Philippines: Mineral Wool Market 2024

Mineral Wool Market Size in the Philippines

After three years of growth, the Philippine mineral wool market decreased by -3.7% to $X in 2021. In general, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +10.1% 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 increased by +25.3% against 2017 indices. Over the period under review, the market attained the peak level at $X in 2020, and then dropped modestly in the following year.

Mineral Wool Production in the Philippines

In value terms, mineral wool production fell to $X in 2021 estimated in export price. In general, production, however, showed a remarkable increase. The growth pace was the most rapid in 2014 with an increase of 96%. Mineral wool production peaked at $X in 2020, and then shrank slightly in the following year.

Mineral Wool Exports

Exports from the Philippines

In 2021, shipments abroad of slag wool, rock wool and similar mineral wools and mixtures decreased by -9.2% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 88%. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, mineral wool exports amounted to $X in 2021. In general, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 82%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Japan (X tons) was the main destination for mineral wool exports from the Philippines, with a 99.9% share of total exports. It was followed by Afghanistan (X tons), with less than 0.1% share of total exports.

From 2015 to 2021, the average annual growth rate of volume to Japan totaled +779.2%.

In value terms, Japan ($X) remains the key foreign market for slag wool, rock wool and similar mineral wools and mixtures exports from the Philippines, comprising 99.9% of total exports. The second position in the ranking was taken by Afghanistan ($X), with less than 0.1% share of total exports.

From 2015 to 2021, the average annual growth rate of value to Japan amounted to +775.2%.

Export Prices by Country

In 2021, the average mineral wool export price amounted to $X per ton, picking up by 11% against the previous year. In general, the export price, however, showed a precipitous slump. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Afghanistan amounted to $X per ton.

From 2015 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Afghanistan (+11.2%).

Mineral Wool Imports

Imports into the Philippines

In 2021, supplies from abroad of slag wool, rock wool and similar mineral wools and mixtures was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a pronounced setback. The pace of growth appeared the most rapid in 2016 when imports increased by 63% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, mineral wool imports skyrocketed to $X in 2021. In general, imports posted pronounced growth. The pace of growth was the most pronounced in 2018 when imports increased by 55%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest mineral wool supplier to the Philippines, accounting for a 80% share of total imports. Moreover, mineral wool imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was taken by Indonesia (X tons), with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+6.0% per year) and Indonesia (+7.7% per year).

In value terms, China ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to the Philippines, comprising 80% of total imports. The second position in the ranking was held by Malaysia ($X), with a 4.8% share of total imports. It was followed by Indonesia, with a 3.6% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+6.1% per year) and Indonesia (+9.4% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, with an increase of 5.1% against the previous year. In general, the import price recorded a prominent expansion. The pace of growth was the most pronounced in 2019 when the average import price increased by 47% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were India ($X per ton) and Indonesia ($X per ton), while the price for China ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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