Asia: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Asia

The Asian glass fibres and wool market shrank slightly to $X in 2022, stabilizing at the previous year. The market value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Glass Fibres And Glass Wool in Asia

In value terms, glass fibres and wool production reduced slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 29% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Glass Fibres And Glass Wool

Exports in Asia

In 2022, shipments abroad of glass fibres and glass wool increased by 5.8% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +3.2% 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 2017 when exports increased by 26% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, glass fibres and wool exports stood at $X in 2022. Total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.7% against 2016 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 24%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, China (X tons) represented the main exporter of glass fibres and glass wool, constituting 56% of total exports. It was distantly followed by the United Arab Emirates (X tons), Malaysia (X tons) and Saudi Arabia (X tons), together achieving a 22% share of total exports. India (X tons), Kuwait (X tons), Taiwan (Chinese) (X tons), South Korea (X tons), Turkey (X tons) and Thailand (X tons) took a relatively small share of total exports.

Exports from China increased at an average annual rate of +8.2% from 2012 to 2022. At the same time, the United Arab Emirates (+16.9%), India (+6.7%) and South Korea (+1.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in Asia, with a CAGR of +16.9% from 2012-2022. Malaysia and Thailand experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-4.2%), Taiwan (Chinese) (-5.6%), Kuwait (-6.4%) and Turkey (-7.8%) illustrated a downward trend over the same period. While the share of China (+21 p.p.) and the United Arab Emirates (+8.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-2 p.p.), Turkey (-4.1 p.p.), Taiwan (Chinese) (-4.1 p.p.), Saudi Arabia (-5.1 p.p.) and Kuwait (-5.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest glass fibres and wool supplier in Asia, comprising 62% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 5.7% share of total exports. It was followed by Malaysia, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +8.1%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+13.4% per year) and Malaysia (-1.3% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, falling by -3.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2020 an increase of 11% against the previous year. The level of export peaked at $X per ton in 2021, and then reduced in the following year.

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 Thailand ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+8.0%), while the other leaders experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports in Asia

In 2022, supplies from abroad of glass fibres and glass wool increased by 5.9% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 16%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, glass fibres and wool imports totaled $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +55.1% against 2016 indices. The pace of growth was the most pronounced in 2018 with an increase of 18%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, India (X tons), distantly followed by Thailand (X tons), Vietnam (X tons), Saudi Arabia (X tons), China (X tons), South Korea (X tons), Indonesia (X tons), Japan (X tons) and the United Arab Emirates (X tons) represented the key importers of glass fibres and glass wool, together generating 72% of total imports. The following importers - Turkey (X tons), Singapore (X tons), Bangladesh (X tons) and Kuwait (X tons) - together made up 8.7% of total imports.

From 2012 to 2022, average annual rates of growth with regard to glass fibres and wool imports into India stood at +15.0%. At the same time, Bangladesh (+20.7%), Vietnam (+16.5%), South Korea (+11.5%), the United Arab Emirates (+11.3%), Indonesia (+10.7%), Thailand (+6.9%), Turkey (+6.7%), Japan (+3.8%) and Singapore (+1.3%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Asia, with a CAGR of +20.7% from 2012-2022. By contrast, China (-2.6%), Saudi Arabia (-3.2%) and Kuwait (-3.5%) illustrated a downward trend over the same period. While the share of India (+13 p.p.), Vietnam (+5.4 p.p.), South Korea (+3.6 p.p.), Indonesia (+3 p.p.), the United Arab Emirates (+2.8 p.p.), Thailand (+2.7 p.p.) and Bangladesh (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Kuwait (-1.6 p.p.), China (-5.2 p.p.) and Saudi Arabia (-5.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported glass fibres and glass wool in Asia, comprising 34% of total imports. The second position in the ranking was held by India ($X), with an 8.7% share of total imports. It was followed by Thailand, with a 7.1% share.

In China, glass fibres and wool imports expanded at an average annual rate of +7.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+11.7% per year) and Thailand (+9.6% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, increasing by 1.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2019 an increase of 21%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain 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 China ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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