Malaysia: Mineral Wool Market 2024

Mineral Wool Market Size in Malaysia

The Malaysian mineral wool market was estimated at $X in 2021, picking up by 4.6% against the previous year. Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -5.0% against 2019 indices. Mineral wool consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Mineral Wool Production in Malaysia

In value terms, mineral wool production rose remarkably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.6% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 27%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Mineral Wool Exports

Exports from Malaysia

In 2021, after two years of decline, there was significant growth in shipments abroad of slag wool, rock wool and similar mineral wools and mixtures, when their volume increased by 53% to X tons. Over the period under review, exports, however, continue to indicate a pronounced decrease. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, mineral wool exports soared to $X in 2021. In general, exports, however, recorded a pronounced slump. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore (X tons), Indonesia (X tons) and Australia (X tons) were the main destinations of mineral wool exports from Malaysia, with a combined 69% share of total exports. Taiwan (Chinese), Japan, Thailand, New Zealand and China lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2021, the biggest increases were recorded for New Zealand (with a CAGR of +23.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Singapore ($X) and Australia ($X) constituted the largest markets for mineral wool exported from Malaysia worldwide, with a combined 62% share of total exports. Japan, Taiwan (Chinese), Thailand, New Zealand and China lagged somewhat behind, together accounting for a further 30%.

New Zealand, with a CAGR of +20.6%, recorded 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

The average mineral wool export price stood at $X per ton in 2021, waning by -4.7% against the previous year. Over the period under review, the export price continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 7.2%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Singapore ($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 China (+15.1%), while the prices for the other major destinations experienced a decline.

Mineral Wool Imports

Imports into Malaysia

In 2021, mineral wool imports into Malaysia skyrocketed to X tons, growing by 22% compared with the year before. Overall, imports, however, showed a mild slump. The pace of growth appeared the most rapid in 2017 with an increase of 82% against the previous year. 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 shrank modestly to $X in 2021. Over the period under review, imports showed temperate growth. The most prominent rate of growth was recorded in 2017 with an increase of 96%. Over the period under review, imports hit record highs at $X in 2020, and then dropped slightly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of mineral wool to Malaysia, accounting for a 63% share of total imports. Moreover, mineral wool imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), sixfold. Indonesia (X tons) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+30.7% per year) and Indonesia (+10.5% per year).

In value terms, China ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to Malaysia, comprising 47% of total imports. The second position in the ranking was taken by India ($X), with a 7.6% share of total imports. It was followed by Japan, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+26.3% per year) and Japan (+16.2% per year).

Import Prices by Country

In 2021, the average mineral wool import price amounted to $X per ton, dropping by -20.1% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the average import price increased by 70%. Over the period under review, average import prices attained the maximum at $X per ton in 2020, and then declined markedly in the following year.

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 Japan ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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