Venezuela: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Venezuela

In 2022, after three years of growth, there was significant decline in the Venezuelan glass fibres and wool market, when its value decreased by -11.5% to $X. Overall, consumption showed a deep slump. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Exports of Glass Fibres And Glass Wool

Exports from Venezuela

In 2022, approx. X kg of glass fibres and glass wool were exported from Venezuela; waning by -13.2% on 2021 figures. Overall, exports showed a significant curtailment. The pace of growth appeared the most rapid in 2015 when exports increased by 8.3% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, glass fibres and wool exports fell slightly to $X in 2022. Over the period under review, exports faced a significant curtailment. The growth pace was the most rapid in 2013 when exports increased by 17%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for glass fibres and wool exports from Venezuela, accounting for a 74% share of total exports. Moreover, glass fibres and wool exports to the United States exceeded the volume sent to the second major destination, Panama (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to -35.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-41.0% per year) and Aruba (-43.9% per year).

In value terms, Panama ($X) remains the key foreign market for glass fibres and glass wool exports from Venezuela, comprising 91% of total exports. The second position in the ranking was taken by Aruba ($X), with an 8.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Panama totaled -29.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (-36.0% per year) and the United States (-43.8% per year).

Export Prices by Country

The average glass fibres and wool export price stood at $X per ton in 2022, surging by 12% against the previous year. In general, the export price recorded a strong expansion. The pace of growth appeared the most rapid in 2017 an increase of 301%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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 Aruba ($X per ton), while the average price for exports to the United States ($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 Panama (+20.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Glass Fibres And Glass Wool

Imports into Venezuela

After three years of growth, purchases abroad of glass fibres and glass wool decreased by -15.5% to X tons in 2022. Overall, imports showed a abrupt slump. The pace of growth was the most pronounced in 2015 when imports increased by 101% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, glass fibres and wool imports reduced to $X in 2022. Over the period under review, imports showed a drastic downturn. The pace of growth was the most pronounced in 2015 with an increase of 117%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest glass fibres and wool supplier to Venezuela, accounting for a 82% share of total imports. Moreover, glass fibres and wool imports from Turkey exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey totaled +48.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-33.3% per year) and China (-23.7% per year).

In value terms, the largest glass fibres and wool suppliers to Venezuela were Turkey ($X), the United States ($X) and China ($X), with a combined 70% share of total imports.

Turkey, with a CAGR of +36.3%, saw 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 mixed trend patterns.

Import Prices by Country

The average glass fibres and wool import price stood at $X per ton in 2022, growing by 8.8% against the previous year. In general, the import price, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2017 when the average import price increased by 45% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+114.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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