Singapore: Zirconium Market 2024

Zirconium Market Size in Singapore

In 2022, the Singaporean zirconium market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, continues to indicate a deep reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Zirconium Production in Singapore

In value terms, zirconium production stood at $X in 2022 estimated in export price. In general, production, however, showed a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 119% against the previous year. Zirconium production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Zirconium Exports

Exports from Singapore

After two years of growth, shipments abroad of zirconium decreased by -8.3% to X tons in 2022. In general, exports continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 11,604%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, zirconium exports dropped to $X in 2022. Overall, exports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 7,380% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for zirconium exports from Singapore, with a 97% share of total exports. Moreover, zirconium exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, the Philippines (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Taiwan (Chinese) stood at +29.0%.

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for zirconium exports from Singapore, comprising 71% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Taiwan (Chinese) stood at +18.5%.

Export Prices by Country

The average zirconium export price stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the export price, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2013 when the average export price increased by 474% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Taiwan (Chinese) stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+6.2%), while the prices for the other major destinations experienced mixed trend patterns.

Zirconium Imports

Imports into Singapore

In 2022, after two years of growth, there was decline in supplies from abroad of zirconium, when their volume decreased by -2.7% to X tons. Over the period under review, imports, however, saw buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 190%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, zirconium imports shrank to $X in 2022. In general, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 124%. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Germany (X tons) was the main supplier of zirconium to Singapore, accounting for a 95% share of total imports. Moreover, zirconium imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +28.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-11.3% per year) and India (-26.7% per year).

In value terms, Germany ($X) constituted the largest supplier of zirconium to Singapore, comprising 97% of total imports. The second position in the ranking was taken by the United States ($X), with a 1.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.4% per year) and India (-7.8% per year).

Import Prices by Country

The average zirconium import price stood at $X per ton in 2022, shrinking by -4.9% against the previous year. Overall, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zirconium import price increased by +148.7% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 111% against the previous year. The import price peaked at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+25.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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