# Perlite: Cycles Why freight and energy, not scarcity, move the price Source page: https://www.materialinsights.org/commodities/perlite/cycles/ What this tab covers Price history and what drives booms and busts, including this commodity's super-cycles, the drivers behind them and the metrics to track. It charts monthly prices (World Bank) with a switch to inflation-adjusted annual prices; where there is no World Bank series it uses USGS US prices. There is no World Bank price. The US average f.o.b. mine value rose steadily, from $64/t in 2021 to $78/t in 2025. Perlite is a low-value bulk mineral whose price follows haulage and energy costs more than scarcity. Demand follows building activity, since construction is the leading use. USGS notes US housing starts rose slightly in early 2025, and processed perlite sales edged up. Horticulture adds steadier demand from commercial growers and gardeners. New supply is easy to add where deposits exist, so booms are muted. #### US price, Perlite, average value, f.o.b. mine 2021 64.0 2022 69.0 2023 74.0 2024 75.0 2025 78.0 dollars per metric ton. USGS MCS 2026; 2025 is an estimate. #### Super-cycles in perlite Perlite has no super-cycle. It is a low-cost construction and horticulture input sold under contract, and its price drifts with costs rather than booms. The US value rose steadily from $64/t in 2021 to $78/t in 2025. Volumes follow housing and gardening, and imports swing year to year. The structural story is consolidation: a few groups own the main Greek and European assets, and four countries supplied 92% of world output in 2025. 1. 2021-2023 US sales of processed crude fell from 491 kt to 410 kt while imports spiked to 240 kt in 2022 and dropped to 140 kt in 2023. US average value $64/t (2021), $69/t (2022), $74/t (2023) f.o.b. mine (USGS) 2. 2024-2025 US sales recovered to about 460 kt and new residential construction rose slightly in early 2025. Imerys bought Chemviron's European diatomite and perlite business (three assets in France and Italy) in January 2025. US average value $75/t (2024) and $78/t (2025) (USGS) 3. 2020-2024 (world) World output moved between 4.5 and 5.3 Mt with no trend, and production concentration stayed high (HHI 2,254 in 2024). World output 4.58 Mt (2020), 5.34 Mt (2021), 4.99 Mt (2024) (World Mining Data 2026); no world price series #### What drives the cycle - **Residential and commercial construction.** 45% of US use; housing starts drive board, plaster and insulation demand. - **Horticulture and greenhouse growing.** 15% of US use; soilless growing media. - **Beverage and chemical filtration.** 15% of US use, competing with diatomite. - **Freight rates.** Greek and Turkish crude moves by sea; shipping costs set delivered prices. #### Metrics to track | Metric | Why it matters | Where to track it | |---|---|---| | **US perlite sales, imports and price** | Benchmark data | USGS Mineral Commodity Summaries | | **US housing starts** | Construction demand | US Census Bureau monthly new residential construction | | **Perlite and vermiculite trade flows** | Greek and Turkish exports | UN Comtrade (HS 253010) | | **Imerys results** | Largest listed perlite producer | Imerys quarterly results | ## Other sections - [Summary](https://www.materialinsights.org/commodities/perlite/index.md) - [Overview](https://www.materialinsights.org/commodities/perlite/overview/index.md) - [Correlation](https://www.materialinsights.org/commodities/perlite/correlation/index.md) - [Extraction](https://www.materialinsights.org/commodities/perlite/extraction/index.md) - [Production](https://www.materialinsights.org/commodities/perlite/production/index.md) - [Stocks](https://www.materialinsights.org/commodities/perlite/stocks/index.md) - [Trading](https://www.materialinsights.org/commodities/perlite/trading/index.md) - [Movement](https://www.materialinsights.org/commodities/perlite/movement/index.md) - [Criticality](https://www.materialinsights.org/commodities/perlite/criticality/index.md) - [Characteristics](https://www.materialinsights.org/commodities/perlite/characteristics/index.md) - [Emissions](https://www.materialinsights.org/commodities/perlite/emissions/index.md) - [Relationships](https://www.materialinsights.org/commodities/perlite/links/index.md)