ASEAN: Glass Fibre Fabrics Market 2024

Glass Fibre Fabrics Market Size in ASEAN

The ASEAN glass fibre fabrics market expanded markedly to $X in 2022, growing by 7.9% against the previous year. The market value increased at an average annual rate of +4.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Glass Fibre Fabrics Production in ASEAN

In value terms, glass fibre fabrics production contracted to $X in 2022 estimated in export price. The total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.6% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 93% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Glass Fibre Fabrics Exports

Exports in ASEAN

In 2022, glass fibre fabrics exports in ASEAN shrank notably to X tons, reducing by -55.4% compared with the year before. Over the period under review, exports recorded a deep setback. The pace of growth appeared the most rapid in 2021 when exports increased by 39%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, glass fibre fabrics exports shrank rapidly to $X in 2022. In general, exports saw a pronounced setback. The most prominent rate of growth was recorded in 2021 when exports increased by 36% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Vietnam (X tons) and Singapore (X tons) represented the major exporters of glass fibre fabrics in ASEAN, together making up 74% of total exports. It was distantly followed by Malaysia (X tons), creating an 18% share of total exports. The following exporters - Indonesia (X tons) and Cambodia (X tons) - each accounted for a 7.5% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Cambodia (with a CAGR of +95.4%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Singapore ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2022, together comprising 74% of total exports. Cambodia and Indonesia lagged somewhat behind, together accounting for a further 25%.

Cambodia, with a CAGR of +87.1%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, jumping by 25% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+8.2%), while the other leaders experienced more modest paces of growth.

Glass Fibre Fabrics Imports

Imports in ASEAN

In 2022, glass fibre fabrics imports in ASEAN reached X tons, therefore, remained relatively stable against the previous year. The total import volume increased at an average annual rate of +5.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 38%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, glass fibre fabrics imports rose sharply to $X in 2022. The total import value increased at an average annual rate of +5.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 16%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Thailand represented the largest importer of glass fibre fabrics in ASEAN, with the volume of imports accounting for X tons, which was near 49% of total imports in 2022. Indonesia (X tons) ranks second in terms of the total imports with a 20% share, followed by Vietnam (12%), Malaysia (10%) and Singapore (5.3%). The Philippines (X tons) followed a long way behind the leaders.

Thailand was also the fastest-growing in terms of the glass fibre fabrics imports, with a CAGR of +10.1% from 2012 to 2022. At the same time, the Philippines (+8.4%), Vietnam (+7.9%), Malaysia (+6.5%) and Indonesia (+6.2%) displayed positive paces of growth. By contrast, Singapore (-11.6%) illustrated a downward trend over the same period. While the share of Thailand (+18 p.p.), Vietnam (+2.7 p.p.) and Indonesia (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-24.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported glass fibre fabrics in ASEAN, comprising 55% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of total imports. It was followed by Vietnam, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand totaled +10.1%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+8.2% per year) and Vietnam (+9.4% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, with an increase of 4.8% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 17% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+11.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform