Philippines: Market for Glass Fibres and Glass Fibre Articles 2024

Market Size for Glass Fibres and Glass Fibre Articles in the Philippines

The Philippine glass fibre and article market expanded sharply to $X in 2022, surging by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate buoyant growth. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Exports of Glass Fibres and Glass Fibre Articles

Exports from the Philippines

In 2022, the amount of glass fibres and glass fibre articles exported from the Philippines fell remarkably to X tons, which is down by X% on 2021 figures. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass fibre and article exports dropped significantly to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for glass fibre and article exports from the Philippines, accounting for a X% share of total exports. Moreover, glass fibre and article exports to Japan exceeded the volume sent to the second major destination, Pakistan (X tons), fivefold. The third position in this ranking was held by Vietnam (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (X% per year) and Vietnam (X% per year).

In value terms, Japan ($X) remains the key foreign market for glass fibres and glass fibre articles exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports. It was followed by Pakistan, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Pakistan (X% per year).

Export Prices by Country

The average glass fibre and article export price stood at $X per ton in 2022, dropping by X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average 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 Canada ($X per ton), while the average price for exports to Vietnam ($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 Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres and Glass Fibre Articles

Imports into the Philippines

In 2022, approx. X tons of glass fibres and glass fibre articles were imported into the Philippines; waning by X% compared with the previous year. In general, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, glass fibre and article imports rose remarkably to $X in 2022. Overall, imports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of glass fibre and article to the Philippines, with a X% share of total imports. Moreover, glass fibre and article imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and South Korea (X% per year).

In value terms, China ($X) constituted the largest supplier of glass fibres and glass fibre articles to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Malaysia (X% per year).

Import Prices by Country

In 2022, the average glass fibre and article import price amounted to $X per ton, picking up by X% against the previous year. Overall, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glass fibre and article import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a 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 Japan ($X per ton), while the price for China ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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