Thailand: Mineral Wool Market 2024

Mineral Wool Market Size in Thailand

The Thai mineral wool market stood at $X in 2021, approximately mirroring the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -1.9% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Mineral Wool Production in Thailand

In value terms, mineral wool production expanded slightly to $X in 2021 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.7% against 2019 indices. The growth pace was the most rapid in 2013 when the production volume increased by 22% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Mineral Wool Exports

Exports from Thailand

In 2021, exports of slag wool, rock wool and similar mineral wools and mixtures from Thailand rose sharply to X tons, with an increase of 12% compared with the previous year's figure. Overall, total exports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +18.6% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of 55%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, mineral wool exports soared to $X in 2021. In general, total exports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -36.7% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 50%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for mineral wool exports from Thailand, accounting for a 35% share of total exports. Moreover, mineral wool exports to Vietnam exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), twofold. The third position in this ranking was taken by Indonesia (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+41.3% per year) and Indonesia (+48.3% per year).

In value terms, Vietnam ($X) remains the key foreign market for slag wool, rock wool and similar mineral wools and mixtures exports from Thailand, comprising 37% of total exports. The second position in the ranking was held by Singapore ($X), with a 12% share of total exports. It was followed by Indonesia, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+34.0% per year) and Indonesia (+42.2% per year).

Export Prices by Country

In 2021, the average mineral wool export price amounted to $X per ton, increasing by 4.9% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 23% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Vietnam (+0.7%), while the prices for the other major destinations experienced a decline.

Mineral Wool Imports

Imports into Thailand

In 2021, the amount of slag wool, rock wool and similar mineral wools and mixtures imported into Thailand soared to X tons, jumping by 23% compared with the previous year. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 75% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, mineral wool imports surged to $X in 2021. In general, imports, however, recorded a mild decline. The most prominent rate of growth was recorded in 2017 when imports increased by 33%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of mineral wool to Thailand, accounting for a 57% share of total imports. Moreover, mineral wool imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.9% per year) and the Netherlands (+14.4% per year).

In value terms, Japan ($X), China ($X) and the Netherlands ($X) appeared to be the largest mineral wool suppliers to Thailand, with a combined 81% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +13.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, with a decrease of -4% against the previous year. Overall, the import price saw a pronounced setback. The most prominent rate of growth was recorded in 2020 when the average import price increased by 62%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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