Republic of Korea: Plaster Market 2024

Plaster Market Size in Republic of Korea

The South Korean plaster market stood at $X in 2022, with an increase of 7.3% against the previous year. In general, consumption enjoyed a buoyant expansion. Plaster consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Plaster Production in Republic of Korea

In value terms, plaster production reduced slightly to $X in 2022 estimated in export price. In general, production, however, saw a noticeable expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 119% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Plaster Exports

Exports from Republic of Korea

Plaster exports from South Korea rose to X tons in 2022, increasing by 4.1% on the year before. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +23.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 45%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, plaster exports shrank to $X in 2022. Overall, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +22.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 35%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons), Bangladesh (X tons) and China (X tons) were the main destinations of plaster exports from South Korea, with a combined 55% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +49.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plaster exported from South Korea were Indonesia ($X), Vietnam ($X) and China ($X), with a combined 49% share of total exports. Japan, Bangladesh, Brazil, Australia and Sri Lanka lagged somewhat behind, together accounting for a further 33%.

Bangladesh, with a CAGR of +38.0%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average plaster export price amounted to $X per ton, reducing by -6.2% against the previous year. Over the period under review, the export price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when the average export price increased by 16%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Sri Lanka ($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 Vietnam (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Plaster Imports

Imports into Republic of Korea

In 2022, the amount of plaster imported into South Korea soared to X tons, surging by 33% against the previous year. In general, imports recorded a significant expansion. The growth pace was the most rapid in 2014 with an increase of 560% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, plaster imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 191%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plaster to South Korea, accounting for a 89% share of total imports. Moreover, plaster imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +66.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.6% per year) and Japan (+30.6% per year).

In value terms, China ($X) constituted the largest supplier of plaster to South Korea, comprising 90% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +31.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.8% per year) and Thailand (-1.3% per year).

Import Prices by Country

In 2022, the average plaster import price amounted to $X per ton, declining by -10.9% against the previous year. Over the period under review, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2018 an increase of 27%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-13.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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