Sri Lanka: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Sri Lanka

The Sri Lankan glass fibres and wool market reduced to $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Glass Fibres And Glass Wool in Sri Lanka

In value terms, glass fibres and wool production dropped modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.0% against 2019 indices. The growth pace was the most rapid in 2014 when the production volume increased by 50% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

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Exports of Glass Fibres And Glass Wool

Exports from Sri Lanka

Glass fibres and wool exports from Sri Lanka declined markedly to X tons in 2022, waning by -43.7% compared with the year before. Over the period under review, exports saw a mild slump. The pace of growth was the most pronounced in 2014 when exports increased by 906% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, glass fibres and wool exports shrank dramatically to $X in 2022. In general, exports, however, posted a temperate increase. The pace of growth was the most pronounced in 2014 with an increase of 1,317% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Canada (X tons), the United States (X tons) and Maldives (X tons) were the main destinations of glass fibres and wool exports from Sri Lanka, with a combined 66% share of total exports. Norway, the United Arab Emirates, Hong Kong SAR, China and Australia lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +653.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for glass fibres and wool exported from Sri Lanka were the United Arab Emirates ($X), Hong Kong SAR ($X) and the United States ($X), with a combined 79% share of total exports.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +1,578.7%, recorded the highest rates of growth with regard to 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

In 2022, the average glass fibres and wool export price amounted to $X per ton, picking up by 33% against the previous year. Overall, the export price enjoyed a notable expansion. The growth pace was the most rapid in 2018 an increase of 183% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Maldives ($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 Hong Kong SAR (+122.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres And Glass Wool

Imports into Sri Lanka

In 2022, supplies from abroad of glass fibres and glass wool increased by 0.4% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 81% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, glass fibres and wool imports soared to $X in 2022. In general, imports showed resilient growth. The most prominent rate of growth was recorded in 2014 when imports increased by 115%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), India (X tons) and the United Arab Emirates (X tons) were the main suppliers of glass fibres and wool imports to Sri Lanka, together comprising 68% of total imports. Hong Kong SAR, Saudi Arabia, Spain and the United States lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +70.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and India ($X) appeared to be the largest glass fibres and wool suppliers to Sri Lanka, together comprising 69% of total imports. Spain, the United Arab Emirates, Hong Kong SAR and Saudi Arabia lagged somewhat behind, together comprising a further 21%.

Spain, with a CAGR of +92.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average glass fibres and wool import price amounted to $X per ton, with an increase of 46% against the previous year. In general, the import price posted a buoyant increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 110% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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