Latvia: Plaster Market 2024

Plaster Market Size in Latvia

After three years of decline, the Latvian plaster market increased by 4.5% to $X in 2022. Overall, consumption, however, saw a noticeable decline. The pace of growth was the most pronounced in 2016 when the market value increased by 9.8% against the previous year. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Plaster Production in Latvia

In value terms, plaster production reached $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible decline. The growth pace was the most rapid in 2016 with an increase of 8.1%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Plaster Exports

Exports from Latvia

In 2022, after three years of growth, there was decline in shipments abroad of plaster, when their volume decreased by -2.9% to X tons. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 15%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, plaster exports totaled $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 19%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Lithuania (X tons) was the main destination for plaster exports from Latvia, with a 68% share of total exports. Moreover, plaster exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X tons), twofold. The third position in this ranking was held by Finland (X tons), with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania amounted to +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+1.5% per year) and Finland (+80.0% per year).

In value terms, Lithuania ($X) remains the key foreign market for plaster exports from Latvia, comprising 68% of total exports. The second position in the ranking was taken by Estonia ($X), with a 29% share of total exports. It was followed by Finland, with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania amounted to +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+6.5% per year) and Finland (+82.6% per year).

Export Prices by Country

The average plaster export price stood at $X per ton in 2022, growing by 11% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Plaster Imports

Imports into Latvia

In 2022, approx. X tons of plaster were imported into Latvia; remaining stable against 2021. Overall, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +7.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 65%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, plaster imports surged to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 88%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of plaster to Latvia, accounting for a 83% share of total imports. Moreover, plaster imports from Germany exceeded the figures recorded by the second-largest supplier, Poland (X tons), sevenfold. Denmark (X tons) ranked third in terms of total imports with a 2.1% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-9.8% per year) and Denmark (+129.1% per year).

In value terms, Germany ($X) constituted the largest supplier of plaster to Latvia, comprising 66% of total imports. The second position in the ranking was taken by Denmark ($X), with a 16% share of total imports. It was followed by Poland, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+128.1% per year) and Poland (-12.2% per year).

Import Prices by Country

The average plaster import price stood at $X per ton in 2022, growing by 19% against the previous year. In general, the import price, however, saw a perceptible slump. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+5.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform