Plaster Market

The global plaster market is forecasted to see continued growth in consumption, with an anticipated increase in market volume and value by 2030. From 2012 to 2022, there were fluctuations in consumption, production, imports, and exports of plaster worldwide. Key findings include China as the largest consumer and producer of plaster, Turkey and Germany as main exporters, and the United States with the highest export price. Analysis of trends in plaster market offers insights into key market players and growth opportunities in the industry.

Market Forecast

Driven by increasing demand for plaster worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 92M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $23B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Plaster

After six years of growth, consumption of plaster decreased by -4.7% to 79M tons in 2022. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak volume of 83M tons, and then declined in the following year.

The global plaster market size fell to $16.7B in 2022, dropping by -6.5% 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). The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $17.8B, and then declined in the following year.

Consumption By Country

The country with the largest volume of plaster consumption was China (18M tons), accounting for 23% of total volume. Moreover, plaster consumption in China exceeded the figures recorded by the second-largest consumer, India (7.3M tons), threefold. The third position in this ranking was held by the United States (6.5M tons), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +4.9%. In the other countries, the average annual rates were as follows: India (+4.0% per year) and the United States (-4.0% per year).

In value terms, the largest plaster markets worldwide were China ($4.5B), the United States ($2.3B) and Turkey ($1.7B), together accounting for 51% of the global market. South Korea, India, the UK, Russia, Mexico, Egypt, Germany, Pakistan, Brazil and Iran lagged somewhat behind, together comprising a further 28%.

Among the main consuming countries, the UK, with a CAGR of +8.7%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of plaster per capita consumption in 2022 were Turkey (54 kg per person), South Korea (39 kg per person) and the UK (30 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the UK (with a CAGR of +7.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Plaster

After six years of growth, production of plaster decreased by -5.2% to 77M tons in 2022. The total output volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 9.8% against the previous year. Over the period under review, global production attained the peak volume at 81M tons in 2021, and then contracted in the following year.

In value terms, plaster production fell to $16.4B in 2022 estimated in export price. Overall, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +12.6% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 24% against the previous year. Global production peaked at $19.3B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (18M tons) remains the largest plaster producing country worldwide, accounting for 24% of total volume. Moreover, plaster production in China exceeded the figures recorded by the second-largest producer, India (7M tons), threefold. The third position in this ranking was taken by the United States (6.6M tons), with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +4.7%. In the other countries, the average annual rates were as follows: India (+3.5% per year) and the United States (-4.0% per year).

Imports

World Imports of Plaster

In 2022, approx. 6.8M tons of plaster were imported worldwide; surging by 7.6% against the previous year. The total import volume increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 29%. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, plaster imports expanded sharply to $818M in 2022. The total import value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 15% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the UK (1.1M tons), followed by South Korea (628K tons), Belgium (493K tons), Canada (392K tons), Portugal (344K tons), India (339K tons) and Norway (318K tons) were the key importers of plaster, together generating 53% of total imports. The Netherlands (258K tons), China (232K tons), Germany (153K tons), Mozambique (142K tons), Switzerland (123K tons) and Nigeria (121K tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mozambique (with a CAGR of +50.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest plaster importing markets worldwide were Nigeria ($79M), the UK ($65M) and Belgium ($50M), with a combined 24% share of global imports. India, Portugal, South Korea, China, Switzerland, the Netherlands, Canada, Germany, Norway and Mozambique lagged somewhat behind, together comprising a further 25%.

India, with a CAGR of +25.7%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average plaster import price stood at $120 per ton in 2022, picking up by 5.3% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 11% against the previous year. Global import price peaked at $132 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($648 per ton), while South Korea ($38 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+15.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Plaster

After two years of decline, shipments abroad of plaster increased by 2.3% to 5.1M tons in 2022. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 14%. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, plaster exports totaled $664M in 2022. The total export value increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 22% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports By Country

Turkey (1.2M tons) and Germany (0.9M tons) were the main exporters of plaster in 2022, reaching near 23% and 18% of total exports, respectively. Thailand (417K tons) ranks next in terms of the total exports with an 8.2% share, followed by Tunisia (6.8%), France (6.5%), the United Arab Emirates (5.2%) and Spain (4.8%). Iran (188K tons), Morocco (124K tons), Moldova (120K tons) and the United States (106K tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the United Arab Emirates (with a CAGR of +60.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest plaster supplying countries worldwide were Turkey ($110M), Germany ($95M) and France ($62M), together accounting for 40% of global exports. Thailand, the United States, Tunisia, the United Arab Emirates, Spain, Moldova, Morocco and Iran lagged somewhat behind, together comprising a further 34%.

The United Arab Emirates, with a CAGR of +32.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average plaster export price stood at $131 per ton in 2022, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2021 when the average export price increased by 22%. The global export price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($402 per ton), while Iran ($64 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform