Latvia: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Latvia

In 2022, after five years of decline, there was significant growth in the Latvian glass fibres and wool market, when its value increased by 83% to $X. Overall, consumption, however, recorded a slight shrinkage. Glass fibres and wool consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Glass Fibres And Glass Wool in Latvia

In value terms, glass fibres and wool production expanded to $X in 2022 estimated in export price. Over the period under review, production showed a notable expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by 116% 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 Latvia

In 2022, overseas shipments of glass fibres and glass wool decreased by -31.5% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, posted strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 542% against the previous year. The exports peaked at X tons in 2021, and then fell remarkably in the following year.

In value terms, glass fibres and wool exports reduced to $X in 2022. Overall, exports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 316%. Over the period under review, the exports reached the peak figure at $X in 2021, and then dropped in the following year.

Exports by Country

Germany (X tons) was the main destination for glass fibres and wool exports from Latvia, with a 33% share of total exports. Moreover, glass fibres and wool exports to Germany exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by France (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Germany stood at +25.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+96.5% per year) and France (+83.7% per year).

In value terms, the largest markets for glass fibres and wool exported from Latvia were Germany ($X), the United States ($X) and Japan ($X), together comprising 60% of total exports.

The United States, with a CAGR of +97.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average glass fibres and wool export price amounted to $X per ton, increasing by 35% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced contraction. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to France ($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 Spain (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into Latvia

For the third consecutive year, Latvia recorded growth in supplies from abroad of glass fibres and glass wool, which increased by 31% to X tons in 2022. In general, imports, however, continue to indicate a perceptible contraction. The growth pace was the most rapid in 2014 with an increase of 122%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, glass fibres and wool imports soared to $X in 2022. Overall, imports posted a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the Czech Republic (X tons) constituted the largest supplier of glass fibres and wool to Latvia, accounting for a 36% share of total imports. Moreover, glass fibres and wool imports from the Czech Republic exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold. The third position in this ranking was taken by Poland (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Czech Republic totaled +59.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+120.8% per year) and Poland (+29.5% per year).

In value terms, the UK ($X), China ($X) and the Czech Republic ($X) appeared to be the largest glass fibres and wool suppliers to Latvia, together comprising 56% of total imports. Poland, Germany, Spain, Lithuania, France, Finland, Estonia and Russia lagged somewhat behind, together accounting for a further 34%.

Spain, with a CAGR of +177.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average glass fibres and wool import price stood at $X per ton in 2022, growing by 50% against the previous year. In general, the import price continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2020 when the average import price increased by 84% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 Germany ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+41.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform