Asia: Mineral Wool Market 2024

Mineral Wool Market Size in Asia

The Asian mineral wool market amounted to $X in 2021, increasing by 3.7% against the previous year. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.6% 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 -4.2% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Mineral Wool Production in Asia

In value terms, mineral wool production rose notably to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.9% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 17%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Mineral Wool Exports

Exports in Asia

In 2021, mineral wool exports in Asia skyrocketed to X tons, with an increase of 31% against the year before. Total exports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +66.9% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, mineral wool exports skyrocketed to $X in 2021. Total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +59.7% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) represented the largest exporter of slag wool, rock wool and similar mineral wools and mixtures, creating 47% of total exports. Turkey (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons). All these countries together took approx. 27% share of total exports. The following exporters - Saudi Arabia (X tons), India (X tons), the Philippines (X tons), Japan (X tons), Kazakhstan (X tons), South Korea (X tons) and Indonesia (X tons) - together made up 21% of total exports.

From 2012 to 2021, average annual rates of growth with regard to mineral wool exports from China stood at -4.0%. At the same time, the Philippines (+353.0%), Turkey (+24.8%), Kazakhstan (+20.5%), Indonesia (+14.3%), Saudi Arabia (+12.4%), 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, with a CAGR of +353.0% from 2012-2021. By contrast, Malaysia (-2.0%) illustrated a downward trend over the same period. While the share of Turkey (+18 p.p.), the Philippines (+3.3 p.p.), Saudi Arabia (+2.5 p.p.), Kazakhstan (+2 p.p.) and Japan (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-1.8 p.p.) and China (-27.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and Turkey ($X) constituted the countries with the highest levels of exports in 2021, together comprising 77% of total exports. These countries were followed by South Korea, India, Saudi Arabia, the Philippines, Malaysia, Indonesia and Kazakhstan, which together accounted for a further 19%.

In terms of the main exporting countries, the Philippines, with a CAGR of +252.1%, recorded the highest growth rate of the value of exports, 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 amounted to $X per ton, reducing by -4.9% against the previous year. Over the last nine years, it increased at an average annual rate of +4.2%. The pace of growth appeared the most rapid in 2014 an increase of 35% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Turkey ($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

In 2021, mineral wool imports in Asia was estimated at X tons, with an increase of 14% compared with the year before. The total import volume increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, mineral wool imports soared to $X in 2021. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Kazakhstan (X tons), distantly followed by Taiwan (Chinese) (X tons), Japan (X tons), South Korea (X tons), the United Arab Emirates (X tons) and Indonesia (X tons) were the main importers of slag wool, rock wool and similar mineral wools and mixtures, together mixing up 54% of total imports. Vietnam (X tons), Uzbekistan (X tons), China (X tons), Turkey (X tons), Israel (X tons), Kyrgyzstan (X tons) and Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Uzbekistan (with a CAGR of +55.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in Asia, comprising 23% of total imports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total imports. It was followed by Japan, with a 7.9% share.

In China, mineral wool imports increased at an average annual rate of +9.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+12.5% per year) and Japan (+2.6% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, increasing by 4.5% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 5.1% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

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 ($X per ton), while Kyrgyzstan ($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

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