Singapore: Glass Fiber Market 2024

Glass Fiber Market Size in Singapore

In 2021, the Singaporean glass fiber market decreased by -38.7% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption saw a pronounced shrinkage. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Glass Fiber Production in Singapore

In value terms, glass fiber production dropped rapidly to $X in 2021 estimated in export price. In general, production continues to indicate a sharp contraction. The pace of growth was the most pronounced in 2014 with an increase of 4% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Glass Fiber Exports

Exports from Singapore

Glass fiber exports from Singapore soared to X tons in 2021, increasing by 24% against the year before. Over the period under review, exports, however, faced a deep setback. The growth pace was the most rapid in 2018 with an increase of 38% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, glass fiber exports expanded markedly to $X in 2021. In general, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2018 when exports increased by 53% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), China (X tons) and Indonesia (X tons) were the main destinations of glass fiber exports from Singapore, together accounting for 61% of total exports. These countries were followed by South Korea, the United States, Japan, India, Taiwan (Chinese), Qatar, Thailand, Sweden and the Netherlands, which together accounted for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +55.8%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), China ($X) and Indonesia ($X) appeared to be the largest markets for glass fiber exported from Singapore worldwide, with a combined 61% share of total exports. These countries were followed by South Korea, the United States, Japan, India, Taiwan (Chinese), Qatar, Thailand, Sweden and the Netherlands, which together accounted for a further 30%.

Taiwan (Chinese), with a CAGR of +71.3%, 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 glass fiber export price stood at $X per ton in 2021, waning by -8.1% against the previous year. In general, export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glass fiber export price decreased by -8.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 32%. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Indonesia ($X per ton) and China ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Fiber Imports

Imports into Singapore

In 2021, overseas purchases of voiles, webs, mats and other articles of glass fibers decreased by -15.8% to X tons, falling for the second year in a row after four years of growth. Overall, imports showed a mild slump. The most prominent rate of growth was recorded in 2019 when imports increased by 45% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, glass fiber imports shrank to $X in 2021. In general, imports, however, recorded a prominent increase. The growth pace was the most rapid in 2019 when imports increased by 81%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and the United States (X tons) were the main suppliers of glass fiber imports to Singapore, together comprising 61% of total imports. Malaysia, Japan, the UK, Kuwait, Mexico, Germany, Hong Kong SAR and Sweden lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Kuwait (with a CAGR of +56.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Taiwan (Chinese) ($X) and Malaysia ($X) appeared to be the largest glass fiber suppliers to Singapore, with a combined 74% share of total imports. These countries were followed by Japan, the United States, Hong Kong SAR, the UK, Germany, Mexico, Kuwait and Sweden, which together accounted for a further 21%.

Hong Kong SAR, with a CAGR of +53.7%, 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 glass fiber import price amounted to $X per ton, picking up by 5.5% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glass fiber import price increased by +58.8% against 2017 indices. The most prominent rate of growth was recorded in 2019 an increase of 25%. The import price peaked in 2021 and is likely to continue growth in the immediate term.

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 Malaysia ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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