Latvia: Glass Fibre Fabrics Market 2024

Glass Fibre Fabrics Market Size in Latvia

The Latvian glass fibre fabrics market shrank significantly to $X in 2022, falling by -56.1% against the previous year. Over the period under review, consumption faced a abrupt decrease. Glass fibre fabrics consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Glass Fibre Fabrics Production in Latvia

In value terms, glass fibre fabrics production reached $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 11%. Glass fibre fabrics production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Glass Fibre Fabrics Exports

Exports from Latvia

Glass fibre fabrics exports from Latvia dropped to X tons in 2022, which is down by -5.1% against 2021. The total export volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 29%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, glass fibre fabrics exports reduced to $X in 2022. The total export value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then declined in the following year.

Exports by Country

Germany (X tons), Poland (X tons) and Italy (X tons) were the main destinations of glass fibre fabrics exports from Latvia, with a combined 43% share of total exports. Bulgaria, the UK, Croatia, Lithuania, France, Romania, Portugal, Bosnia and Herzegovina, the United States and Slovakia lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Portugal (with a CAGR of +45.5%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and the United States ($X) constituted the largest markets for glass fibre fabrics exported from Latvia worldwide, with a combined 39% share of total exports. Italy, Bulgaria, the UK, France, Lithuania, Croatia, Romania, Portugal, Bosnia and Herzegovina and Slovakia lagged somewhat behind, together accounting for a further 39%.

Among the main countries of destination, Portugal, with a CAGR of +41.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glass fibre fabrics export price stood at $X per ton in 2022, which is down by -3% against the previous year. Over the period under review, the export price showed a slight slump. The pace of growth appeared the most rapid in 2017 when the average export price increased by 7.7%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Bulgaria ($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 States (+2.6%), while the prices for the other major destinations experienced a decline.

Glass Fibre Fabrics Imports

Imports into Latvia

In 2022, approx. X tons of glass fibre fabrics were imported into Latvia; reducing by -10.1% on 2021. In general, imports, however, showed a strong increase. The pace of growth appeared the most rapid in 2013 with an increase of 344% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, glass fibre fabrics imports fell rapidly to $X in 2022. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 227% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest glass fibre fabrics supplier to Latvia, with a 36% share of total imports. Moreover, glass fibre fabrics imports from Germany exceeded the figures recorded by the second-largest supplier, Croatia (X tons), twofold. The third position in this ranking was taken by Poland (X tons), with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Croatia (-6.3% per year) and Poland (+12.5% per year).

In value terms, Germany ($X), the UK ($X) and Croatia ($X) appeared to be the largest glass fibre fabrics suppliers to Latvia, with a combined 51% share of total imports. China, Poland, the Czech Republic, Russia, Belarus, Lithuania and Estonia lagged somewhat behind, together comprising a further 32%.

The Czech Republic, with a CAGR of +26.6%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 fibre fabrics import price stood at $X per ton in 2022, dropping by -9.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 41%. The import price peaked at $X per ton in 2021, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform