Sri Lanka: Silicates Market 2024

Silicates Market Size in Sri Lanka

In 2021, after four years of growth, there was decline in the Sri Lankan silicates market, when its value decreased by -0.8% to $X. The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Silicates consumption peaked at $X in 2020, and then dropped in the following year.

Silicates Exports

Exports from Sri Lanka

For the third consecutive year, Sri Lanka recorded growth in shipments abroad of silicates, commercial alkali metal silicates, which increased by 117% to X kg in 2021. In general, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 197% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, silicates exports surged to $X in 2021. Over the period under review, exports continue to indicate resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 1,449%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X kg) was the main destination for silicates exports from Sri Lanka, accounting for a 66% share of total exports. Moreover, silicates exports to Japan exceeded the volume sent to the second major destination, Ethiopia (X kg), fivefold. The third position in this ranking was held by Australia (X kg), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (0.0% per year) and Australia (-21.6% per year).

In value terms, Japan ($X) emerged as the key foreign market for silicates, commercial alkali metal silicates exports from Sri Lanka, comprising 72% of total exports. The second position in the ranking was held by Ethiopia ($X), with a 12% share of total exports. It was followed by Australia, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (0.0% per year) and Australia (-38.7% per year).

Export Prices by Country

The average silicates export price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 419%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+64.9%), while the prices for the other major destinations experienced mixed trend patterns.

Silicates Imports

Imports into Sri Lanka

In 2021, purchases abroad of silicates, commercial alkali metal silicates decreased by -8.8% to X tons for the first time since 2016, thus ending a four-year rising trend. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when imports increased by 22%. Over the period under review, imports reached the peak figure at X tons in 2020, and then reduced in the following year.

In value terms, silicates imports expanded modestly to $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when imports increased by 16%. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

India (X tons), China (X tons) and Thailand (X tons) were the main suppliers of silicates imports to Sri Lanka, with a combined 96% share of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +57.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, India ($X), China ($X) and Thailand ($X) appeared to be the largest silicates suppliers to Sri Lanka, together comprising 66% of total imports.

Among the main suppliers, India, with a CAGR of +52.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average silicates import price amounted to $X per ton, growing by 12% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 41% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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