Singapore: Market for Machine Tools For Working Metal Without Removing Metal 2023

Market Size for Machine Tools For Working Metal Without Removing Metal in Singapore

The Singaporean machine tool for metal market soared to $X in 2021, with an increase of 19% against the previous year. In general, consumption recorded a significant expansion. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Production of Machine Tools For Working Metal Without Removing Metal in Singapore

In value terms, machine tool for metal production expanded slightly to $X in 2021 estimated in export price. Overall, production posted a significant expansion. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Machine Tools For Working Metal Without Removing Metal

Exports from Singapore

In 2021, machine tool for metal exports from Singapore declined notably to X units, reducing by -39.4% on 2020. In general, exports showed a deep contraction. The pace of growth was the most pronounced in 2014 with an increase of 78%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, machine tool for metal exports surged to $X in 2021. Over the period under review, exports recorded a abrupt downturn. The growth pace was the most rapid in 2016 with an increase of 76%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X units) was the main destination for machine tool for metal exports from Singapore, with a 58% share of total exports. Moreover, machine tool for metal exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume to Malaysia amounted to -7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-6.3% per year) and Taiwan (Chinese) (+38.2% per year).

In value terms, Malaysia ($X), Indonesia ($X) and Hong Kong SAR ($X) constituted the largest markets for machine tool for metal exported from Singapore worldwide, with a combined 83% share of total exports. Taiwan (Chinese), Vietnam, Australia, Russia and the UK lagged somewhat behind, together accounting for a further 8.6%.

Among the main countries of destination, Russia, with a CAGR of +114.2%, recorded the highest growth rate of the value of exports, 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 machine tool for metal export price amounted to $X per unit, rising by 98% against the previous year. Overall, the export price, however, saw a deep setback. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+0.7%), while the prices for the other major destinations experienced a decline.

Imports of Machine Tools For Working Metal Without Removing Metal

Imports into Singapore

After two years of decline, overseas purchases of machine tools for working metal without removing metal increased by 28% to X units in 2021. Over the period under review, imports, however, continue to indicate a slight decline. The pace of growth was the most pronounced in 2013 when imports increased by 91% against the previous year. Over the period under review, imports attained the maximum at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, machine tool for metal imports shrank to $X in 2021. In general, imports, however, saw a abrupt contraction. The growth pace was the most rapid in 2015 when imports increased by 181%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of machine tool for metal to Singapore, with a 63% share of total imports. Moreover, machine tool for metal imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold. Malaysia (X units) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.5% per year) and Malaysia (+13.6% per year).

In value terms, the largest machine tool for metal suppliers to Singapore were China ($X), Italy ($X) and Malaysia ($X), together accounting for 67% of total imports.

Malaysia, with a CAGR of +21.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average machine tool for metal import price stood at $X per unit in 2021, which is down by -28.2% against the previous year. In general, the import price faced a abrupt decline. The most prominent rate of growth was recorded in 2015 an increase of 56% against the previous year. Over the period under review, average import prices hit record highs at $X per unit 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 Italy ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+6.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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