16.1% per year) and the United States (-56.6% per year).

In value terms, Bangladesh ($X) emerged as the key foreign market for tyre cord fabric of high tenacity yarn exports from Singapore, comprising 94% of total exports. The second position in the ranking was held by Malaysia ($X), with a 3.8% share of total exports. It was followed by the United States, with a 0.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Bangladesh amounted to +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-16.4% per year) and the United States (-56.6% per year).

Export Prices by Country

The average tyre cord fabric export price stood at $X per ton in 2021, falling by -32% against the previous year. Over the period under review, the export price recorded a perceptible contraction. The growth pace was the most rapid in 2018 when the average export price increased by 62% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Bangladesh ($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 Indonesia (+2.6%), while the prices for the other major destinations experienced mixed trend patterns.

Tyre Cord Fabric Imports

Imports into Singapore

In 2021, overseas purchases of tyre cord fabric of high tenacity yarn were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, saw a deep downturn. The pace of growth appeared the most rapid in 2014 with an increase of 85% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, tyre cord fabric imports shrank to $X in 2021. Over the period under review, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when imports increased by 145%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest tyre cord fabric supplier to Singapore, with a 65% share of total imports. Moreover, tyre cord fabric imports from Vietnam exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. Malaysia (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam amounted to +87.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+44.3% per year) and Malaysia (-10.8% per year).

In value terms, the largest tyre cord fabric suppliers to Singapore were Vietnam ($X), Indonesia ($X) and Malaysia ($X), together accounting for 91% of total imports.

Vietnam, with a CAGR of +79.9%, recorded 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 mixed trend patterns.

Import Prices by Country

In 2021, the average tyre cord fabric import price amounted to $X per ton, shrinking by -17.8% against the previous year. Overall, the import price showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2018 an increase of 47% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average 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 Indonesia ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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