saudi arabia Fiberglass Market Shipment Analysis
Saudi Arabia Fiberglass Market registered a decline of -38.16% in value shipments in 2021 as compared to 2020 and an increase of 4.16% CAGR in 2021 over a period of 2017. In Fiberglass Market Saudi Arabia is becoming less competitive as HHI index in 2021 was 2615 while in 2017 it was 1614. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Saudi Arabia has reportedly relied more on domestic production to meet its growing demand in Fiberglass Market. India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Fiberglass Market in 2021 was 0.91 while in 2017 it was 0.61. Kuwait, China, Bahrain, Germany and Czechia were among the top players of the market in 2021, where Kuwait acquired the largest market share of 32.74% with a shipment value of 10.53 million USD in 2022 Kuwait also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Fiberglass Market. In 2017 Kuwait had the largest market share of 25.15% with the shipment value of 10.67 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Kuwait offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the Saudi Arabia Fiberglass Market in 2017.
