Middle East: Market for Glass Fibre Chopped Strands 2024

Market Size for Glass Fibre Chopped Strands in the Middle East

In 2021, the Middle Eastern glass fibre chopped strand market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Production of Glass Fibre Chopped Strands in the Middle East

In value terms, glass fibre chopped strand production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 15% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Glass Fibre Chopped Strands

Exports in the Middle East

In 2021, shipments abroad of glass fibre chopped strands increased by 8.9% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, showed a mild decrease. The pace of growth appeared the most rapid in 2020 with an increase of 52%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, glass fibre chopped strand exports surged to $X in 2021. Over the period under review, exports, however, recorded a pronounced slump. The pace of growth was the most pronounced in 2014 with an increase of 30%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Turkey (X tons) was the largest exporter of glass fibre chopped strands, mixing up 75% of total exports. It was distantly followed by Bahrain (X tons), making up a 22% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to glass fibre chopped strand exports from Turkey stood at -3.2%. At the same time, Bahrain (+19.7%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +19.7% from 2012-2021. From 2012 to 2021, the share of Bahrain increased by +18 percentage points.

In value terms, Turkey ($X) remains the largest glass fibre chopped strand supplier in the Middle East, comprising 70% of total exports. The second position in the ranking was held by Bahrain ($X), with a 24% share of total exports.

In Turkey, glass fibre chopped strand exports shrank by an average annual rate of -6.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, surging by 12% against the previous year. In general, the export price, however, saw a perceptible contraction. The most prominent rate of growth was recorded in 2018 an increase of 19%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Turkey totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (-0.9%).

Imports of Glass Fibre Chopped Strands

Imports in the Middle East

In 2021, approx. X tons of glass fibre chopped strands were imported in the Middle East; with an increase of 29% compared with 2020. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 69% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, glass fibre chopped strand imports surged to $X in 2021. Overall, imports posted resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey was the largest importing country with an import of around X tons, which recorded 48% of total imports. Iran (X tons) held the second position in the ranking, followed by Israel (X tons), Saudi Arabia (X tons) and the United Arab Emirates (X tons). All these countries together took approx. 50% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to glass fibre chopped strand imports into Turkey stood at +26.1%. At the same time, Saudi Arabia (+31.5%), Iran (+22.8%), Israel (+12.7%) and the United Arab Emirates (+7.4%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +31.5% from 2012-2021. From 2012 to 2021, the share of Turkey, Saudi Arabia and Iran increased by +19, +5.2 and +4.5 percentage points, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported glass fibre chopped strands in the Middle East, comprising 46% of total imports. The second position in the ranking was held by Israel ($X), with a 16% share of total imports. It was followed by Iran, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at +22.8%. In the other countries, the average annual rates were as follows: Israel (+13.1% per year) and Iran (+20.1% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, surging by 19% against the previous year. Overall, the import price, however, continues to indicate a pronounced decrease. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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