Republic of Korea: Plaster Article Market 2024

Plaster Article Market Size in Republic of Korea

The South Korean plaster article market surged to $X in 2021, rising by 38% against the previous year. In general, the total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -21.3% against 2019 indices. Plaster article consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Plaster Article Production in Republic of Korea

In value terms, plaster article production soared to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 53%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Plaster Article Exports

Exports from Republic of Korea

Plaster article exports from South Korea dropped rapidly to X tons in 2021, waning by -41.6% compared with 2020 figures. In general, exports saw a deep setback. The pace of growth appeared the most rapid in 2020 when exports increased by 303%. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, plaster article exports shrank dramatically to $X in 2021. Over the period under review, exports saw a drastic downturn. The pace of growth was the most pronounced in 2016 when exports increased by 205%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons), the United Arab Emirates (X tons) and Singapore (X tons) were the main destinations of plaster article exports from South Korea, together comprising 66% of total exports. These countries were followed by New Zealand, Pakistan, Vietnam and China, which together accounted for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by New Zealand (with a CAGR of +38.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Russia ($X) and Singapore ($X) constituted the largest markets for plaster article exported from South Korea worldwide, together comprising 72% of total exports. Vietnam, China, Pakistan and New Zealand lagged somewhat behind, together comprising a further 11%.

Pakistan, with a CAGR of +5.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average plaster article export price amounted to $X per ton, declining by -24.3% against the previous year. In general, the export price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 when the average export price increased by 60% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+0.5%), while the prices for the other major destinations experienced a decline.

Plaster Article Imports

Imports into Republic of Korea

In 2021, overseas purchases of articles of plaster or of compositions based on plaster increased by 1.1% to X tons, rising for the second year in a row after two years of decline. In general, imports recorded a strong increase. The most prominent rate of growth was recorded in 2016 when imports increased by 74%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, plaster article imports fell to $X in 2021. Overall, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2013 with an increase of 83% against the previous year. Imports peaked at $X in 2020, and then fell in the following year.

Imports by Country

China (X tons), Germany (X tons) and Italy (X tons) were the main suppliers of plaster article imports to South Korea, with a combined 89% share of total imports. These countries were followed by the United States, Spain and Bulgaria, which together accounted for a further 6.8%.

From 2012 to 2021, the biggest increases were in Spain (with a CAGR of +79.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest plaster article suppliers to South Korea were Germany ($X), China ($X) and Italy ($X), with a combined 85% share of total imports. These countries were followed by the United States, Bulgaria and Spain, which together accounted for a further 9.1%.

Spain, with a CAGR of +30.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average plaster article import price amounted to $X per ton, falling by -6.4% against the previous year. In general, the import price continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2013 when the average import price increased by 14% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+11.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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