Sri Lanka: Market for Glass Fibres and Glass Fibre Articles 2024

Market Size for Glass Fibres and Glass Fibre Articles in Sri Lanka

The Sri Lankan glass fibre and article market contracted rapidly to $X in 2022, declining by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2021, and then contracted remarkably in the following year.

Exports of Glass Fibres and Glass Fibre Articles

Exports from Sri Lanka

In 2022, approx. X tons of glass fibres and glass fibre articles were exported from Sri Lanka; waning by X% on the year before. Over the period under review, exports, however, continue to indicate a moderate increase. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, glass fibre and article exports declined significantly to $X in 2022. In general, exports, however, showed a measured expansion. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for glass fibre and article exports from Sri Lanka, accounting for a X% share of total exports. Moreover, glass fibre and article exports to Spain exceeded the volume sent to the second major destination, Canada (X tons), twofold. The United States (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and the United States (X% per year).

In value terms, the United Arab Emirates ($X), Hong Kong SAR ($X) and the United States ($X) were the largest markets for glass fibre and article exported from Sri Lanka worldwide, together comprising X% of total exports.

Among the main countries of destination, Hong Kong SAR, with a CAGR of X%, recorded the highest growth rate of 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

The average glass fibre and article export price stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a 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 Hong Kong SAR ($X per ton), while the average price for exports to Maldives ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres and Glass Fibre Articles

Imports into Sri Lanka

Glass fibre and article imports into Sri Lanka contracted dramatically to X tons in 2022, dropping by X% compared with 2021. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons, and then contracted sharply in the following year.

In value terms, glass fibre and article imports rose remarkably to $X in 2022. In general, imports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest glass fibre and article supplier to Sri Lanka, with a X% share of total imports. Moreover, glass fibre and article imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. India (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and India (X% per year).

In value terms, the largest glass fibre and article suppliers to Sri Lanka were China ($X), the Czech Republic ($X) and Taiwan (Chinese) ($X), together comprising X% of total imports.

The Czech Republic, with a CAGR of X%, recorded 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 fibre and article import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the import price posted a remarkable increase. 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 the Czech Republic ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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