India: Mineral Wool Market 2024

Mineral Wool Market Size in India

After two years of growth, the Indian mineral wool market decreased by -1.3% to $X in 2021. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +12.4% against 2018 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank slightly in the following year.

Mineral Wool Production in India

In value terms, mineral wool production shrank modestly to $X in 2021 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +10.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +11.9% against 2018 indices. The growth pace was the most rapid in 2013 when the production volume increased by 53%. Mineral wool production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Mineral Wool Exports

Exports from India

After two years of decline, shipments abroad of slag wool, rock wool and similar mineral wools and mixtures increased by 19% to X tons in 2021. Overall, exports posted a tangible increase. The pace of growth was the most pronounced in 2018 with an increase of 111% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, mineral wool exports surged to $X in 2021. Over the period under review, exports showed tangible growth. The pace of growth was the most pronounced in 2018 with an increase of 64% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for mineral wool exports from India, with a 35% share of total exports. Moreover, mineral wool exports to the United Arab Emirates exceeded the volume sent to the second major destination, Qatar (X tons), threefold. The third position in this ranking was held by Singapore (X tons), with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates stood at +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+7.7% per year) and Singapore (+5.7% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for slag wool, rock wool and similar mineral wools and mixtures exports from India, comprising 29% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 12% share of total exports. It was followed by Qatar, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+83.5% per year) and Qatar (+9.8% per year).

Export Prices by Country

In 2021, the average mineral wool export price amounted to $X per ton, declining by -3.2% against the previous year. Over the period under review, export price indicated modest growth from 2012 to 2021: its price 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, mineral wool export price decreased by -38.6% against 2014 indices. The growth pace was the most rapid in 2014 an increase of 39%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to Singapore ($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 Saudi Arabia (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Mineral Wool Imports

Imports into India

In 2021, overseas purchases of slag wool, rock wool and similar mineral wools and mixtures increased by 40% to X tons, rising for the second year in a row after two years of decline. Overall, imports, however, continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2017 when imports increased by 47%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, mineral wool imports surged to $X in 2021. In general, imports, however, continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2017 when imports increased by 51%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The Netherlands (X tons), China (X tons) and Saudi Arabia (X tons) were the main suppliers of mineral wool imports to India, with a combined 76% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Saudi Arabia (with a CAGR of +65.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to India, comprising 31% of total imports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total imports. It was followed by Saudi Arabia, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-3.1% per year) and Saudi Arabia (+59.2% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, with a decrease of -1.8% against the previous year. Over the period under review, the import price, however, continues to indicate a tangible increase. The growth pace was the most rapid in 2014 an increase of 121%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+21.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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