Singapore: Winding Wire Market 2024

Winding Wire Market Size in Singapore

After two years of growth, the Singaporean winding wire market decreased by -13.4% to $X in 2022. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then declined in the following year.

Winding Wire Production in Singapore

In value terms, winding wire production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable curtailment. The growth pace was the most rapid in 2020 with an increase of 86% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Winding Wire Exports

Exports from Singapore

In 2022, the amount of winding wire for electrical purposes exported from Singapore fell to X tons, waning by -6.1% compared with the year before. Overall, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2014 with an increase of 82%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, winding wire exports declined slightly to $X in 2022. Over the period under review, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2014 with an increase of 23%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for winding wire exports from Singapore, with a 69% share of total exports. Moreover, winding wire exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), sixfold. The third position in this ranking was held by India (X tons), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-18.8% per year) and India (-2.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for winding wire for electrical purposes exports from Singapore, comprising 60% of total exports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total exports. It was followed by the United States, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-11.6% per year) and the United States (+14.2% per year).

Export Prices by Country

In 2022, the average winding wire export price amounted to $X per ton, with an increase of 4.1% against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, winding wire export price increased by +30.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 32%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Winding Wire Imports

Imports into Singapore

Winding wire imports into Singapore reduced notably to X tons in 2022, with a decrease of -28.9% against the previous year's figure. Over the period under review, imports saw a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of 119%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, winding wire imports amounted to $X in 2022. Overall, imports recorded a pronounced contraction. The growth pace was the most rapid in 2021 when imports increased by 62% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of winding wire imports to Singapore, with a combined 79% share of total imports. Vietnam, the United States, Thailand, South Korea, Taiwan (Chinese) and Germany lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +13.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest winding wire suppliers to Singapore were Indonesia ($X), Malaysia ($X) and China ($X), together accounting for 72% of total imports. The United States, Vietnam, Thailand, Germany, Taiwan (Chinese) and South Korea lagged somewhat behind, together comprising a further 20%.

In terms of the main suppliers, Thailand, with a CAGR of +11.2%, saw the highest growth rate of 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

In 2022, the average winding wire import price amounted to $X per ton, increasing by 41% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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