Sri Lanka: Densified Wood Market 2024

Densified Wood Market Size in Sri Lanka

The Sri Lankan densified wood market shrank to $X in 2022, which is down by -9.4% against the previous year. Overall, consumption showed a perceptible setback. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Densified Wood Production in Sri Lanka

In value terms, densified wood production declined to $X in 2022 estimated in export price. Overall, production saw a perceptible setback. The pace of growth appeared the most rapid in 2013 with an increase of 23%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Densified Wood Exports

Exports from Sri Lanka

Densified wood exports from Sri Lanka soared to X tons in 2022, rising by 172% against 2021. Overall, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2016 when exports increased by 1,445% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, densified wood exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2016 when exports increased by 2,302%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for densified wood exports from Sri Lanka, with a 94% share of total exports. Moreover, densified wood exports to India exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to India totaled +57.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+95.8% per year) and the United States (-14.8% per year).

In value terms, India ($X) emerged as the key foreign market for densified wood exports from Sri Lanka, comprising 74% of total exports. The second position in the ranking was held by South Korea ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual growth rate of value to India stood at +44.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+60.7% per year) and the United States (-24.6% per year).

Export Prices by Country

The average densified wood export price stood at $X per ton in 2022, dropping by -56.3% against the previous year. Overall, the export price recorded a precipitous decrease. The pace of growth appeared the most rapid in 2013 an increase of 57% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to India ($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 Saudi Arabia (+3.6%), while the prices for the other major destinations experienced a decline.

Densified Wood Imports

Imports into Sri Lanka

In 2022, approx. X tons of densified wood were imported into Sri Lanka; growing by 40% compared with the previous year. Overall, imports, however, continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2020 when imports increased by 136% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, densified wood imports fell rapidly to $X in 2022. Over the period under review, imports, however, showed a deep downturn. The growth pace was the most rapid in 2018 with an increase of 212%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Turkey (X tons) and India (X kg) were the main suppliers of densified wood imports to Sri Lanka, with a combined 99% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +40.6%), while imports for the other leaders experienced a decline.

In value terms, Turkey ($X), China ($X) and Singapore ($X) constituted the largest densified wood suppliers to Sri Lanka, with a combined 96% share of total imports.

Turkey, with a CAGR of +38.6%, 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 a decline.

Import Prices by Country

In 2022, the average densified wood import price amounted to $X per ton, reducing by -51.3% against the previous year. Over the period under review, the import price continues to indicate a noticeable descent. The pace of growth appeared the most rapid in 2021 when the average import price increased by 75% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell sharply 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 Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+15.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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