Singapore: Resinoids Market 2022

Resinoids Market Size in Singapore

In 2021, the Singaporean resinoids market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption enjoyed a buoyant expansion. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Resinoids Exports

Exports from Singapore

In 2021, overseas shipments of resinoids were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a noticeable shrinkage. The growth pace was the most rapid in 2013 with an increase of 234%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, resinoids exports skyrocketed to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 585%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons), Pakistan (X tons) and India (X tons) were the main destinations of resinoids exports from Singapore, together accounting for 74% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Pakistan (with a CAGR of +24.5%), while the other leaders experienced mixed trend patterns.

In value terms, India ($X) emerged as the key foreign market for resinoids exports from Singapore, comprising 37% of total exports. The second position in the ranking was held by Pakistan ($X), with a 13% share of total exports. It was followed by the United Arab Emirates, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+34.2% per year) and the United Arab Emirates (-12.2% per year).

Export Prices by Country

The average resinoids export price stood at $X per ton in 2021, surging by 12% against the previous year. In general, the export price continues to indicate a measured expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 105%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Saudi Arabia ($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 India (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Resinoids Imports

Imports into Singapore

In 2021, supplies from abroad of resinoids increased by 48% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 433%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, resinoids imports skyrocketed to $X in 2021. In general, imports posted a pronounced expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 641%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Madagascar (X tons), Indonesia (X tons) and Spain (X tons) were the main suppliers of resinoids imports to Singapore, with a combined 90% share of total imports.

From 2012 to 2021, the biggest increases were in Spain (with a CAGR of +14.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Madagascar ($X), France ($X) and Indonesia ($X) appeared to be the largest resinoids suppliers to Singapore, together accounting for 65% of total imports. These countries were followed by Spain, the United States, Germany, the UK, China and Malaysia, which together accounted for a further 21%.

Among the main suppliers, Spain, with a CAGR of +25.6%, saw 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

In 2021, the average resinoids import price amounted to $X per ton, which is down by -20.1% against the previous year. In general, the import price continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2018 when the average import price increased by 39% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was France ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+21.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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