Serbia: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Serbia

In 2022, the Serbian glass fibres and wool market decreased by -92.5% to $X, falling for the third consecutive year after two years of growth. Overall, consumption continues to indicate a significant contraction. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Glass Fibres And Glass Wool in Serbia

In value terms, glass fibres and wool production shrank to $X in 2022 estimated in export price. Overall, the total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.9% against 2019 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 61% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Glass Fibres And Glass Wool

Exports from Serbia

For the seventh year in a row, Serbia recorded growth in shipments abroad of glass fibres and glass wool, which increased by 2,806% to X tons in 2022. Overall, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fibres and wool exports surged to $X in 2022. Over the period under review, exports saw a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hungary (X tons) was the main destination for glass fibres and wool exports from Serbia, with a 79% share of total exports. Moreover, glass fibres and wool exports to Hungary exceeded the volume sent to the second major destination, Romania (X tons), more than tenfold. The third position in this ranking was taken by Slovakia (X tons), with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume to Hungary stood at +194.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+111.9% per year) and Slovakia (+539.1% per year).

In value terms, Hungary ($X) emerged as the key foreign market for glass fibres and glass wool exports from Serbia, comprising 56% of total exports. The second position in the ranking was held by Poland ($X), with a 17% share of total exports. It was followed by Romania, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Hungary totaled +148.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+118.7% per year) and Romania (+108.1% per year).

Export Prices by Country

The average glass fibres and wool export price stood at $X per ton in 2022, falling by -5.8% against the previous year. Over the period under review, the export price showed a pronounced setback. The pace of growth was the most pronounced in 2018 an increase of 90% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat 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 Poland ($X per ton), while the average price for exports to Albania ($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 Slovakia (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into Serbia

Glass fibres and wool imports into Serbia surged to X tons in 2022, jumping by 57% on 2021. In general, imports, however, continue to indicate a slight descent. The growth pace was the most rapid in 2014 when imports increased by 89%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, glass fibres and wool imports surged to $X in 2022. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2017 when imports increased by 39% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

China (X tons), Turkey (X tons) and Poland (X tons) were the main suppliers of glass fibres and wool imports to Serbia, together accounting for 65% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +134.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest glass fibres and wool suppliers to Serbia were Germany ($X), China ($X) and Spain ($X), together comprising 45% of total imports. Poland, Turkey, Italy, the Czech Republic and Slovenia lagged somewhat behind, together comprising a further 23%.

Poland, with a CAGR of +87.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average glass fibres and wool import price stood at $X per ton in 2022, which is down by -20.9% against the previous year. Over the period under review, the import price, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 an increase of 135% against the previous year. The import price peaked at $X per ton in 2021, and then fell significantly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform