Asia-Pacific: Mineral Wool Market 2024

Mineral Wool Market Size in Asia-Pacific

The Asia-Pacific mineral wool market stood at $X in 2021, growing by 3.7% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -3.8% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Mineral Wool Production in Asia-Pacific

In value terms, mineral wool production rose modestly to $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.4% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Mineral Wool Exports

Exports in Asia-Pacific

In 2021, approx. X tons of slag wool, rock wool and similar mineral wools and mixtures were exported in Asia-Pacific; with an increase of 12% on the year before. In general, exports, however, recorded a mild decline. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, mineral wool exports surged to $X in 2021. The total export value increased at an average annual rate of +4.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, finishing at X tons, which was near 67% of total exports in 2021. Malaysia (X tons) took an 8% share (based on physical terms) of total exports, which put it in second place, followed by India (5.5%) and the Philippines (4.7%). Japan (X tons), South Korea (X tons) and Indonesia (X tons) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -4.0% from 2012 to 2021. At the same time, the Philippines (+353.0%), Indonesia (+14.3%), Japan (+12.2%), South Korea (+7.3%) and India (+2.7%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +353.0% from 2012-2021. By contrast, Malaysia (-2.0%) illustrated a downward trend over the same period. The Philippines (+4.7 p.p.), Japan (+3 p.p.), South Korea (+2 p.p.), Indonesia (+1.9 p.p.) and India (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -14.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest mineral wool supplying countries in Asia-Pacific were China ($X), Japan ($X) and South Korea ($X), with a combined 86% share of total exports. These countries were followed by India, the Philippines, Malaysia and Indonesia, which together accounted for a further 11%.

The Philippines, with a CAGR of +252.1%, saw the highest growth rate of 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 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 6.5% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 an increase of 36%. The level of export peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.7%), while the other leaders experienced more modest paces of growth.

Mineral Wool Imports

Imports in Asia-Pacific

Mineral wool imports soared to X tons in 2021, rising by 19% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, mineral wool imports surged to $X in 2021. Total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +73.1% against 2012 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Taiwan (Chinese) (X tons), distantly followed by Japan (X tons), South Korea (X tons), Indonesia (X tons), Vietnam (X tons), China (X tons) and Singapore (X tons) were the main importers of slag wool, rock wool and similar mineral wools and mixtures, together achieving 76% of total imports. The following importers - Malaysia (X tons), Australia (X tons), Hong Kong SAR (X tons), Thailand (X tons), the Philippines (X tons) and India (X tons) - together made up 18% of total imports.

Imports into Taiwan (Chinese) increased at an average annual rate of +9.7% from 2012 to 2021. At the same time, South Korea (+11.1%), Hong Kong SAR (+5.6%), Australia (+5.3%), Vietnam (+4.7%), Indonesia (+4.4%) and Japan (+1.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +11.1% from 2012-2021. Thailand experienced a relatively flat trend pattern. By contrast, Malaysia (-1.9%), Singapore (-3.6%), China (-3.8%), the Philippines (-4.5%) and India (-8.4%) illustrated a downward trend over the same period. While the share of Taiwan (Chinese) (+11 p.p.) and South Korea (+5.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-1.8 p.p.), the Philippines (-2.7 p.p.), India (-4.3 p.p.), Singapore (-4.5 p.p.) and China (-5.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in Asia-Pacific, comprising 32% of total imports. The second position in the ranking was held by South Korea ($X), with a 15% share of total imports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +9.7%. In the other countries, the average annual rates were as follows: South Korea (+12.5% per year) and Japan (+2.6% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, growing by 2.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2017 when the import price increased by 11%. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+14.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :