Hong Kong Experiences Significant Decrease in Glass Fiber Imports, Dropping to $23M for 2024 - News and Statistics - IndexBox

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In 2024, after two years of decline, there was significant growth in overseas purchases of voiles, webs, mats and other articles of glass fibers, when their volume increased by 5.7% to 4.8K tons. In general, imports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2015 with an increase of 52%. As a result, imports reached the peak of 13K tons. From 2016 to 2024, the growth of imports failed to regain momentum.

In value terms, glass fiber imports skyrocketed to $28M (IndexBox estimates) in 2024. Overall, imports, however, saw a abrupt curtailment. Imports peaked at $75M in 2015; however, from 2016 to 2024, imports failed to regain momentum.

Taiwan (Chinese) (1.4K tons), China (830 tons) and Japan (425 tons) were the main suppliers of glass fiber imports to Hong Kong, with a combined 60% share of total imports. the United States, South Korea, Malaysia and Italy lagged somewhat behind, together comprising a further 17%.

From 2014 to 2023, the biggest increases were recorded for Italy (with a CAGR of +13.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest glass fiber suppliers to Hong Kong were Taiwan (Chinese) ($5.8M), China ($5.3M) and Japan ($4.3M), together comprising 67% of total imports. the United States, South Korea, Malaysia and Italy lagged somewhat behind, together comprising a further 22%.

Italy, with a CAGR of +24.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

In 2024, glass fibres and glass wool (3.1K tons) constituted the largest type of voiles, webs, mats and other articles of glass fibers supplied to Hong Kong, accounting for a 64% share of total imports. Moreover, glass fibres and glass wool exceeded the figures recorded for the second-largest type, non-woven glass fibre webs, felts, mattresses and boards (1.4K tons), twofold. Glass fibre mats (298 tons) ranked third in terms of total imports with a 6.2% share.

From 2014 to 2024, the average annual growth rate of the volume of glass fibres and glass wool imports was relatively modest. With regard to the other supplied products, the following average annual rates of growth were recorded: non-woven glass fibre webs, felts, mattresses and boards (-3.8% per year) and glass fibre mats (-22.8% per year).

In value terms, glass fibres and glass wool ($21M) constituted the largest type of voiles, webs, mats and other articles of glass fibers supplied to Hong Kong, comprising 75% of total imports. The second position in the ranking was taken by glass fibre mats ($3.7M), with a 13% share of total imports. It was followed by non-woven glass fibre webs, felts, mattresses and boards, with a 12% share.

In 2023, the glass fiber price amounted to $5,109 per ton (CIF, Hong Kong), surging by 14% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2019 when the average import price increased by 21%. As a result, import price reached the peak level of $7,526 per ton. From 2020 to 2023, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Japan ($10,217 per ton), while the price for Belgium ($2,086 per ton) was amongst the lowest.

From 2014 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the glass fiber market in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

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