Hong Kong SAR, China: Glass Fiber Market 2022

Glass Fiber Market Size in Hong Kong SAR, China

In 2021, the Hong Kong glass fiber market decreased by -27.4% to $X, falling for the second year in a row after three years of growth. Overall, consumption recorded a deep setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Glass Fiber Production in Hong Kong SAR, China

In value terms, glass fiber production rose modestly to $X in 2021 estimated in export price. In general, production, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 12% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Glass Fiber Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of voiles, webs, mats and other articles of glass fibers increased by 48% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, saw a noticeable reduction. The pace of growth appeared the most rapid in 2015 when exports increased by 65% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, glass fiber exports surged to $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for glass fiber exports from Hong Kong SAR, accounting for a approx. 98% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China amounted to -2.4%.

In value terms, China ($X) also remains the key foreign market for glass fiber exports from Hong Kong SAR.

From 2012 to 2021, the average annual rate of growth in terms of value to China was relatively modest.

Export Prices by Country

The average glass fiber export price stood at $X per ton in 2021, rising by 4.6% against the previous year. Overall, export price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glass fiber export price increased by +44.5% against 2017 indices. The growth pace was the most rapid in 2013 an increase of 45% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +2.0% per year.

Glass Fiber Imports

Imports into Hong Kong SAR, China

For the fourth consecutive year, Hong Kong SAR recorded decline in overseas purchases of voiles, webs, mats and other articles of glass fibers, which decreased by -1.9% to X tons in 2021. Overall, imports continue to indicate a drastic downturn. The growth pace was the most rapid in 2015 with an increase of 39%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, glass fiber imports expanded rapidly to $X in 2021. Over the period under review, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2017 when imports increased by 45%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest glass fiber supplier to Hong Kong SAR, with a 46% share of total imports. Moreover, glass fiber imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-5.6% per year) and the United States (+1.6% per year).

In value terms, Japan ($X), China ($X) and the United States ($X) appeared to be the largest glass fiber suppliers to Hong Kong SAR, with a combined 85% share of total imports.

Japan, with a CAGR of +4.3%, 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 fiber import price stood at $X per ton in 2021, picking up by 7.3% against the previous year. In general, the import price, however, saw a mild descent. The most prominent rate of growth was recorded in 2019 an increase of 10% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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