Turkey: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Turkey

After two years of decline, the Turkish glass fibres and wool market increased by 1.2% to $X in 2022. Over the period under review, consumption continues to indicate prominent growth. Glass fibres and wool consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Glass Fibres And Glass Wool in Turkey

In value terms, glass fibres and wool production reached $X in 2022 estimated in export price. Overall, production posted a resilient increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 40% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Glass Fibres And Glass Wool

Exports from Turkey

In 2022, overseas shipments of glass fibres and glass wool increased by 4% to X tons, rising for the third year in a row after seven years of decline. Over the period under review, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 when exports increased by 54% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fibres and wool exports rose rapidly to $X in 2022. In general, exports, however, saw a mild shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 89%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons), Poland (X tons) and Spain (X tons) were the main destinations of glass fibres and wool exports from Turkey, with a combined 29% share of total exports. Egypt, Panama, Iran, Bulgaria, Romania, Israel, Iraq, Italy, Germany and Serbia lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +2,802.5%), while the other leaders experienced more modest paces of growth.

In value terms, Bulgaria ($X), Germany ($X) and Panama ($X) were the largest markets for glass fibres and wool exported from Turkey worldwide, with a combined 29% share of total exports.

Among the main countries of destination, Panama, with a CAGR of +1,297.3%, 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 fibres and wool export price stood at $X per ton in 2022, surging by 2.1% against the previous year. In general, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glass fibres and wool export price increased by +23.1% against 2018 indices. The pace of growth appeared the most rapid in 2021 an increase of 23%. The export price peaked in 2022 and is likely to see gradual growth in the near future.

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 Germany ($X per ton), while the average price for exports to India ($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 Bulgaria (+24.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into Turkey

After three years of decline, supplies from abroad of glass fibres and glass wool increased by 17% to X tons in 2022. In general, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2014 when imports increased by 59%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, glass fibres and wool imports surged to $X in 2022. Over the period under review, imports saw a remarkable increase. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Germany (X tons) and India (X tons) were the main suppliers of glass fibres and wool imports to Turkey, with a combined 75% share of total imports. Italy, South Korea, Russia, France and the United States lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +135.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest glass fibres and wool suppliers to Turkey were China ($X), Germany ($X) and the United States ($X), with a combined 54% share of total imports. Italy, France, India, South Korea and Russia lagged somewhat behind, together accounting for a further 27%.

Russia, with a CAGR of +103.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average glass fibres and wool import price amounted to $X per ton, rising by 42% against the previous year. Overall, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glass fibres and wool import price increased by +107.1% against 2019 indices. 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 United States ($X per ton), while the price for Germany ($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 United States (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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