Singapore: Market for Polyethylene Glycols and Polyethers in Primary Forms 2023

Market Size for Polyethylene Glycols and Polyethers in Primary Forms in Singapore

In 2021, the Singaporean polyethylene glycol and polyether market increased by 26% to $X, rising for the fifth year in a row after two years of decline. Over the period under review, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +100.6% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Polyethylene Glycols and Polyethers in Primary Forms in Singapore

In value terms, polyethylene glycol and polyether production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 27%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Exports of Polyethylene Glycols and Polyethers in Primary Forms

Exports from Singapore

In 2021, overseas shipments of polyethylene glycols and polyethers in primary forms were finally on the rise to reach X tons after two years of decline. Overall, total exports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 31% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, polyethylene glycol and polyether exports surged to $X in 2021. In general, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +43.6% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for polyethylene glycol and polyether exports from Singapore, accounting for a 34% share of total exports. Moreover, polyethylene glycol and polyether exports to China exceeded the volume sent to the second major destination, India (X tons), threefold. The third position in this ranking was taken by Indonesia (X tons), with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+3.5% per year) and Indonesia (+4.5% per year).

In value terms, China ($X) remains the key foreign market for polyethylene glycols and polyethers in primary forms exports from Singapore, comprising 33% of total exports. The second position in the ranking was taken by India ($X), with a 13% share of total exports. It was followed by Indonesia, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+6.9% per year) and Indonesia (+5.6% per year).

Export Prices by Country

The average polyethylene glycol and polyether export price stood at $X per ton in 2021, increasing by 24% against the previous year. Over the last nine years, it increased at an average annual rate of +2.0%. As a result, the export price reached the peak level 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 the United States ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Polyethylene Glycols and Polyethers in Primary Forms

Imports into Singapore

Polyethylene glycol and polyether imports into Singapore declined slightly to X tons in 2021, remaining constant against the previous year's figure. In general, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 65%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, polyethylene glycol and polyether imports surged to $X in 2021. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 54%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Saudi Arabia (X tons) constituted the largest supplier of polyethylene glycol and polyether to Singapore, accounting for a 43% share of total imports. Moreover, polyethylene glycol and polyether imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Saudi Arabia amounted to +121.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.7% per year) and Taiwan (Chinese) (+15.0% per year).

In value terms, Saudi Arabia ($X), China ($X) and Taiwan (Chinese) ($X) were the largest polyethylene glycol and polyether suppliers to Singapore, with a combined 59% share of total imports.

Among the main suppliers, Saudi Arabia, with a CAGR of +132.6%, recorded the highest rates of growth with regard to 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

The average polyethylene glycol and polyether import price stood at $X per ton in 2021, picking up by 29% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, polyethylene glycol and polyether import price increased by +64.4% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 India ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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