Glass Fibre Mat Market

The global glass fibre mat market is projected to continue its upward trend in consumption, with a forecasted volume of 3M tons and a value of $8.4B by 2030. Consumption in 2022 saw a slight decrease, but overall exhibited strong growth from 2012-2022. China, the United States, and Germany were the top consuming countries, while China dominated in production and exports. The average import and export prices remained relatively stable, with differences noted amongst top exporting countries.

Market Forecast

Driven by increasing demand for glass fibre mats worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market volume to 3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.7% for the period from 2022 to 2030, which is projected to bring the market value to $8.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Glass Fibre Mats

In 2022, consumption of glass fibre mats decreased by less than 0.1% to 2.1M tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +10.0% against 2019 indices. Global consumption peaked at 2.1M tons in 2021, and then shrank modestly in the following year.

The global glass fibre mat market revenue expanded to $5B in 2022, surging by 2.5% 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). In general, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.8% against 2016 indices. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (414K tons), the United States (236K tons) and Germany (223K tons), together accounting for 41% of global consumption. India, Japan, Poland, Russia, Bangladesh, Brazil, Indonesia, the UK, Mexico and South Korea lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Poland (with a CAGR of +19.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($597M), Germany ($590M) and Japan ($513M) appeared to be the countries with the highest levels of market value in 2022, together accounting for 34% of the global market. The United States, Indonesia, India, Poland, the UK, Brazil, Bangladesh, Mexico, South Korea and Russia lagged somewhat behind, together accounting for a further 41%.

In terms of the main consuming countries, Poland, with a CAGR of +19.3%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of glass fibre mat per capita consumption in 2022 were Germany (2,688 kg per 1000 persons), Poland (2,609 kg per 1000 persons) and Japan (797 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Poland (with a CAGR of +19.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Glass Fibre Mats

For the fourth year in a row, the global market recorded growth in production of glass fibre mats, which increased by 2.3% to 2.1M tons in 2022. Overall, the total production indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +12.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 17%. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the immediate term.

In value terms, glass fibre mat production rose markedly to $4.7B in 2022 estimated in export price. In general, the total production indicated buoyant growth from 2012 to 2022: its value 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, production increased by +8.7% against 2016 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 31% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

Production By Country

The country with the largest volume of glass fibre mat production was China (524K tons), accounting for 25% of total volume. Moreover, glass fibre mat production in China exceeded the figures recorded by the second-largest producer, the United States (226K tons), twofold. Germany (202K tons) ranked third in terms of total production with a 9.8% share.

In China, glass fibre mat production expanded at an average annual rate of +6.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+8.6% per year) and Germany (+5.4% per year).

Imports

World Imports of Glass Fibre Mats

In 2022, the amount of glass fibre mats imported worldwide contracted dramatically to 356K tons, with a decrease of -17.4% compared with 2021 figures. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 20%. Global imports peaked at 463K tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, glass fibre mat imports reduced remarkably to $757M in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 34% against the previous year. As a result, imports reached the peak of $913M, and then fell dramatically in the following year.

Imports By Country

The United States (42K tons), Germany (37K tons), Canada (28K tons) and France (27K tons) represented roughly 38% of total imports in 2022. Japan (15K tons), Mexico (14K tons), Italy (14K tons), Poland (13K tons), South Korea (13K tons), Spain (12K tons), the United Arab Emirates (12K tons), the UK (12K tons) and Turkey (8.6K tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +14.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($91M), France ($53M) and Mexico ($52M) constituted the countries with the highest levels of imports in 2022, together comprising 26% of global imports. Canada, Germany, Italy, South Korea, Japan, Poland, Spain, the UK, the United Arab Emirates and Turkey lagged somewhat behind, together comprising a further 39%.

Among the main importing countries, Turkey, with a CAGR of +11.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average glass fibre mat import price stood at $2,130 per ton in 2022, standing approx. at the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 11%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

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 Mexico ($3,629 per ton), while Germany ($1,204 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+3.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Glass Fibre Mats

In 2022, the amount of glass fibre mats exported worldwide declined to 297K tons, reducing by -8.4% on the year before. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 15% against the previous year. Over the period under review, the global exports hit record highs at 332K tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, glass fibre mat exports reduced to $678M in 2022. The total export value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 20% against the previous year. As a result, the exports reached the peak of $752M, and then dropped in the following year.

Exports By Country

In 2022, China (111K tons) was the main exporter of glass fibre mats, making up 37% of total exports. The United States (32K tons) took the second position in the ranking, followed by Italy (26K tons), France (17K tons), Thailand (16K tons) and Germany (16K tons). All these countries together took near 36% share of total exports. Taiwan (Chinese) (11K tons), Belgium (10K tons), Canada (8.2K tons), the UK (8.1K tons), Mexico (5.8K tons) and Poland (5.5K tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to glass fibre mat exports from China stood at +13.3%. At the same time, Thailand (+76.4%), Mexico (+20.0%), the UK (+15.4%), Taiwan (Chinese) (+3.7%) and Poland (+1.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +76.4% from 2012-2022. Italy and France experienced a relatively flat trend pattern. By contrast, Belgium (-2.1%), the United States (-3.6%), Germany (-4.7%) and Canada (-6.4%) illustrated a downward trend over the same period. China (+26 p.p.), Thailand (+5.5 p.p.), the UK (+2 p.p.) and Mexico (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Canada, Germany and the United States saw its share reduced by -2.9%, -3.9% and -5.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($158M), Germany ($93M) and the United States ($75M) were the countries with the highest levels of exports in 2022, together comprising 48% of global exports. Italy, France, Belgium, Canada, Thailand, Mexico, Taiwan (Chinese), the UK and Poland lagged somewhat behind, together comprising a further 38%.

In terms of the main exporting countries, Thailand, with a CAGR of +74.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average glass fibre mat export price stood at $2,278 per ton in 2022, with a decrease of -1.6% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 10%. The global export price peaked at $2,316 per ton in 2021, and then dropped slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($5,729 per ton), while Thailand ($1,396 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform