Colombia: Mineral Wool Market 2024

Mineral Wool Market Size in Colombia

The Colombian mineral wool market totaled $X in 2021, flattening at the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Mineral Wool Production in Colombia

In value terms, mineral wool production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 27% against the previous year. Mineral wool production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Mineral Wool Exports

Exports from Colombia

In 2021, after two years of decline, there was significant growth in overseas shipments of slag wool, rock wool and similar mineral wools and mixtures, when their volume increased by 68% to X tons. Over the period under review, exports, however, showed a pronounced decline. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, mineral wool exports surged to $X in 2021. In general, exports, however, recorded a deep setback. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), Chile (X tons) and Jamaica (X tons) were the main destinations of mineral wool exports from Colombia, with a combined 51% share of total exports. These countries were followed by Peru, Bahamas, Honduras, Bolivia, Venezuela, Costa Rica, Cuba, Trinidad and Tobago and Guatemala, which together accounted for a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bolivia (with a CAGR of +46.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for mineral wool exported from Colombia were Ecuador ($X), Chile ($X) and Bahamas ($X), with a combined 45% share of total exports. Peru, Honduras, Bolivia, Costa Rica, Venezuela, Jamaica, Cuba, Guatemala and Trinidad and Tobago lagged somewhat behind, together accounting for a further 44%.

Bolivia, with a CAGR of +30.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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, declining by -1.9% against the previous year. Overall, the export price recorded a deep slump. The most prominent rate of growth was recorded in 2017 an increase of 9.1% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Trinidad and Tobago ($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 Peru (-1.6%), while the prices for the other major destinations experienced a decline.

Mineral Wool Imports

Imports into Colombia

In 2021, the amount of slag wool, rock wool and similar mineral wools and mixtures imported into Colombia surged to X tons, picking up by 72% compared with the previous year's figure. Over the period under review, imports, however, continue to indicate a pronounced contraction. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, mineral wool imports skyrocketed to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 73% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United States (X tons), China (X tons) and France (X tons) were the main suppliers of mineral wool imports to Colombia, together accounting for 53% of total imports. Spain, Mexico, Brazil, Poland, Turkey, the Netherlands, Belgium and Canada lagged somewhat behind, together comprising a further 19%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +28.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest mineral wool suppliers to Colombia were the United States ($X), China ($X) and France ($X), with a combined 51% share of total imports. Poland, Mexico, Brazil, Spain, Turkey, the Netherlands, Belgium and Canada lagged somewhat behind, together accounting for a further 24%.

Among the main suppliers, Spain, with a CAGR of +21.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, with a decrease of -21.5% against the previous year. Over the last nine years, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 48% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank notably in the following year.

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 Poland ($X per ton), while the price for Canada ($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 Netherlands (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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