Glass Fibre Chopped Strand Market

The global glass fibre chopped strand market is expected to maintain a positive growth trajectory, with consumption and production volumes steadily increasing over the next eight years. Key highlights include forecasts of market volume reaching 6.1M tons by 2030, with a corresponding value of $13.6B. The article also delves into detailed analysis of consumption trends, production volumes, import and export figures, and key players in the industry, providing valuable insights for stakeholders in the market.

Market Forecast

Driven by increasing demand for glass fibre chopped strands worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 6.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2022 to 2030, which is projected to bring the market value to $13.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Glass Fibre Chopped Strands

In 2022, after ten years of growth, there was decline in consumption of glass fibre chopped strands, when its volume decreased by -1.4% to 4.5M tons. The total consumption volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the peak volume at 4.6M tons in 2021, and then declined in the following year.

The global glass fibre chopped strand market revenue reduced to $8.9B in 2022, waning by -8.3% 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). The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the maximum level at $9.7B in 2021, and then declined in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (901K tons), the United States (682K tons) and Japan (434K tons), with a combined 45% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +10.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($1.9B), the United States ($1.1B) and China ($843M) constituted the countries with the highest levels of market value in 2022, with a combined 44% share of the global market.

Among the main consuming countries, the United States, with a CAGR of +10.2%, recorded 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 chopped strand per capita consumption in 2022 were Japan (3.5 kg per person), Germany (2.7 kg per person) and the UK (2.3 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +9.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Glass Fibre Chopped Strands

In 2022, after ten years of growth, there was decline in production of glass fibre chopped strands, when its volume decreased by -2.5% to 4.5M tons. The total output volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 9.2% against the previous year. Over the period under review, global production attained the peak volume at 4.7M tons in 2021, and then dropped in the following year.

In value terms, glass fibre chopped strand production totaled $8.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 15%. Global production peaked in 2022 and is expected to retain growth in the immediate term.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.2M tons), the United States (594K tons) and Japan (401K tons), with a combined 47% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by the United States (with a CAGR of +10.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Glass Fibre Chopped Strands

In 2022, approx. 1.2M tons of glass fibre chopped strands were imported worldwide; remaining stable against the previous year. Over the period under review, total imports indicated a buoyant increase 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, imports increased by +23.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 23% against the previous year. As a result, imports attained the peak of 1.2M tons, leveling off in the following year.

In value terms, glass fibre chopped strand imports surged to $1.8B in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% 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 +62.0% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 37% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, Germany (230K tons), distantly followed by the United States (120K tons), the Netherlands (102K tons), Italy (97K tons), South Korea (81K tons) and Japan (62K tons) were the major importers of glass fibre chopped strands, together committing 57% of total imports. India (54K tons), Belgium (53K tons), China (49K tons), France (30K tons), Turkey (29K tons), Poland (28K tons) and Spain (25K tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +25.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest glass fibre chopped strand importing markets worldwide were Germany ($343M), the United States ($173M) and the Netherlands ($150M), with a combined 37% share of global imports. Italy, South Korea, China, Belgium, India, Japan, France, Poland, Spain and Turkey lagged somewhat behind, together accounting for a further 41%.

Among the main importing countries, Turkey, with a CAGR of +24.7%, recorded 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

In 2022, the average glass fibre chopped strand import price amounted to $1,493 per ton, jumping by 19% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($1,903 per ton), while Japan ($1,110 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+2.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Glass Fibre Chopped Strands

In 2022, global glass fibre chopped strand exports declined slightly to 1.2M tons, shrinking by -4.4% on the previous year's figure. The total export volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 26%. As a result, the exports attained the peak of 1.3M tons, and then shrank in the following year.

In value terms, glass fibre chopped strand exports rose sharply to $1.8B in 2022. Overall, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +60.8% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 41%. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports By Country

Malaysia (318K tons) and China (305K tons) represented the largest exporters of glass fibre chopped strands in 2022, accounting for approx. 26% and 25% of total exports, respectively. It was distantly followed by Belgium (189K tons), France (88K tons) and the Netherlands (83K tons), together mixing up a 29% share of total exports. Slovakia (51K tons) and South Korea (39K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +11.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Malaysia ($445M), China ($355M) and Belgium ($297M) appeared to be the countries with the highest levels of exports in 2022, with a combined 61% share of global exports. The Netherlands, France, Slovakia and South Korea lagged somewhat behind, together accounting for a further 22%.

Among the main exporting countries, South Korea, with a CAGR of +13.4%, saw 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

In 2022, the average glass fibre chopped strand export price amounted to $1,474 per ton, growing by 19% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the Netherlands ($1,676 per ton) and Belgium ($1,569 per ton), while China ($1,165 per ton) and South Korea ($1,371 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+2.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform