Hong Kong SAR, China: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Hong Kong SAR, China

The Hong Kong glass fibres and wool market soared to $X in 2022, surging by 24% against the previous year. Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in years to come.

Production of Glass Fibres And Glass Wool in Hong Kong SAR, China

In value terms, glass fibres and wool production reached $X in 2022 estimated in export price. In general, production, however, continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 91% against the previous year. Glass fibres and wool production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Glass Fibres And Glass Wool

Exports from Hong Kong SAR, China

In 2022, overseas shipments of glass fibres and glass wool decreased by -21.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2017 with an increase of 105%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, glass fibres and wool exports fell sharply to $X in 2022. In general, exports, however, saw a pronounced expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 111% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for glass fibres and wool exports from Hong Kong SAR, with a 87% share of total exports. Moreover, glass fibres and wool exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +1.6%.

In value terms, China ($X) remains the key foreign market for glass fibres and glass wool exports from Hong Kong SAR, comprising 87% of total exports. The second position in the ranking was held by Malaysia ($X), with a 9.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China stood at +4.5%.

Export Prices by Country

In 2022, the average glass fibres and wool export price amounted to $X per ton, waning by -3.6% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2020 an increase of 21% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then contracted in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.8%).

Imports of Glass Fibres And Glass Wool

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of glass fibres and glass wool increased by 34% to X tons, rising for the second year in a row after three years of decline. In general, imports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2021 when imports increased by 80% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, glass fibres and wool imports surged to $X in 2022. Over the period under review, imports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 51%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of glass fibres and wool to Hong Kong SAR, accounting for a 41% share of total imports. Moreover, glass fibres and wool imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Japan (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.0% per year) and Japan (-2.6% per year).

In value terms, China ($X) constituted the largest supplier of glass fibres and glass wool to Hong Kong SAR, comprising 42% of total imports. The second position in the ranking was held by the United States ($X), with a 20% share of total imports. It was followed by Japan, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.5% per year) and Japan (-4.9% per year).

Import Prices by Country

The average glass fibres and wool import price stood at $X per ton in 2022, declining by -14.2% against the previous year. Over the period under review, the import price continues to indicate a perceptible decline. The growth pace was the most rapid in 2016 an increase of 28% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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