Hong Kong SAR, China: Market for Glass Fibre Chopped Strands 2024

Market Size for Glass Fibre Chopped Strands in Hong Kong SAR, China

In 2021, the Hong Kong glass fibre chopped strand market increased by 4.7% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Production of Glass Fibre Chopped Strands in Hong Kong SAR, China

In value terms, glass fibre chopped strand production dropped slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.8% 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 +3.9% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 21%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Exports of Glass Fibre Chopped Strands

Exports from Hong Kong SAR, China

In 2021, shipments abroad of glass fibre chopped strands decreased by -7.3% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports faced a abrupt decline. The pace of growth appeared the most rapid in 2017 with an increase of 91% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, glass fibre chopped strand exports reached $X in 2021. Overall, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 148%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for glass fibre chopped strand exports from Hong Kong SAR, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -13.3%.

In value terms, China ($X) also remains the key foreign market for glass fibre chopped strands exports from Hong Kong SAR.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled -5.4%.

Export Prices by Country

The average glass fibre chopped strand export price stood at $X per ton in 2021, with an increase of 24% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +9.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glass fibre chopped strand export price increased by +74.6% against 2019 indices. The growth pace was the most rapid in 2020 an increase of 41% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +9.0% per year.

Imports of Glass Fibre Chopped Strands

Imports into Hong Kong SAR, China

In 2021, overseas purchases of glass fibre chopped strands increased by 18% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 when imports increased by 68%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, glass fibre chopped strand imports soared to $X in 2021. Over the period under review, imports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 140% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Japan (X tons) and China (X tons) were the main suppliers of glass fibre chopped strand imports to Hong Kong SAR, together comprising 90% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of -3.9%), while imports for the other leaders experienced a decline.

In value terms, Japan ($X), Malaysia ($X) and China ($X) constituted the largest glass fibre chopped strand suppliers to Hong Kong SAR, with a combined 91% share of total imports.

Among the main suppliers, Japan, with a CAGR of -1.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average glass fibre chopped strand import price stood at $X per ton in 2021, with an increase of 31% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glass fibre chopped strand import price decreased by -33.8% against 2018 indices. The growth pace was the most rapid in 2017 when the average import price increased by 43% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+29.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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