Singapore: Octyl Alcohol Market 2024

Octyl Alcohol Market Size in Singapore

After five years of growth, the Singaporean octyl alcohol market decreased by -6.4% to $X in 2022. Over the period under review, consumption, however, recorded significant growth. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Octyl Alcohol Production in Singapore

In value terms, octyl alcohol production declined to $X in 2022 estimated in export price. Overall, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +11.3% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 23%. Octyl alcohol production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Octyl Alcohol Exports

Exports from Singapore

For the third consecutive year, Singapore recorded decline in overseas shipments of octanol (octyl alcohol) and isomers thereof, which decreased by -32.8% to X tons in 2022. Over the period under review, exports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2014 when exports increased by 61%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, octyl alcohol exports contracted to $X in 2022. In general, exports saw a abrupt descent. The pace of growth was the most pronounced in 2014 when exports increased by 47% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Korea (X tons), China (X tons) and India (X tons) were the main destinations of octyl alcohol exports from Singapore, together accounting for 90% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +141.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for octyl alcohol exported from Singapore were South Korea ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 92% share of total exports. India, Bangladesh, the United States and Indonesia lagged somewhat behind, together accounting for a further 7.4%.

Among the main countries of destination, India, with a CAGR of +139.1%, saw the highest rates of growth with regard to 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

The average octyl alcohol export price stood at $X per ton in 2022, rising by 40% against the previous year. Overall, the export price posted a prominent expansion. The pace of growth was the most pronounced in 2021 an increase of 86%. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Indonesia ($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 China (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Octyl Alcohol Imports

Imports into Singapore

In 2022, after two years of growth, there was significant decline in purchases abroad of octanol (octyl alcohol) and isomers thereof, when their volume decreased by -9.5% to X tons. Overall, imports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 535% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, octyl alcohol imports stood at $X in 2022. In general, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 486%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

The Netherlands (X tons), Malaysia (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of octyl alcohol imports to Singapore, with a combined 93% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +185.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of octanol (octyl alcohol) and isomers thereof to Singapore, comprising 60% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 22% share of total imports. It was followed by Taiwan (Chinese), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +66.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+12.7% per year) and Taiwan (Chinese) (+192.1% per year).

Import Prices by Country

In 2022, the average octyl alcohol import price amounted to $X per ton, with an increase of 12% against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, octyl alcohol import price increased by +14.7% against 2018 indices. The pace of growth appeared the most rapid in 2017 an increase of 23% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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 the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+23.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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