Key Market Indicators
Singapore's pigment exports experienced a significant decline in 2023, dropping to approximately 283,000 kilograms from around 353,000 kilograms in 2022, a decrease of nearly 20% year-on-year. This decline continues a long-term trend, as the country's pigment supply has been decreasing by an average of 15% annually since 1994. In 2023, Singapore ranked 37th in global pigment exports, with Kuwait surpassing it by reaching about 283,000 kilograms. Germany, Saudi Arabia, and China occupied the second, third, and fourth positions in the global ranking, respectively. On the import front, Singapore's pigment demand is projected to plummet dramatically. By 2028, imports are expected to reach just over 11,000 kilograms, down from approximately 614,000 kilograms in 2023, marking an average annual decline of 53%. This sharp decrease in demand also continues a long-term downward trend, with Singapore's pigment imports falling by nearly 12% each year since 1994.
