Vietnam: Plaster Market 2024

Plaster Market Size in Vietnam

The Vietnamese plaster market contracted to $X in 2022, dropping by -6.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a tangible expansion. Plaster consumption peaked at $X in 2021, and then dropped in the following year.

Plaster Exports

Exports from Vietnam

In 2022, the amount of plaster exported from Vietnam soared to X tons, rising by 42% on 2021. Over the period under review, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of 103%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, plaster exports soared to $X in 2022. Overall, exports, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2019 when exports increased by 163% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons) was the main destination for plaster exports from Vietnam, with a 63% share of total exports. Moreover, plaster exports to the Philippines exceeded the volume sent to the second major destination, Cambodia (X tons), threefold. The United States (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to the Philippines amounted to -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (-23.7% per year) and the United States (-1.8% per year).

In value terms, Cambodia ($X) remains the key foreign market for plaster exports from Vietnam, comprising 55% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by the Philippines, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Cambodia amounted to -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+12.9% per year) and the Philippines (-7.4% per year).

Export Prices by Country

In 2022, the average plaster export price amounted to $X per ton, with a decrease of -5.2% against the previous year. Over the period under review, the export price, however, showed a resilient increase. The pace of growth appeared the most rapid in 2015 when the average export price increased by 41%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the Philippines ($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 India (+33.7%), while the prices for the other major destinations experienced more modest paces of growth.

Plaster Imports

Imports into Vietnam

In 2022, after three years of growth, there was decline in overseas purchases of plaster, when their volume decreased by -4% to X tons. Overall, imports, however, recorded a pronounced increase. The pace of growth appeared the most rapid in 2016 with an increase of 54% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced slightly in the following year.

In value terms, plaster imports declined to $X in 2022. Over the period under review, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.3% 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 +7.9% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 26%. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Thailand (X tons) constituted the largest plaster supplier to Vietnam, accounting for a 61% share of total imports. Moreover, plaster imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. The third position in this ranking was taken by South Korea (X tons), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.4% per year) and South Korea (+8.5% per year).

In value terms, Thailand ($X) constituted the largest supplier of plaster to Vietnam, comprising 56% of total imports. The second position in the ranking was taken by China ($X), with a 19% share of total imports. It was followed by South Korea, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand stood at +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.8% per year) and South Korea (+5.8% per year).

Import Prices by Country

In 2022, the average plaster import price amounted to $X per ton, which is down by -2.9% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 17%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 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 China ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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