From 2013 to 2023, the Chemicals Manufacturing Value Added in Singapore experienced considerable volatility. The value peaked in 2016 with a significant 25.44% year-on-year increase but faced sharp declines of 18.24% in 2017 and 25.49% in 2019. Despite minor rebounds in subsequent years, the CAGR over the last five years up to 2023 was -1.86%, indicating an overall declining trend.
From 2024 onwards, the forecast suggests a steady, albeit modest, recovery with year-on-year increases ranging between 1.21% to 1.94%. The forecasted five-year CAGR is 0.93%, pointing to a more stabilized yet slow growth trajectory compared to the previous decade.
Future Trends to Watch For:
- Technological advancements in sustainable and energy-efficient chemical manufacturing processes.
- The impact of global supply chain reconfigurations on Singapore's chemical production.
- Government policies and incentives aimed at boosting the sector's competitiveness and innovation.
- Shifts in global demand for specialized chemicals, potentially driven by emerging industries like electric vehicles and green technologies.
