The actual import value of Glass Fibres and Glass Wool to the Philippines in 2023 was 33.215 million US Dollars. The forecast from 2024 to 2028 shows a steady increase in the import value, with an average year-on-year growth rate of approximately 3.8%. Specifically, 2024 is forecasted at 34.402 million US Dollars, indicating a 3.6% increase over 2023. The year-on-year growth continues with a 3.8% increase in 2025, a 3.6% increase in 2026, a 3.4% increase in 2027, and a 3.4% increase by 2028. The compound annual growth rate (CAGR) over the five years stands at 3.6%.
Future trends to watch for include:
- Potential impacts of technological advancements in the production and applications of glass fibres and glass wool.
- Geopolitical developments that may affect trade policies and import tariffs.
- Rising demand from construction, automotive, and renewable energy sectors that could drive higher import volumes.
- Sustainability trends and regulations that might influence material selection and import patterns.
