ASEAN: Market for Glass Fibre Chopped Strands 2024

Market Size for Glass Fibre Chopped Strands in ASEAN

In 2021, the ASEAN glass fibre chopped strand market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Glass Fibre Chopped Strands in ASEAN

In value terms, glass fibre chopped strand production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 23% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Glass Fibre Chopped Strands

Exports in ASEAN

In 2021, overseas shipments of glass fibre chopped strands increased by 30% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +37.6% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 31% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

In value terms, glass fibre chopped strand exports skyrocketed to $X in 2021. Total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of glass fibre chopped strands, namely Malaysia, represented more than two-thirds of total export.

Malaysia was also the fastest-growing in terms of the glass fibre chopped strands exports, with a CAGR of +6.6% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) also remains the largest glass fibre chopped strand supplier in ASEAN.

In Malaysia, glass fibre chopped strand exports increased at an average annual rate of +6.1% over the period from 2012-2021.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, growing by 13% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Malaysia.

From 2012 to 2021, the rate of growth in terms of prices for Malaysia amounted to -0.5% per year.

Imports of Glass Fibre Chopped Strands

Imports in ASEAN

In 2021, supplies from abroad of glass fibre chopped strands increased by 56% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +5.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fibre chopped strand imports surged to $X in 2021. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Thailand (X tons) was the main importer of glass fibre chopped strands, making up 53% of total imports. It was distantly followed by Malaysia (X tons), Vietnam (X tons), Indonesia (X tons) and Singapore (X tons), together achieving a 43% share of total imports. Myanmar (X tons) followed a long way behind the leaders.

Imports into Thailand increased at an average annual rate of +7.4% from 2012 to 2021. At the same time, Myanmar (+27.6%), Vietnam (+4.2%), Singapore (+4.2%), Indonesia (+2.6%) and Malaysia (+1.1%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +27.6% from 2012-2021. While the share of Thailand (+9.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-1.9 p.p.) and Malaysia (-8.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported glass fibre chopped strands in ASEAN, comprising 51% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 21% share of total imports. It was followed by Vietnam, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Thailand totaled +6.4%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+1.4% per year) and Vietnam (+3.0% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, increasing by 6% against the previous year. Overall, the import price, however, saw a mild decline. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Indonesia ($X per ton) and Vietnam ($X per ton), while Myanmar ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform