Southern Asia: Mineral Wool Market 2024

Mineral Wool Market Size in Southern Asia

In 2021, after two years of growth, there was decline in the South Asian mineral wool market, when its value decreased by -1.3% to $X. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +12.3% against 2018 indices. Over the period under review, the market hit record highs at $X in 2020, and then dropped slightly in the following year.

Mineral Wool Production in Southern Asia

In value terms, mineral wool production declined slightly to $X in 2021 estimated in export price. The total production indicated prominent growth 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, production increased by +11.9% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 53% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Mineral Wool Exports

Exports in Southern Asia

In 2021, after two years of decline, there was significant growth in overseas shipments of slag wool, rock wool and similar mineral wools and mixtures, when their volume increased by 19% to X tons. In general, exports continue to indicate a pronounced increase. The pace of growth was the most pronounced in 2018 with an increase of 110% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, mineral wool exports soared to $X in 2021. Overall, exports continue to indicate notable growth. The pace of growth was the most pronounced in 2018 with an increase of 63% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

India (X tons) represented roughly 100% of total exports in 2021.

India was also the fastest-growing in terms of the slag wool, rock wool and similar mineral wools and mixtures exports, with a CAGR of +2.7% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest mineral wool supplier in Southern Asia.

In India, mineral wool exports expanded at an average annual rate of +4.6% over the period from 2012-2021.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, dropping by -3.4% against the previous year. Export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, mineral wool export price decreased by -38.4% against 2014 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 38% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +1.8% per year.

Mineral Wool Imports

Imports in Southern Asia

In 2021, approx. X tons of slag wool, rock wool and similar mineral wools and mixtures were imported in Southern Asia; growing by 12% compared with the year before. Over the period under review, imports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 28% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, mineral wool imports surged to $X in 2021. In general, imports, however, recorded a mild downturn. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

India represented the major importing country with an import of around X tons, which reached 61% of total imports. Bangladesh (X tons) ranks second in terms of the total imports with a 13% share, followed by Sri Lanka (12%), Nepal (7.3%) and Pakistan (5%).

From 2012 to 2021, average annual rates of growth with regard to mineral wool imports into India stood at -8.4%. At the same time, Nepal (+19.4%) and Pakistan (+4.0%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +19.4% from 2012-2021. Sri Lanka experienced a relatively flat trend pattern. By contrast, Bangladesh (-1.8%) illustrated a downward trend over the same period. While the share of Nepal (+6.4 p.p.), Sri Lanka (+4.3 p.p.), Bangladesh (+4.2 p.p.) and Pakistan (+3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of India (-16.5 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported slag wool, rock wool and similar mineral wools and mixtures in Southern Asia, comprising 64% of total imports. The second position in the ranking was taken by Pakistan ($X), with a 15% share of total imports. It was followed by Sri Lanka, with an 8.8% share.

In India, mineral wool imports decreased by an average annual rate of -4.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Pakistan (+11.6% per year) and Sri Lanka (+8.4% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, surging by 19% against the previous year. Import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, mineral wool import price increased by +41.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 68%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Pakistan ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :