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Key Takeaways:
- The UK waferboard market experienced a slight contraction in 2024 but is projected for modest growth through 2035.
- Market volume is forecast to reach 3.2M cubic meters by 2035, representing a CAGR of +0.2%.
- Market value is expected to reach $1.3B by 2035, with a CAGR of +1.7%.
- Domestic production remained stable at 2.7M cubic meters in 2024.
- Imports decreased significantly by -21.7% to 425K cubic meters in 2024, primarily from Belgium, Germany, and Portugal.
- Exports were modest at 67K cubic meters, with Ireland being the primary destination.
Market Overview and Forecast
The United Kingdom’s waferboard market in 2024 experienced a slight decrease in both volume and value. The volume of waferboard consumed was 3.1M cubic meters, a -3.7% decline from the previous year, while the market value amounted to $1.1B, reflecting a -9.3% decrease. Despite this recent downturn, market forecasts suggest a gentle upward trend for the next decade. The market volume is expected to reach 3.2M cubic meters by 2035, showing a compound annual growth rate (CAGR) of +0.2%. In terms of value, the market is projected to grow to $1.3B by 2035, with a CAGR of +1.7%. These projections are based on the rising demand for waferboard within the UK.
Consumption Trends
The consumption of waferboard in the UK has shown a relatively flat trend pattern over the past decade. While there were fluctuations, with a notable increase in 2016, consumption peaked in 2018 at 3.6M cubic meters before settling at a lower figure from 2019 to 2024. The $1.1B market value in 2024 reflects the revenues of producers and importers, excluding downstream costs such as logistics and retail margins. Although there was a decrease from the $1.2B peak in 2022, overall consumption indicates a slight increase when viewed over a broader period.
Domestic Production
In 2024, the UK’s waferboard production remained stable at approximately 2.7M cubic meters, consistent with the previous year. Similar to consumption, production has exhibited a relatively flat trend pattern over the past decade. A notable increase occurred in 2015 when production volume rose by 4.3%, reaching a peak of 2.8M cubic meters. The value of waferboard production decreased to $913M in 2024, measured in export prices. While there was a significant increase of 16% in 2022, reaching a peak of $1B, production growth remained somewhat lower in subsequent years.
Import Dynamics
Waferboard imports into the UK experienced a substantial decrease in 2024, falling by -21.7% to 425K cubic meters compared to 2023. Over the analyzed period, imports have generally followed a relatively flat trend. The most significant increase was recorded in 2016, with a 30% rise. Imports peaked at 827K cubic meters in 2018 but have since remained at a lower level. The value of waferboard imports also decreased in 2024 to $182M. The primary sources of waferboard imports in 2024 were Belgium (115K cubic meters), Germany (111K cubic meters), and Portugal (77K cubic meters), collectively accounting for 71% of total imports.
Import Prices
The average import price of waferboard in 2024 was $427 per cubic meter, reflecting a 17% increase from the previous year. Overall, import prices have shown a notable upward trend from 2013 to 2024, with an average annual increase of +2.1%. Prices varied significantly depending on the country of origin, with Italy having the highest price ($658 per cubic meter) and Ireland having one of the lowest ($249 per cubic meter).
Export Performance
The UK’s waferboard exports experienced a modest decrease in 2024, settling at 67K cubic meters, which is consistent with the previous year’s level. Exports have generally shown a relatively flat trend pattern over the past decade. The most significant increase occurred in 2017, with a 71% rise, resulting in a peak of 109K cubic meters. In value terms, waferboard exports amounted to $36M in 2024. Ireland was the primary destination for waferboard exports from the UK, accounting for 64% of total exports with 43K cubic meters. Germany followed as the second major destination with 6.4K cubic meters.
Export Prices
The average export price of waferboard in 2024 was $536 per cubic meter, remaining stable compared to the previous year. Export prices have shown a moderate increase from 2013 to 2024, with an average annual growth rate of +3.6%. There were significant price variations among the major export markets. The highest price was recorded for exports to Ireland ($501 per cubic meter), while the lowest was for exports to Belgium ($229 per cubic meter).