Forecast: Metals Consumption in Singapore

Analysis of metal consumption in Singapore reveals a significant decline from 2013 to 2023, with noticeable volatility. Consumption peaked in 2013 at 6.71 units, saw varied year-on-year changes, and markedly dropped to 1.82 units by 2023. So far in 2023, the decline stands at 11.65%. The past five-year compound annual growth rate (CAGR) is -13.89%, indicating consistent annual decreases.

Looking forward, the forecasted data suggests a continued downward trend, with consumption projected to fall to 0.54 units by 2028, reflecting a five-year CAGR of -19.01% and an overall reduction of 65.16%. Critical factors to monitor include industrial demand, economic conditions, and policy changes impacting the metal sector. Tracking these elements will be paramount for better understanding consumption dynamics.