Prisms And Mirrors Market

The global market for prisms and mirrors is expected to see continued growth over the next eight years, with consumption and production levels on the rise. Key trends include an anticipated increase in market volume and value, as well as fluctuations in consumption and production levels. Countries such as Turkey, South Korea, and Germany lead in consumption, while South Korea, China, and Taiwan dominate in production. Import and export data show China as the major exporter, with significant differences in average prices among top importing countries.

Market Forecast

Driven by increasing demand for prisms and mirrors 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 +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 219K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $20.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Prisms And Mirrors

In 2022, global prisms and mirrors consumption expanded slightly to 179K tons, picking up by 2.3% on 2021 figures. In general, the total consumption indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.6% 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 +93.6% against 2016 indices. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

The global prisms and mirrors market revenue shrank to $13.8B in 2022, waning by -5.5% 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). Over the period under review, consumption continues to indicate a buoyant increase. As a result, consumption reached the peak level of $14.6B, and then shrank in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Turkey (42K tons), South Korea (32K tons) and Germany (16K tons), with a combined 50% share of global consumption. Egypt, Poland, Hungary, the United States, Hong Kong SAR, Taiwan (Chinese), Vietnam, India, Japan and Singapore 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 the United States (with a CAGR of +94.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.8B) led the market, alone. The second position in the ranking was held by South Korea ($1.3B). It was followed by Japan.

In the United States, the prisms and mirrors market expanded at an average annual rate of +66.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+32.2% per year) and Japan (+18.8% per year).

The countries with the highest levels of prisms and mirrors per capita consumption in 2022 were Hungary (934 kg per 1000 persons), Turkey (489 kg per 1000 persons) and Singapore (478 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 the United States (with a CAGR of +94.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Prisms And Mirrors

In 2022, production of prisms and mirrors decreased by -0.1% to 218K tons for the first time since 2015, thus ending a six-year rising trend. Overall, the total production indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +55.4% against 2014 indices. The pace of growth was the most pronounced in 2019 with an increase of 33% against the previous year. Over the period under review, global production hit record highs at 219K tons in 2021, and then dropped in the following year.

In value terms, prisms and mirrors production rose markedly to $12.1B in 2022 estimated in export price. In general, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +8.4% 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 -1.8% against 2020 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 61%. Over the period under review, global production hit record highs at $12.3B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were South Korea (90K tons), China (83K tons) and Taiwan (Chinese) (11K tons), with a combined 84% share of global production. The United States, Germany, Japan and India lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +101.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Prisms And Mirrors

In 2022, the amount of prisms and mirrors imported worldwide shrank to 166K tons, with a decrease of -8% against the year before. Over the period under review, imports continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 29%. Global imports peaked at 207K tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, prisms and mirrors imports expanded significantly to $9.9B in 2022. The total import value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 21%. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, Turkey (42K tons), distantly followed by China (24K tons), Germany (15K tons), Egypt (13K tons), Poland (13K tons), South Korea (11K tons), Hong Kong SAR (9.5K tons) and Hungary (9.2K tons) represented the key importers of prisms and mirrors, together making up 82% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Egypt (with a CAGR of +59.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($3.3B) constitutes the largest market for imported prisms and mirrors worldwide, comprising 33% of global imports. The second position in the ranking was held by Hong Kong SAR ($947M), with a 9.5% share of global imports. It was followed by Germany, with a 6.8% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +1.1%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+3.7% per year) and Germany (+6.1% per year).

Import Prices By Country

In 2022, the average prisms and mirrors import price amounted to $59,775 per ton, increasing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 China ($140,365 per ton), while Turkey ($1,539 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+17.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Prisms And Mirrors

In 2022, shipments abroad of prisms and mirrors decreased by -8.3% to 206K tons, falling for the third consecutive year after four years of growth. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 14% against the previous year. As a result, the exports attained the peak of 229K tons. From 2020 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, prisms and mirrors exports amounted to $10.6B in 2022. The total export value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 20% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, China (106K tons) was the major exporter of prisms and mirrors, committing 51% of total exports. It was distantly followed by South Korea (69K tons), making up a 34% share of total exports. Taiwan (Chinese) (8K tons), Hong Kong SAR (4.7K tons), Germany (4.1K tons) and Japan (3.6K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +14.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($3.4B) remains the largest prisms and mirrors supplier worldwide, comprising 32% of global exports. The second position in the ranking was taken by Japan ($1.4B), with a 14% share of global exports. It was followed by Hong Kong SAR, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +6.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-3.0% per year) and Hong Kong SAR (+1.7% per year).

Export Prices By Country

In 2022, the average prisms and mirrors export price amounted to $51,489 per ton, surging by 11% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 12% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($398,717 per ton), while South Korea ($11,627 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+12.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform