Product Code: ETC053647 | Publication Date: Jul 2023 | Updated Date: Jan 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Singapore wire and spring products market is expected to reach a valuation of USD 1.6 billion by 2026, from USD 1.2 billion in 2020, at a CAGR of 4.9% during the forecast period (2020???2026). The growth is mainly driven by increasing demand for automotive components such as gaskets, bearings, radiators, transmissions and other parts due to rising vehicle production across the country. Moreover, rapid urbanization and industrialization are driving investments towards infrastructure development activities that require various types of wires and springs used in construction activities. Furthermore, government initiatives like Smart Nation Vision will further stimulate this sector???s growth over the forecast period.
Increasing Demand for Automotive Components - Growing vehicle production across Singapore has fueled demand for automotive components such as gaskets, bearings, transmissions and radiators which require various wires & springs for their assembly resulting in surge in domestic consumption value of wires & springs within the country;Rapid Urbanization & Industrialization - Significant increase in rate of urbanization& industrialisation have led to major investments flowing into infrastructure projects thereby propelling product demand;Government Initiatives ???The establishment of Smart Nation Vision program by government authorities would offer significant impetus to electric grid networks leading to greater availability and accessibility of electricity within city regions; thus driving product adoption among local population base over long term duration
High Cost Involved In Production Of Customised Wires And Springs-High cost involved with custom made wiring design primarily limiting its penetration amongst end users located within small scale industry segment owing mainly due high cost involved with initial set up charges;Availability Of Low Quality Counterfeit Products - Presence counterfeit low quality products available at discount rates may limit overall revenue potential generated from sale genuine grade commodities offered by leading manufacturers operating within country???s territory.
The Singapore wire and spring products market is highly competitive, with major players such as Rolex Spring Manufacturing, Yixin Precision Engineering Pte Ltd., Chong Hoe Metal Company, SEA-Tech Industries (S) Pte. Ltd., Tee Seng Industrial Corporation Pte Ltd., Huayong Spring Co. Pte. Ltd., Boon Tiong Hardware & Wire Mesh Co. and Advanced Springs & Pressings International all vying for a larger share of the market. These key industry players have been actively investing in technology advancements to develop innovative solutions for their customers across various industries in the region.
The COVID-19 outbreak had negative implications on many businesses globally due to supply chain disruptions caused by lockdown restrictions imposed over countries around world hampering business operations heavily especially those related manufacturing activities where shipments couldn???t reach destination ports resulting delays thereby impacting customer orders adversely leading lower sales figures reported quarter after quarter thus having direct impact on global value chains further more causing threat job losses amongst affected population
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Singapore Wire and Spring Products Market Overview |
3.1 Singapore Country Macro Economic Indicators |
3.2 Singapore Wire and Spring Products Market Revenues & Volume, 2020 & 2030F |
3.3 Singapore Wire and Spring Products Market - Industry Life Cycle |
3.4 Singapore Wire and Spring Products Market - Porter's Five Forces |
3.5 Singapore Wire and Spring Products Market Revenues & Volume Share, By Type, 2020 & 2030F |
3.6 Singapore Wire and Spring Products Market Revenues & Volume Share, By Metal Derivative, 2020 & 2030F |
3.7 Singapore Wire and Spring Products Market Revenues & Volume Share, By Applications, 2020 & 2030F |
4 Singapore Wire and Spring Products Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Singapore Wire and Spring Products Market Trends |
6 Singapore Wire and Spring Products Market, By Types |
6.1 Singapore Wire and Spring Products Market, By Type |
6.1.1 Overview and Analysis |
6.1.2 Singapore Wire and Spring Products Market Revenues & Volume, By Type, 2020-2030F |
6.1.3 Singapore Wire and Spring Products Market Revenues & Volume, By Fabricated wire, 2020-2030F |
6.1.4 Singapore Wire and Spring Products Market Revenues & Volume, By Light gauge, 2020-2030F |
6.1.5 Singapore Wire and Spring Products Market Revenues & Volume, By Heavy gauge springs, 2020-2030F |
6.2 Singapore Wire and Spring Products Market, By Metal Derivative |
6.2.1 Overview and Analysis |
6.2.2 Singapore Wire and Spring Products Market Revenues & Volume, By Aluminum based, 2020-2030F |
6.2.3 Singapore Wire and Spring Products Market Revenues & Volume, By Barbed, 2020-2030F |
6.2.4 Singapore Wire and Spring Products Market Revenues & Volume, By Copper based, 2020-2030F |
6.2.5 Singapore Wire and Spring Products Market Revenues & Volume, By Coated electrodes, 2020-2030F |
6.3 Singapore Wire and Spring Products Market, By Applications |
6.3.1 Overview and Analysis |
6.3.2 Singapore Wire and Spring Products Market Revenues & Volume, By Automotive, 2020-2030F |
6.3.3 Singapore Wire and Spring Products Market Revenues & Volume, By Aerospace, 2020-2030F |
6.3.4 Singapore Wire and Spring Products Market Revenues & Volume, By Government, 2020-2030F |
6.3.5 Singapore Wire and Spring Products Market Revenues & Volume, By Medical & healthcare, 2020-2030F |
6.3.6 Singapore Wire and Spring Products Market Revenues & Volume, By Commercial & industrial sectors, 2020-2030F |
7 Singapore Wire and Spring Products Market Import-Export Trade Statistics |
7.1 Singapore Wire and Spring Products Market Export to Major Countries |
7.2 Singapore Wire and Spring Products Market Imports from Major Countries |
8 Singapore Wire and Spring Products Market Key Performance Indicators |
9 Singapore Wire and Spring Products Market - Opportunity Assessment |
9.1 Singapore Wire and Spring Products Market Opportunity Assessment, By Type, 2020 & 2030F |
9.2 Singapore Wire and Spring Products Market Opportunity Assessment, By Metal Derivative, 2020 & 2030F |
9.3 Singapore Wire and Spring Products Market Opportunity Assessment, By Applications, 2020 & 2030F |
10 Singapore Wire and Spring Products Market - Competitive Landscape |
10.1 Singapore Wire and Spring Products Market Revenue Share, By Companies, 2023 |
10.2 Singapore Wire and Spring Products Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |