ASEAN: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in ASEAN

The ASEAN glass fibres and wool market dropped slightly to $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +4.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X; afterwards, it flattened through to 2022.

Production of Glass Fibres And Glass Wool in ASEAN

In value terms, glass fibres and wool production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when the production volume increased by 29%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Glass Fibres And Glass Wool

Exports in ASEAN

In 2022, shipments abroad of glass fibres and glass wool increased by 23% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a perceptible downturn. The pace of growth was the most pronounced in 2018 when exports increased by 58%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fibres and wool exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a noticeable decrease. The pace of growth was the most pronounced in 2014 when exports increased by 61%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia represented the major exporting country with an export of around X tons, which resulted at 64% of total exports. It was distantly followed by Thailand (X tons), Singapore (X tons) and Vietnam (X tons), together mixing up a 35% share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of glass fibres and glass wool. At the same time, Vietnam (+9.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +9.3% from 2012-2022. Thailand experienced a relatively flat trend pattern. By contrast, Singapore (-15.6%) illustrated a downward trend over the same period. While the share of Malaysia (+21 p.p.), Thailand (+5.1 p.p.) and Vietnam (+4.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-30.7 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest glass fibres and wool supplier in ASEAN, comprising 48% of total exports. The second position in the ranking was held by Thailand ($X), with a 19% share of total exports. It was followed by Singapore, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia amounted to -1.3%. In the other countries, the average annual rates were as follows: Thailand (+7.8% per year) and Singapore (-10.7% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, reducing by -2.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2014 when the export price increased by 36% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.8%), while the other leaders experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports in ASEAN

Glass fibres and wool imports soared to X tons in 2022, with an increase of 28% against 2021. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.1% against 2016 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 52% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, glass fibres and wool imports skyrocketed to $X in 2022. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 37%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

The purchases of the three major importers of glass fibres and glass wool, namely Thailand, Vietnam and Indonesia, represented more than two-thirds of total import. Singapore (X tons) ranks next in terms of the total imports with a 7.9% share, followed by Malaysia (6.1%). The following importers - the Philippines (X tons) and Cambodia (X tons) - together made up 6.9% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cambodia (with a CAGR of +30.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest glass fibres and wool importing markets in ASEAN were Thailand ($X), Vietnam ($X) and Singapore ($X), together comprising 74% of total imports. Indonesia, Malaysia, the Philippines and Cambodia lagged somewhat behind, together comprising a further 26%.

Cambodia, with a CAGR of +31.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, reducing by -4.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2018 when the import price increased by 20% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform