Hong Kong SAR, China: Mineral Wool Market 2024

Mineral Wool Market Size in Hong Kong SAR, China

After two years of decline, the Hong Kong mineral wool market increased by 35% to $X in 2021. Over the period under review, consumption continues to indicate a prominent increase. Over the period under review, the market attained the peak level in 2021 and is likely to see steady growth in years to come.

Mineral Wool Exports

Exports from Hong Kong SAR, China

In 2021, approx. X tons of slag wool, rock wool and similar mineral wools and mixtures were exported from Hong Kong SAR; shrinking by -44.1% compared with the previous year. Overall, exports continue to indicate a slight shrinkage. The pace of growth was the most pronounced in 2020 when exports increased by 126% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, mineral wool exports dropped rapidly to $X in 2021. Over the period under review, exports showed a slight slump. The most prominent rate of growth was recorded in 2016 with an increase of 118% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for mineral wool exports from Hong Kong SAR, accounting for a 98% share of total exports. It was followed by Macao SAR (X tons), with a 1.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-27.5% per year) and Cambodia (-20.7% per year).

In value terms, China ($X) remains the key foreign market for slag wool, rock wool and similar mineral wools and mixtures exports from Hong Kong SAR, comprising 89% of total exports. The second position in the ranking was taken by Cambodia ($X), with a 4.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China stood at +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (-6.8% per year) and Macao SAR (-27.6% per year).

Export Prices by Country

In 2021, the average mineral wool export price amounted to $X per ton, with an increase of 12% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 32% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to China ($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 Cambodia (+17.5%), while the prices for the other major destinations experienced mixed trend patterns.

Mineral Wool Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of slag wool, rock wool and similar mineral wools and mixtures increased by 20% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 33% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, mineral wool imports skyrocketed to $X in 2021. Over the period under review, imports showed a remarkable increase. The growth pace was the most rapid in 2014 when imports increased by 32%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of mineral wool to Hong Kong SAR, with a 89% share of total imports. Moreover, mineral wool imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X tons), more than tenfold. The third position in this ranking was taken by Poland (X tons), with a 2.3% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+109.0% per year) and Poland (+42.5% per year).

In value terms, China ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to Hong Kong SAR, comprising 69% of total imports. The second position in the ranking was held by Mexico ($X), with a 16% share of total imports. It was followed by Poland, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+131.5% per year) and Poland (+47.5% per year).

Import Prices by Country

In 2021, the average mineral wool import price amounted to $X per ton, surging by 7.1% against the previous year. In general, import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, mineral wool import price increased by +42.1% against 2017 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by 11% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+37.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :