Eastern Asia: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Eastern Asia

In 2022, the East Asian glass fibres and wool market decreased by -1.3% to $X, falling for the third consecutive year after two years of growth. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Glass Fibres And Glass Wool in Eastern Asia

In value terms, glass fibres and wool production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when the production volume increased by 35% against the previous year. The level of production peaked at $X in 2019; afterwards, it flattened through to 2022.

Exports of Glass Fibres And Glass Wool

Exports in Eastern Asia

Glass fibres and wool exports dropped to X tons in 2022, falling by -5.8% against the year before. Total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +70.8% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of 27%. The volume of export peaked at X tons in 2021, and then declined in the following year.

In value terms, glass fibres and wool exports dropped to $X in 2022. Total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.7% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 29%. As a result, the exports reached the peak of $X, and then declined slightly in the following year.

Exports by Country

China prevails in exports structure, recording X tons, which was near 89% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), creating a 4.6% share of total exports. South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the glass fibres and glass wool exports, with a CAGR of +8.2% from 2012 to 2022. At the same time, South Korea (+1.8%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-5.6%) illustrated a downward trend over the same period. While the share of China (+16 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-2.2 p.p.) and Taiwan (Chinese) (-10.1 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest glass fibres and wool supplier in Eastern Asia, comprising 89% of total exports. The second position in the ranking was taken by South Korea ($X), with a 2.7% share of total exports.

In China, glass fibres and wool exports increased at an average annual rate of +8.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+1.5% per year) and Taiwan (Chinese) (-3.7% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, increasing by 1.8% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 11%. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

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 China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.0%), while the other leaders experienced a decline in the export price figures.

Imports of Glass Fibres And Glass Wool

Imports in Eastern Asia

After two years of growth, overseas purchases of glass fibres and glass wool decreased by -34.5% to X tons in 2022. Total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 16%. The volume of import peaked at X tons in 2021, and then dropped remarkably in the following year.

In value terms, glass fibres and wool imports shrank to $X in 2022. Total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +36.9% against 2014 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 17% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

The countries with the highest levels of glass fibres and wool imports in 2022 were China (X tons), South Korea (X tons) and Japan (X tons), together resulting at 85% of total import. Taiwan (Chinese) (X tons) ranks next in terms of the total imports with a 7.1% share, followed by Hong Kong SAR (6.8%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +11.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported glass fibres and glass wool in Eastern Asia, comprising 69% of total imports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total imports. It was followed by Japan, with a 12% share.

In China, glass fibres and wool imports increased at an average annual rate of +7.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+10.1% per year) and Japan (+2.5% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, growing by 41% against the previous year. Over the last decade, it increased at an average annual rate of +4.2%. 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 importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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