The import of machinery for the rubber and plastics industry to Singapore has seen a consistent downward trend over the past decade. From 2013 to 2023, the value decreased from $159.9 million to $94.025 million, with significant year-on-year declines such as -30.92% in 2013 and -20.41% in 2020. Recent years continue this trend, with the latest figures showing a -4.4% decrease from 2022 to 2023. The 5-year CAGR from 2018 to 2023 is -4.1%.
Looking ahead, the forecasted data suggests this decline will persist, with the import value expected to fall to $71.397 million by 2028. The projected 5-year CAGR is -4.37%, representing a forecasted 20.02% decrease overall from 2023 to 2028.
Future trends to watch for include technological advancements that could impact the types of machinery required and shifts in global supply chains that might affect import dynamics. Additionally, developments in local manufacturing capabilities and environmental regulations could further influence this sector.
