Philippines: Market for Glass Fibre Chopped Strands 2024

Market Size for Glass Fibre Chopped Strands in the Philippines

The Philippine glass fibre chopped strand market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption continues to indicate buoyant growth. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Exports of Glass Fibre Chopped Strands

Exports from the Philippines

In 2021, approx. X tons of glass fibre chopped strands were exported from the Philippines; with a decrease of -33% compared with 2020 figures. In general, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,803% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, glass fibre chopped strand exports shrank rapidly to $X in 2021. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 787% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for glass fibre chopped strand exports from the Philippines, accounting for a 97% share of total exports. Moreover, glass fibre chopped strand exports to China exceeded the volume sent to the second major destination, Bahrain (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China totaled +67.3%.

In value terms, China ($X) remains the key foreign market for glass fibre chopped strands exports from the Philippines, comprising 96% of total exports. The second position in the ranking was held by Bahrain ($X), with a 4.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China amounted to +63.7%.

Export Prices by Country

In 2021, the average glass fibre chopped strand export price amounted to $X per ton, shrinking by -11.4% against the previous year. Over the period under review, the export price showed a abrupt curtailment. The growth pace was the most rapid in 2015 an increase of 9.4%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-2.2%).

Imports of Glass Fibre Chopped Strands

Imports into the Philippines

In 2021, the amount of glass fibre chopped strands imported into the Philippines was estimated at X tons, picking up by 12% compared with 2020 figures. In general, imports enjoyed prominent growth. The growth pace was the most rapid in 2013 when imports increased by 53% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, glass fibre chopped strand imports soared to $X in 2021. Over the period under review, imports showed a prominent increase. The pace of growth appeared the most rapid in 2016 when imports increased by 87% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of glass fibre chopped strand to the Philippines, with a 56% share of total imports. Moreover, glass fibre chopped strand imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Hong Kong SAR (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+43.4% per year) and Hong Kong SAR (+21.4% per year).

In value terms, China ($X) constituted the largest supplier of glass fibre chopped strands to the Philippines, comprising 51% of total imports. The second position in the ranking was held by Malaysia ($X), with a 13% share of total imports. It was followed by Singapore, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+36.4% per year) and Singapore (+40.6% per year).

Import Prices by Country

The average glass fibre chopped strand import price stood at $X per ton in 2021, growing by 13% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 an increase of 35%. The import price peaked at $X per ton in 2018; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :