Singapore: Waste Cork Market 2024

Waste Cork Market Size in Singapore

The Singaporean waste cork market stood at $X in 2021, increasing by 3.2% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Waste Cork Production in Singapore

In value terms, waste cork production rose to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 37%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Waste Cork Exports

Exports from Singapore

In 2021, exports of waste cork, crushed, granulated or ground cork from Singapore surged to X tons, picking up by 188% compared with the year before. In general, exports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 220% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, waste cork exports skyrocketed to $X in 2021. Overall, exports posted significant growth. The pace of growth was the most pronounced in 2016 with an increase of 309% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X kg), Indonesia (X kg) and Malaysia (X kg) were the main destinations of waste cork exports from Singapore, together accounting for 61% of total exports. These countries were followed by Cambodia, Vietnam, the Philippines, China and Myanmar, which together accounted for a further 39%.

From 2015 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of +72.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for waste cork exported from Singapore were Thailand ($X), Indonesia ($X) and Cambodia ($X), together accounting for 80% of total exports. These countries were followed by Vietnam, Malaysia, China, the Philippines and Myanmar, which together accounted for a further 19%.

Vietnam, with a CAGR of +73.5%, saw the highest rates of growth with regard to the value of exports, among 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

In 2021, the average waste cork export price amounted to $X per ton, surging by 15% against the previous year. In general, the export price posted a significant increase. The pace of growth was the most pronounced in 2019 when the average export price increased by 77% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+26.3%), while the prices for the other major destinations experienced more modest paces of growth.

Waste Cork Imports

Imports into Singapore

In 2021, supplies from abroad of waste cork, crushed, granulated or ground cork increased by 95% to X tons, rising for the second consecutive year after two years of decline. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 450% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, waste cork imports skyrocketed to $X in 2021. Overall, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 701%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of waste cork to Singapore, with a 57% share of total imports. Moreover, waste cork imports from Malaysia exceeded the figures recorded by the second-largest supplier, Portugal (X tons), ninefold.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at +116.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+0.5% per year) and South Korea (+38.0% per year).

In value terms, Malaysia ($X) constituted the largest supplier of waste cork, crushed, granulated or ground cork to Singapore, comprising 49% of total imports. The second position in the ranking was taken by Portugal ($X), with a 20% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia amounted to +116.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+14.8% per year) and South Korea (+34.9% per year).

Import Prices by Country

The average waste cork import price stood at $X per ton in 2021, declining by -38.9% against the previous year. In general, the import price showed a noticeable setback. The pace of growth was the most pronounced in 2013 when the average import price increased by 82% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (+14.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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