Sri Lanka: Glass Fiber Market 2024

Glass Fiber Market Size in Sri Lanka

The Sri Lankan glass fiber market surged to $X in 2021, with an increase of 116% 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, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Glass Fiber Exports

Exports from Sri Lanka

In 2021, the amount of voiles, webs, mats and other articles of glass fibers exported from Sri Lanka soared to X tons, picking up by 228% compared with 2020. Overall, exports showed noticeable growth. The most prominent rate of growth was recorded in 2014 with an increase of 886% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, glass fiber exports surged to $X in 2021. In general, exports posted resilient growth. The growth pace was the most rapid in 2014 with an increase of 1,309%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons), Maldives (X tons) and the United Arab Emirates (X tons) were the main destinations of glass fiber exports from Sri Lanka, together accounting for 92% of total exports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +39.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for voiles, webs, mats and other articles of glass fibers exports from Sri Lanka, comprising 66% of total exports. The second position in the ranking was held by the United States ($X), with a 26% share of total exports. It was followed by Maldives, with a 4% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates totaled +44.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+27.3% per year) and Maldives (+30.4% per year).

Export Prices by Country

In 2021, the average glass fiber export price amounted to $X per ton, growing by 16% against the previous year. Over the period under review, the export price continues to indicate a modest expansion. The pace of growth appeared the most rapid in 2018 an increase of 156%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to India ($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 Norway (+5.1%), while the prices for the other major destinations experienced mixed trend patterns.

Glass Fiber Imports

Imports into Sri Lanka

Glass fiber imports into Sri Lanka skyrocketed to X tons in 2021, growing by 129% on 2020. Over the period under review, total imports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, glass fiber imports soared to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of glass fiber to Sri Lanka, accounting for a 56% share of total imports. Moreover, glass fiber 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 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.5% per year) and India (+0.3% per year).

In value terms, China ($X) constituted the largest supplier of voiles, webs, mats and other articles of glass fibers to Sri Lanka, comprising 39% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 16% share of total imports. It was followed by India, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+5.7% per year) and India (+4.8% per year).

Import Prices by Country

The average glass fiber import price stood at $X per ton in 2021, reducing by -1.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2016 an increase of 18%. The import price peaked at $X per ton in 2020, and then dropped modestly in the following year.

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 Spain ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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