Singapore: Market for Unsaturated Polyesters In Primary Forms 2024

Market Size for Unsaturated Polyesters In Primary Forms in Singapore

In 2021, after three years of decline, there was significant growth in the Singaporean market for unsaturated polyesters in primary forms, when its value increased by 21% to $X. The market value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Unsaturated Polyesters In Primary Forms in Singapore

In value terms, unsaturated polyesters in primary forms production rose remarkably to $X in 2021 estimated in export price. In general, production posted notable growth. The pace of growth appeared the most rapid in 2017 with an increase of 70%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Unsaturated Polyesters In Primary Forms

Exports from Singapore

In 2021, overseas shipments of unsaturated polyesters in primary forms decreased by -1.5% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, exports, however, recorded a tangible increase. The most prominent rate of growth was recorded in 2016 when exports increased by 98% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, unsaturated polyesters in primary forms exports surged to $X in 2021. In general, exports, however, saw mild growth. The most prominent rate of growth was recorded in 2016 when exports increased by 61% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for unsaturated polyesters in primary forms exports from Singapore, accounting for a 45% share of total exports. Moreover, unsaturated polyesters in primary forms exports to Vietnam exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. The Philippines (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+16.6% per year) and the Philippines (+1.5% per year).

In value terms, Vietnam ($X) remains the key foreign market for unsaturated polyesters in primary forms exports from Singapore, comprising 41% of total exports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total exports. It was followed by the Philippines, with a 9.6% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam amounted to +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+4.8% per year) and the Philippines (-2.7% per year).

Export Prices by Country

The average export price for unsaturated polyesters in primary forms stood at $X per ton in 2021, jumping by 32% against the previous year. In general, the export price, however, recorded a mild curtailment. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Bangladesh ($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 (+4.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Unsaturated Polyesters In Primary Forms

Imports into Singapore

In 2021, approx. X tons of unsaturated polyesters in primary forms were imported into Singapore; with a decrease of -6.4% compared with the year before. Overall, imports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 14%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, unsaturated polyesters in primary forms imports expanded rapidly to $X in 2021. Over the period under review, imports saw a pronounced reduction. The most prominent rate of growth was recorded in 2016 with an increase of 37% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Thailand (X tons) and Germany (X tons) were the main suppliers of unsaturated polyesters in primary forms imports to Singapore, with a combined 59% share of total imports. Taiwan (Chinese), China, Vietnam, the UK, India and Indonesia lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +93.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of unsaturated polyesters in primary forms to Singapore, comprising 25% of total imports. The second position in the ranking was taken by Malaysia ($X), with an 11% share of total imports. It was followed by Thailand, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+11.7% per year) and Thailand (+30.0% per year).

Import Prices by Country

The average import price for unsaturated polyesters in primary forms stood at $X per ton in 2021, with an increase of 14% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unsaturated polyesters in primary forms import price increased by +25.1% against 2019 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 34%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

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 UK ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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