Singapore: Wadding Market 2024

Wadding Market Size in Singapore

In 2021, the Singaporean wadding market decreased by -19.4% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Wadding consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Wadding Production in Singapore

In value terms, wadding production totaled $X in 2021 estimated in export price. Overall, production, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 276%. 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.

Wadding Exports

Exports from Singapore

In 2021, overseas shipments of wadding increased by less than 0.1% to X tons, rising for the third year in a row after four years of decline. Overall, exports, however, recorded a slight downturn. The most prominent rate of growth was recorded in 2013 with an increase of 83%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, wadding exports dropped modestly to $X in 2021. In general, exports, however, recorded a noticeable descent. The pace of growth was the most pronounced in 2013 when exports increased by 71%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for wadding exports from Singapore, with a 46% share of total exports. Moreover, wadding exports to Indonesia exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Papua New Guinea (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia amounted to +19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+28.1% per year) and Papua New Guinea (+14.1% per year).

In value terms, Indonesia ($X) remains the key foreign market for wadding exports from Singapore, comprising 50% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 17% share of total exports. It was followed by Papua New Guinea, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia totaled +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+26.5% per year) and Papua New Guinea (+12.6% per year).

Export Prices by Country

In 2021, the average wadding export price amounted to $X per ton, approximately reflecting the previous year. In general, the export price recorded a slight descent. The pace of growth was the most pronounced in 2018 when the average export price increased by 12%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to the United States ($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 (+1.6%), while the prices for the other major destinations experienced a decline.

Wadding Imports

Imports into Singapore

In 2021, wadding imports into Singapore fell notably to X tons, waning by -16.8% on the previous year's figure. Over the period under review, imports showed a noticeable descent. The most prominent rate of growth was recorded in 2016 when imports increased by 31% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, wadding imports reduced to $X in 2021. Overall, imports saw a noticeable descent. The growth pace was the most rapid in 2016 with an increase of 27%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

South Korea (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of wadding imports to Singapore, with a combined 61% share of total imports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +38.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Thailand ($X) appeared to be the largest wadding suppliers to Singapore, together comprising 62% of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +41.8%, recorded 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

The average wadding import price stood at $X per ton in 2021, growing by 6.1% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 20%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Thailand ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform