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Analysis of China Fiberglass Industry 2009
China Market Report, Aug 2009, Pages: 20
In 2008, China’s Fiberglass output reached to 2.11 million tons, accounting for 49% of global production; in the same period, the production capacity of other country’s manufacturers had no increase basically, the global fiberglass industry has a clearly trend that moves to China. During Jan-Apr 2009, the total output of fiberglass in China was 665,000 tons, a year-on-year increase of 5.7%, maintaining a low growth
In terms of the industry pattern, the concentration of the global fiberglass industry is relatively high. Chinese fiberglass mainly dominates by China Fiberglass Co., Ltd, Chongqing Polycomp International Corp (CPIC), and Taishan Fiberglass INC. The global market is dominated by giants--the United States’ Owens Corning, France's Saint Gobain.Vetrotex and the United States’ PPG. These six companies account for more than 70% of the world's total capacity.
In terms of the Chinese fiberglass sales data, during Jan-Apr 2009 that the rate of monthly sales had increased, but the improvement in sales was digested by domestic market, the oversea demand has not rebounded obviously. In the first quarter of 2009, the export of fiberglass and its products were 180,000 tons, a year-on-year decrease of 40%; the current sign of oversea economic rebound is not clear, therefore, in a short term, the export of fiberglass will still in an uncertain situation.
In terms of the demands of fiberglass downstream industries, the only bright spot is the area of wind power, while the traditional consumer sectors such as housing construction, transport and shipbuilding have been declining, although a number of new areas such as highway roadbed and sanitary ware have a certain growth, but the demands are so little in a short term, therefore, it is difficult to change the overall trend.
Currently, the gross margin of international glass giant is very low, only 3% -4%, meanwhile, the cost of production is relatively rigidity, so the price of fiberglass will not have a substantial space for drop, but although no condition for increase as well, has to wait for the demands to warm up. Although the sign of the oversea economy has bottomed out, but the demand of fiberglass will be difficult to restore in 2009, it is estimated that the demand will be increased from second half of 2010.
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