Singapore's import of vat dyes and preparations has shown a generally upward trajectory over the past years, starting from 2.21 million kilograms in 2013 to 9.10 million kilograms in 2023. There were some fluctuations, such as a decrease by 12.28% in 2020, but a recovery followed in subsequent years with a notable increase of 20.49% in 2021 and 10.43% in 2022. By 2023, imports increased by 4.58% year-on-year.
Over the last five years, the compound annual growth rate (CAGR) was 5.78%. Future forecasts predict steady growth, with imports expected to reach 11.17 million kilograms by 2028, reflecting a forecasted 5-year CAGR of 3.25%.
Future trends to watch for:
- Potential impacts of technological advancements in dye production that could alter import volumes.
- Trade policies and international regulations that might affect the import market.
- Shifts in demand from local industries that utilize vat dyes, such as textiles.
- Environmental concerns and sustainability initiatives influencing market dynamics.