Sri Lanka: Insulating Board Market 2024

Insulating Board Market Size in Sri Lanka

The Sri Lankan insulating board market expanded to $X in 2022, surging by 3.9% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Insulating Board Production in Sri Lanka

In value terms, insulating board production expanded slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a temperate increase from 2012 to 2022: its value 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, production decreased by -3.2% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 30%. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Insulating Board Exports

Exports from Sri Lanka

In 2022, approx. X cubic meters of insulating board were exported from Sri Lanka; waning by -99.9% on 2021. Overall, exports recorded a significant contraction. The most prominent rate of growth was recorded in 2015 with an increase of 158% against the previous year. Over the period under review, the exports hit record highs at X cubic meters in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, insulating board exports reduced rapidly to $X in 2022. Over the period under review, exports faced a sharp curtailment. The pace of growth appeared the most rapid in 2015 with an increase of 240% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ethiopia (X cubic meters) was the main destination for insulating board exports from Sri Lanka, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Ethiopia was relatively modest.

In value terms, Ethiopia ($X) emerged as the key foreign market for insulating board exports from Sri Lanka.

From 2012 to 2022, the average annual rate of growth in terms of value to Ethiopia was relatively modest.

Export Prices by Country

The average insulating board export price stood at $X per cubic meter in 2022, waning by -33.1% against the previous year. In general, the export price saw a mild setback. The most prominent rate of growth was recorded in 2015 when the average export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2016 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Ethiopia.

From 2012 to 2022, the rate of growth in terms of prices for Pakistan amounted to +7.9% per year.

Insulating Board Imports

Imports into Sri Lanka

After two years of growth, purchases abroad of insulating board decreased by -24.4% to X cubic meters in 2022. Overall, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 360%. As a result, imports attained the peak of X cubic meters. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, insulating board imports contracted markedly to $X in 2022. In general, imports showed a deep contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 304%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X cubic meters) constituted the largest supplier of insulating board to Sri Lanka, with a 65% share of total imports. Moreover, insulating board imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X cubic meters), threefold. India (X cubic meters) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-26.2% per year) and India (+30.7% per year).

In value terms, the largest insulating board suppliers to Sri Lanka were Thailand ($X), Malaysia ($X) and India ($X), together comprising 94% of total imports.

India, with a CAGR of +29.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average insulating board import price stood at $X per cubic meter in 2022, reducing by -3.6% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The growth pace was the most rapid in 2013 an increase of 28% against the previous year. Over the period under review, average import prices reached the maximum at $X per cubic meter in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per cubic meter), while the price for China ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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