With the increasing global demand for non-sparking metallurgical products, Singapore’s stainless steel forging export market has also shown a significant development trend. According to relevant data, as of 2021, the total global market size of stainless steel forgings has exceeded $200 billion, and is expected to maintain a compound annual growth rate of over 2% in the coming years. At the same time, as the international trade environment continues to evolve, after joining the Trans-Pacific Partnership (TPP), Singapore’s export policies and environment have further optimized, which is more suitable for metallurgical processing products with high added value like stainless steel forgings.
Firstly, from the perspective of national policies, Singapore has gradually changed its traditional export policy and emphasized on the development of technological innovation and smart manufacturing. In March 2019, Singapore established the “Fifth Industrial Plan” (5IP), which mainly aims to help enterprises realize digitalization and automation upgrades, and utilize emerging technologies (such as artificial intelligence, Internet of Things, etc.) to improve productivity and efficiency. This provides better technology optimization and innovation space for Singapore’s stainless steel forging enterprises. In addition, Singapore provides many preferential policies for export-oriented enterprises in terms of taxation and fees, providing corresponding support measures in imports, logistics, and tariffs, which facilitates the reduction of costs for enterprises.
Secondly, from the perspective of market demand, stainless steel forgings have broad market prospects. Currently, many countries around the world have higher quality requirements for energy and infrastructure construction industries, and stainless steel forgings, as a type of high-quality and high-toughness steel product, can meet these demands. It is predicted that with the increasing demand for stainless steel forgings in various industries around the world, the stainless steel forging market will continue to have high growth potential in the next few years, which will also bring new development opportunities for Singapore’s stainless steel forging enterprises.
Finally, taking one example of a Singaporean stainless steel forging enterprise – Joo Tat Metals & Engineering (Private) Limited, since its establishment in ****, it has been focusing on the research and development and production of steel products and has gradually become one of the top stainless steel forging enterprises in the world. The company actively promotes technological innovation and digitalization upgrades while continuously optimizing its production process. In addition, the company also actively participates in international market development, not only establishing multiple sales centers and production bases in Singapore, but also conducting business exchanges and cooperation in the United States, Europe, and other places.
In summary, the development trend of Singapore’s stainless steel forging export market is promising, and it will face many opportunities and challenges in the future. At the same time, the optimization of government-related policies and the continuous growth of market demand provide more development opportunities for Singapore’s stainless steel forging enterprises.
