Asia: Insulating Board Market 2024

Insulating Board Market Size in Asia

In 2022, the Asian insulating board market increased by 1.2% to $X, rising for the second year in a row after three years of decline. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Insulating Board Production in Asia

In value terms, insulating board production declined to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 44%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Insulating Board Exports

Exports in Asia

In 2022, the amount of insulating board exported in Asia rose to X cubic meters, growing by 3.2% compared with the year before. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 5.2% against the previous year. As a result, the exports reached the peak of X cubic meters; afterwards, it flattened through to 2022.

In value terms, insulating board exports expanded significantly to $X in 2022. Overall, exports, however, continue to indicate a slight downturn. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand was the major exporter of insulating board in Asia, with the volume of exports resulting at X cubic meters, which was near 57% of total exports in 2022. Turkey (X cubic meters) ranks second in terms of the total exports with a 21% share, followed by Malaysia (10%) and Pakistan (6.9%). India (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to insulating board exports from Thailand stood at +3.2%. At the same time, Turkey (+20.1%), Pakistan (+2.0%) and India (+1.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +20.1% from 2012-2022. By contrast, Malaysia (-10.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Thailand increased by +18 and +15 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest insulating board supplying countries in Asia were Thailand ($X), Turkey ($X) and Malaysia ($X), together accounting for 81% of total exports.

Among the main exporting countries, Turkey, with a CAGR of +15.7%, 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 export price in Asia stood at $X per cubic meter in 2022, with an increase of 9.6% against the previous year. Overall, the export price, however, showed a mild slump. The pace of growth appeared the most rapid in 2021 when the export price increased by 16%. Over the period under review, the export prices reached the peak figure at $X per cubic meter in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per cubic meter), while Thailand ($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 India (+4.5%), while the other leaders experienced a decline in the export price figures.

Insulating Board Imports

Imports in Asia

In 2022, overseas purchases of insulating board increased by 1% to X cubic meters, rising for the second year in a row after two years of decline. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. The volume of import peaked at X cubic meters in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, insulating board imports declined to $X in 2022. Overall, imports, however, recorded a perceptible slump. The growth pace was the most rapid in 2021 when imports increased by 24% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X cubic meters) and Syrian Arab Republic (X cubic meters) represented the major importers of insulating board in Asia, together committing 49% of total imports. Lebanon (X cubic meters) took the next position in the ranking, followed by Afghanistan (X cubic meters) and the Philippines (X cubic meters). All these countries together held near 26% share of total imports. Vietnam (X cubic meters), Indonesia (X cubic meters), Yemen (X cubic meters), Iraq (X cubic meters), India (X cubic meters) and Iran (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +50.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest insulating board importing markets in Asia were the United Arab Emirates ($X), Syrian Arab Republic ($X) and Afghanistan ($X), together comprising 51% of total imports. Lebanon, the Philippines, Iraq, Vietnam, India, Indonesia, Yemen and Iran lagged somewhat behind, together comprising a further 30%.

Among the main importing countries, the Philippines, with a CAGR of +40.5%, 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 import price in Asia stood at $X per cubic meter in 2022, falling by -7.6% against the previous year. Overall, the import price saw a pronounced shrinkage. The pace of growth was the most pronounced in 2014 when the import price increased by 8.1% against the previous year. The level of import peaked at $X per cubic meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per cubic meter), while the Philippines ($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 India (+3.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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