Eastern Asia: Mineral Wool Market 2024

Mineral Wool Market Size in Eastern Asia

The East Asian mineral wool market was estimated at $X in 2021, growing by 4.3% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.4% 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 Eastern Asia

In value terms, mineral wool production expanded modestly to $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 -3.9% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 19%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Mineral Wool Exports

Exports in Eastern Asia

In 2021, overseas shipments of slag wool, rock wool and similar mineral wools and mixtures increased by 11% to X tons, rising for the sixth consecutive year after three years of decline. Overall, exports, however, recorded a perceptible contraction. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, mineral wool exports soared to $X in 2021. The total export value increased at an average annual rate of +4.9% 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, reaching X tons, which was near 87% of total exports in 2021. It was distantly followed by Japan (X tons) and South Korea (X tons), together creating a 10% share of total exports. Taiwan (Chinese) (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, Japan (+12.2%), South Korea (+7.3%) and Taiwan (Chinese) (+4.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +12.2% from 2012-2021. While the share of Japan (+4.1 p.p.) and South Korea (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of China (-8 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 South Korea ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 98% share of total exports.

South Korea, with a CAGR of +13.5%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 Eastern Asia amounted to $X per ton, growing by 7.9% against the previous year. Export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +8.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the export price increased by 47% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to continue growth in years to come.

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

In 2021, approx. X tons of slag wool, rock wool and similar mineral wools and mixtures were imported in Eastern Asia; with an increase of 33% on the previous year. Total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% 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 +49.6% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, mineral wool imports soared to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +47.4% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Taiwan (Chinese) represented the key importer of slag wool, rock wool and similar mineral wools and mixtures in Eastern Asia, with the volume of imports amounting to X tons, which was approx. 42% of total imports in 2021. It was distantly followed by Japan (X tons), South Korea (X tons), China (X tons) and Hong Kong SAR (X tons), together achieving a 57% share 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%) and Japan (+1.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +11.1% from 2012-2021. By contrast, China (-3.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Taiwan (Chinese) and South Korea increased by +14 and +7.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in Eastern Asia, comprising 46% of total imports. The second position in the ranking was taken by South Korea ($X), with a 22% share of total imports. It was followed by Japan, with a 16% share.

In China, mineral wool imports increased at an average annual rate of +9.7% over the period from 2012-2021. 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

In 2021, the import price in Eastern Asia amounted to $X per ton, dropping by -5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2014 when the import price increased by 17%. The level of import peaked at $X per ton in 2020, and then reduced in the following year.

Prices varied noticeably by country of destination: 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

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