Singapore: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Singapore

In 2022, the Singaporean glass fibres and wool market decreased by -26.9% to $X, falling for the third year in a row after four years of growth. In general, consumption saw a perceptible decline. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Glass Fibres And Glass Wool in Singapore

In value terms, glass fibres and wool production soared to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a dramatic contraction. Glass fibres and wool production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Glass Fibres And Glass Wool

Exports from Singapore

Glass fibres and wool exports from Singapore skyrocketed to X tons in 2022, with an increase of 27% compared with the previous year's figure. Overall, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 63% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, glass fibres and wool exports skyrocketed to $X in 2022. In general, exports, however, showed a deep setback. The pace of growth was the most pronounced in 2018 when exports increased by 61%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), China (X tons) and Malaysia (X tons) were the main destinations of glass fibres and wool exports from Singapore, with a combined 52% share of total exports. South Korea, the United States, Japan, India, Thailand, Taiwan (Chinese), Australia, Sweden and the Netherlands lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +74.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Malaysia ($X) were the largest markets for glass fibres and wool exported from Singapore worldwide, together comprising 52% of total exports. South Korea, the United States, Japan, India, Thailand, Taiwan (Chinese), Sweden, Australia and the Netherlands lagged somewhat behind, together comprising a further 38%.

Among the main countries of destination, Taiwan (Chinese), with a CAGR of +75.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average glass fibres and wool export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glass fibres and wool export price decreased by -11.6% against 2017 indices. The growth pace was the most rapid in 2016 an increase of 15% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Australia ($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 Malaysia (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into Singapore

In 2022, overseas purchases of glass fibres and glass wool decreased by -18.1% to X tons, falling for the third year in a row after two years of growth. In general, imports, however, saw modest growth. The growth pace was the most rapid in 2019 with an increase of 91% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, glass fibres and wool imports rose remarkably to $X in 2022. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 99% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Malaysia (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of glass fibres and wool imports to Singapore, with a combined 75% share of total imports. India, Kuwait, Japan and the United States lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Kuwait (with a CAGR of +64.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of glass fibres and glass wool to Singapore, comprising 42% of total imports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total imports. It was followed by Taiwan (Chinese), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +27.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-4.1% per year) and Taiwan (Chinese) (+23.2% per year).

Import Prices by Country

In 2022, the average glass fibres and wool import price amounted to $X per ton, jumping by 30% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glass fibres and wool import price increased by +86.2% against 2012 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per ton), while the price for Kuwait ($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 (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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