India: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in India

The Indian glass fibres and wool market reached $X in 2022, increasing by 3.9% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.8% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Production of Glass Fibres And Glass Wool in India

In value terms, glass fibres and wool production declined slightly to $X in 2022 estimated in export price. In general, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 36%. Glass fibres and wool production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Glass Fibres And Glass Wool

Exports from India

In 2022, after four years of growth, there was significant decline in overseas shipments of glass fibres and glass wool, when their volume decreased by -22.1% to X tons. In general, exports, however, posted strong growth. The growth pace was the most rapid in 2021 with an increase of 79%. As a result, the exports reached the peak of X tons, and then reduced sharply in the following year.

In value terms, glass fibres and wool exports shrank to $X in 2022. Overall, exports, however, showed a strong expansion. The growth pace was the most rapid in 2021 when exports increased by 71% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

The United States (X tons) was the main destination for glass fibres and wool exports from India, with a 48% share of total exports. Moreover, glass fibres and wool exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), tenfold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +38.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+6.5% per year) and the United Arab Emirates (-18.0% per year).

In value terms, the United States ($X) remains the key foreign market for glass fibres and glass wool exports from India, comprising 49% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 5.1% share of total exports. It was followed by Germany, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +40.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-9.2% per year) and Germany (+8.6% per year).

Export Prices by Country

The average glass fibres and wool export price stood at $X per ton in 2022, growing by 12% against the previous year. In general, export price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 an increase of 34%. The export price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into India

In 2022, glass fibres and wool imports into India surged to X tons, increasing by 49% against the previous year. Overall, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 65% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, glass fibres and wool imports surged to $X in 2022. Over the period under review, imports recorded prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest glass fibres and wool supplier to India, with a 88% share of total imports. It was followed by Spain (X tons), with a 2.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +22.9%.

In value terms, China ($X) constituted the largest supplier of glass fibres and glass wool to India, comprising 66% of total imports. The second position in the ranking was held by Spain ($X), with a 5.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +21.8%.

Import Prices by Country

In 2022, the average glass fibres and wool import price amounted to $X per ton, shrinking by -2.5% against the previous year. In general, the import price showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 when the average import price increased by 35% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, 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 Spain ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.4%).

Source: IndexBox Platform

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