Colombia: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Colombia

The Colombian glass fibres and wool market declined to $X in 2022, reducing by -9.4% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Glass fibres and wool consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Glass Fibres And Glass Wool in Colombia

In value terms, glass fibres and wool production declined to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the production volume increased by 28%. Glass fibres and wool production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Glass Fibres And Glass Wool

Exports from Colombia

In 2022, the amount of glass fibres and glass wool exported from Colombia skyrocketed to X tons, surging by 44% on the year before. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when exports increased by 121%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, glass fibres and wool exports soared to $X in 2022. Over the period under review, exports, however, showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 129%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Peru (X tons) was the main destination for glass fibres and wool exports from Colombia, accounting for a 68% share of total exports. Moreover, glass fibres and wool exports to Peru exceeded the volume sent to the second major destination, the Dominican Republic (X tons), ninefold. The third position in this ranking was taken by the UK (X tons), with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Peru amounted to +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+4.8% per year) and the UK (+26.2% per year).

In value terms, Peru ($X) remains the key foreign market for glass fibres and glass wool exports from Colombia, comprising 58% of total exports. The second position in the ranking was held by Mexico ($X), with a 9.5% share of total exports. It was followed by the Dominican Republic, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value to Peru totaled +48.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-9.6% per year) and the Dominican Republic (-0.5% per year).

Export Prices by Country

The average glass fibres and wool export price stood at $X per ton in 2022, which is down by -3.9% against the previous year. In general, the export price recorded a abrupt contraction. The most prominent rate of growth was recorded in 2016 when the average export price increased by 20%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Canada ($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 Brazil (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into Colombia

Glass fibres and wool imports into Colombia shrank sharply to X tons in 2022, with a decrease of -18.6% on 2021 figures. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 64%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, glass fibres and wool imports dropped rapidly to $X in 2022. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 66% against the previous year. Imports peaked at $X in 2021, and then shrank remarkably in the following year.

Imports by Country

China (X tons), the United States (X tons) and Mexico (X tons) were the main suppliers of glass fibres and wool imports to Colombia, with a combined 82% share of total imports. Free Zones, South Korea, Spain and Brazil lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +63.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Mexico ($X) were the largest glass fibres and wool suppliers to Colombia, with a combined 76% share of total imports. South Korea, Free Zones, Spain and Brazil lagged somewhat behind, together accounting for a further 5.6%.

In terms of the main suppliers, South Korea, with a CAGR of +43.9%, saw the highest growth rate of 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 glass fibres and wool import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.0% 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 decreased by -7.0% against 2019 indices. The growth pace was the most rapid in 2016 an increase of 38% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, 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 Spain ($X per ton), while the price for Free Zones ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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