Turkey: Insulating Board Market 2024

Insulating Board Market Size in Turkey

In 2022, the Turkish insulating board market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.8% against 2018 indices. Insulating board consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Insulating Board Production in Turkey

In value terms, insulating board production contracted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of 117% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Insulating Board Exports

Exports from Turkey

In 2022, shipments abroad of insulating board decreased by -26.6% to X cubic meters for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, posted significant growth. The growth pace was the most rapid in 2017 with an increase of 431% against the previous year. Over the period under review, the exports reached the peak figure at X cubic meters in 2021, and then reduced remarkably in the following year.

In value terms, insulating board exports totaled $X in 2022. Overall, exports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 194%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Tunisia (X cubic meters), Libya (X cubic meters) and Iraq (X cubic meters) were the main destinations of insulating board exports from Turkey, with a combined 53% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Tunisia (with a CAGR of +99.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for insulating board exported from Turkey were Tunisia ($X), Libya ($X) and Iraq ($X), together accounting for 49% of total exports.

Tunisia, with a CAGR of +78.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average insulating board export price stood at $X per cubic meter in 2022, rising by 37% against the previous year. Overall, the export price, however, recorded a perceptible decrease. Over the period under review, the average export prices reached the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per cubic meter), while the average price for exports to Libya ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Georgia (+4.1%), while the prices for the other major destinations experienced mixed trend patterns.

Insulating Board Imports

Imports into Turkey

In 2022, the amount of insulating board imported into Turkey soared to X cubic meters, increasing by 179% compared with the previous year. Overall, imports posted notable growth. The pace of growth appeared the most rapid in 2015 with an increase of 287% against the previous year. As a result, imports attained the peak of X cubic meters. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, insulating board imports skyrocketed to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by 235% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Germany (X cubic meters) constituted the largest supplier of insulating board to Turkey, accounting for a 49% share of total imports. Moreover, insulating board imports from Germany exceeded the figures recorded by the second-largest supplier, Iran (X cubic meters), twofold. Italy (X cubic meters) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+128.7% per year) and Italy (+15.4% per year).

In value terms, Germany ($X) constituted the largest supplier of insulating board to Turkey, comprising 55% of total imports. The second position in the ranking was held by Iran ($X), with an 11% share of total imports. It was followed by Israel, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+115.8% per year) and Israel (+52,809.5% per year).

Import Prices by Country

In 2022, the average insulating board import price amounted to $X per cubic meter, increasing by 5.8% against the previous year. Over the period under review, the import price, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2020 when the average import price increased by 187%. As a result, import price attained the peak level of $X per cubic meter. From 2021 to 2022, the average import prices failed to regain momentum.

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 ($X per cubic meter), while the price for Croatia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+1,553.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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