China: Mineral Wool Market 2024

Mineral Wool Market Size in China

In 2021, the Chinese mineral wool market decreased by -4.8% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +25.5% against 2015 indices. Over the period under review, the market hit record highs at $X in 2020, and then contracted slightly in the following year.

Mineral Wool Production in China

In value terms, mineral wool production fell modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +9.7% 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 increased by +22.1% against 2015 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 30%. Mineral wool production peaked at $X in 2020, and then declined in the following year.

Mineral Wool Exports

Exports from China

In 2021, shipments abroad of slag wool, rock wool and similar mineral wools and mixtures increased by 7.5% to X tons, rising for the third consecutive year after six years of decline. Overall, exports, however, continue to indicate a pronounced setback. The pace of growth was the most pronounced in 2019 with an increase of 18%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, mineral wool exports expanded remarkably to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 16% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for mineral wool exports from China, accounting for a 23% share of total exports. Moreover, mineral wool exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. The third position in this ranking was taken by Indonesia (X tons), with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Taiwan (Chinese) stood at +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+7.5% per year) and Indonesia (+5.3% per year).

In value terms, Vietnam ($X), Taiwan (Chinese) ($X) and Indonesia ($X) constituted the largest markets for mineral wool exported from China worldwide, with a combined 38% share of total exports. These countries were followed by South Korea, Japan, the United States, Malaysia, the Philippines, Hong Kong SAR, Pakistan, Thailand, Turkey and Saudi Arabia, which together accounted for a further 29%.

Among the main countries of destination, Pakistan, with a CAGR of +33.7%, recorded the highest rates of growth with regard to 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

The average mineral wool export price stood at $X per ton in 2021, rising by 5.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.9%. The growth pace was the most rapid in 2014 an increase of 39% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Mineral Wool Imports

Imports into China

In 2021, purchases abroad of slag wool, rock wool and similar mineral wools and mixtures increased by 13% to X tons, rising for the third year in a row after two years of decline. In general, imports, however, saw a noticeable setback. The growth pace was the most rapid in 2016 with an increase of 48% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, mineral wool imports reached $X in 2021. Overall, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +9.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +35.1% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of 41% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Japan (X tons), the Netherlands (X tons) and the United States (X tons) were the main suppliers of mineral wool imports to China, with a combined 50% share of total imports. These countries were followed by Russia, Germany, the UK, Poland, Canada, Denmark, South Korea and Malaysia, which together accounted for a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +154.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to China, comprising 52% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by the UK, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+19.5% per year) and the UK (+6.1% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, remaining stable against the previous year. Overall, the import price saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 when the average import price increased by 65%. The import price peaked in 2021 and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+29.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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