This time last year we had no idea what the future would look like with many things about operating our businesses outside of our control as we managed our priority to keep employees safe. Life was filled with uncertainty and worries about the future.
For 2020/21 financial year ABS data on the volumes of fibreglass imports show an increase of 10 per cent on the previous year across the three relevant tariff codes. This equates to an additional 2,500 (20 ft) containers. It must be noted that, given shipping times, these orders are likely to have been placed at the height of the pandemic.
We also note that output is likely to have grown more than 10 per cent, given the ongoing industry wide adoption of more efficient and enabling production technologies, engineering services and waste reduction programs that facilitate the production of “more with less”.
How we measure? The Australian composites sector is best measured by material use. Fibreglass is imported under three designated tariff codes that provide a clear annual measure of material usage and has long been the bellwether of the composites manufacturing sector. Other material inputs such as carbon fibre are more difficult to measure as they are imported under a myriad of tariff codes that are shared with other materials. Resins are similarly difficult to measure given their usage across a number of sectors.