Sri Lanka: Mineral Wool Market 2024

Mineral Wool Market Size in Sri Lanka

The Sri Lankan mineral wool market surged to $X in 2021, jumping by 33% 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). Overall, consumption recorded a resilient expansion. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Mineral Wool Exports

Exports from Sri Lanka

Mineral wool exports from Sri Lanka shrank markedly to X kg in 2021, falling by -96.3% against 2020 figures. Over the period under review, exports faced a precipitous setback. The pace of growth appeared the most rapid in 2017 when exports increased by 556%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, mineral wool exports dropped significantly to $X in 2021. In general, exports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2017 when exports increased by 735%. 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

Turkey (X kg) was the main destination for mineral wool exports from Sri Lanka, accounting for a 89% share of total exports. Moreover, mineral wool exports to Turkey exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), ninefold.

From 2012 to 2021, the average annual growth rate of volume to Turkey amounted to -25.2%.

In value terms, Turkey ($X) remains the key foreign market for slag wool, rock wool and similar mineral wools and mixtures exports from Sri Lanka, comprising 73% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Turkey stood at -20.4%.

Export Prices by Country

In 2021, the average mineral wool export price amounted to $X per ton, increasing by 29% against the previous year. In general, export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 an increase of 82% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Turkey stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+6.5%).

Mineral Wool Imports

Imports into Sri Lanka

In 2021, approx. X tons of slag wool, rock wool and similar mineral wools and mixtures were imported into Sri Lanka; with an increase of 18% on 2020 figures. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 312%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, mineral wool imports skyrocketed to $X in 2021. Overall, imports continue to indicate a strong expansion. The growth pace was the most rapid in 2019 with an increase of 260%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest mineral wool supplier to Sri Lanka, with a 38% share of total imports. Moreover, mineral wool imports from India exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India totaled +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.0% per year) and Saudi Arabia (+0.5% per year).

In value terms, India ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to Sri Lanka, comprising 36% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Japan, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from India totaled +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.4% per year) and Japan (+8.1% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, picking up by 13% against the previous year. Over the period under review, the import price enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 an increase of 54% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+21.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :