Generating $777m in 2013, up from $325m in 2003, Singapore has seen a growth rate of 9% over the decade.
The economy of Singapore is mainly driven by exports of electronics, pharmaceuticals, chemicals and petrochemical products.
So what’s in Singapore?
The market is dominated by three companies who own over 80% of the market:
SOXAL – 43%
Air Products Singapore – 20%
Linde Gas Singapore – 18%
Other – 19%
The remaining percentage is made up of smaller companies including NOX National Oxygenand Sing Swee Bee.
The marketplace in Singapore is sophisticated which includes a significant pipeline and onsite supply infrastructure for a wide range of gas including nitrogen, oxygen, hydrogen and syngas. Most gas production plants are less than 20 years old.
We expect that the Singapore industrial gas market over the course of 2013-2020 will achieve 3.8% pa growth in a low scenario but a 4.7% pa growth in a high scenario. In this case, revenues should be between $1.103bn to $1.05bn.