Philippines: Glass Fibre Mat Market 2024

Glass Fibre Mat Market Size in the Philippines

The Philippine glass fibre mat market declined to $X in 2022, with a decrease of -3.4% against the previous year. In general, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by +0.7% against 2020 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Glass Fibre Mat Production in the Philippines

In value terms, glass fibre mat production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.1% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 24% against the previous year. Glass fibre mat production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Glass Fibre Mat Exports

Exports from the Philippines

In 2022, shipments abroad of glass fibre mats was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a dramatic descent. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, glass fibre mat exports skyrocketed to $X in 2022. In general, exports, however, showed a dramatic slump. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X kg) was the main destination for glass fibre mat exports from the Philippines, with a 56% share of total exports. Moreover, glass fibre mat exports to Japan exceeded the volume sent to the second major destination, Pakistan (X kg), fourfold. Malaysia (X kg) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at -46.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-42.5% per year) and Malaysia (-48.1% per year).

In value terms, Japan ($X) remains the key foreign market for glass fibre mats exports from the Philippines, comprising 64% of total exports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total exports. It was followed by Pakistan, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled -45.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-47.1% per year) and Pakistan (-42.9% per year).

Export Prices by Country

In 2022, the average glass fibre mat export price amounted to $X per ton, standing approx. at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2013 an increase of 22%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to India ($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 Indonesia (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Fibre Mat Imports

Imports into the Philippines

In 2022, imports of glass fibre mats into the Philippines declined significantly to X tons, with a decrease of -31.3% against the previous year's figure. Over the period under review, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 70%. As a result, imports attained the peak of X tons, and then declined significantly in the following year.

In value terms, glass fibre mat imports dropped dramatically to $X in 2022. Overall, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 97% against the previous year. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

In 2022, China (X tons) was the main glass fibre mat supplier to the Philippines, accounting for a 96% share of total imports. Moreover, glass fibre mat imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-6.4% per year) and Japan (-30.5% per year).

In value terms, China ($X) constituted the largest supplier of glass fibre mats to the Philippines, comprising 91% of total imports. The second position in the ranking was taken by South Korea ($X), with a 4.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +22.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+6.5% per year) and Japan (-7.5% per year).

Import Prices by Country

In 2022, the average glass fibre mat import price amounted to $X per ton, leveling off at the previous year. Overall, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glass fibre mat import price increased by +17.1% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 53%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+33.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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