Asia-Pacific: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Asia-Pacific

The Asia-Pacific glass fibres and wool market dropped to $X in 2022, approximately equating the previous year. The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Glass Fibres And Glass Wool in Asia-Pacific

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 +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 with an increase of 30% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Glass Fibres And Glass Wool

Exports in Asia-Pacific

In 2022, glass fibres and wool exports in Asia-Pacific reduced to X tons, with a decrease of -2.9% on the year before. Total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +75.5% against 2016 indices. The pace of growth was the most pronounced in 2017 when exports increased by 20%. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted in the following year.

In value terms, glass fibres and wool exports fell to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +81.7% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. As a result, the exports reached the peak of $X, and then fell modestly in the following year.

Exports by Country

China prevails in exports structure, resulting at X tons, which was near 70% of total exports in 2022. Malaysia (X tons) took a 7.9% share (based on physical terms) of total exports, which put it in second place, followed by India (5.3%). The following exporters - Taiwan (Chinese) (X tons), South Korea (X tons), Australia (X tons) and Thailand (X tons) - together made up 11% of total exports.

From 2012 to 2022, average annual rates of growth with regard to glass fibres and wool exports from China stood at +8.2%. At the same time, Australia (+35.4%), India (+6.7%) and South Korea (+1.8%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +35.4% from 2012-2022. Malaysia and Thailand experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-5.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Australia increased by +21 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest glass fibres and wool supplier in Asia-Pacific, comprising 70% of total exports. The second position in the ranking was held by Malaysia ($X), with a 6.1% share of total exports. It was followed by India, with a 5.8% share.

In China, glass fibres and wool exports expanded at an average annual rate of +8.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-1.3% per year) and India (+13.5% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, increasing by 1.8% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the export price increased by 8.1%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

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-Pacific

In 2022, supplies from abroad of glass fibres and glass wool increased by 3.3% to X tons, rising for the fifth consecutive year after two years of decline. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 +61.1% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of 21% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in the near future.

In value terms, glass fibres and wool imports amounted to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +58.9% against 2014 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 21%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

In 2022, India (X tons), distantly followed by Thailand (X tons), Vietnam (X tons), Australia (X tons), China (X tons), South Korea (X tons), Indonesia (X tons) and Japan (X tons) represented the key importers of glass fibres and glass wool, together comprising 84% of total imports. Singapore (X tons) took a little share of total imports.

Imports into India increased at an average annual rate of +15.0% from 2012 to 2022. At the same time, Vietnam (+16.5%), South Korea (+11.5%), Indonesia (+10.7%), Australia (+10.4%), Thailand (+6.9%), Japan (+3.8%) and Singapore (+1.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +16.5% from 2012-2022. By contrast, China (-2.6%) illustrated a downward trend over the same period. While the share of India (+13 p.p.), Vietnam (+5.6 p.p.), South Korea (+3.1 p.p.), Australia (+2.8 p.p.) and Indonesia (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-1.7 p.p.), Japan (-1.8 p.p.) and China (-12.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported glass fibres and glass wool in Asia-Pacific, comprising 38% of total imports. The second position in the ranking was taken by India ($X), with a 9.9% share of total imports. It was followed by Thailand, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +7.3%. 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-Pacific stood at $X per ton in 2022, surging by 1.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 13%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

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 ($X per ton), while India ($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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