Asia: Granite Block Market 2024

Granite Block Market Size in Asia

In 2022, the Asian granite block market increased by 6.3% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Granite Block Production in Asia

In value terms, granite block production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when the production volume increased by 33% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Granite Block Exports

Exports in Asia

In 2022, shipments abroad of granite blocks and slabs decreased by -18% to X tons for the first time since 2019, thus ending a two-year rising trend. Total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 21%. The volume of export peaked at X tons in 2021, and then reduced remarkably in the following year.

In value terms, granite block exports contracted markedly to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. As a result, the exports attained the peak of $X, and then fell notably in the following year.

Exports by Country

In 2022, India (X tons) was the main exporter of granite blocks and slabs, making up 73% of total exports. It was distantly followed by Turkey (X tons), creating an 18% share of total exports. The following exporters - the United Arab Emirates (X tons) and China (X tons) - each reached a 4.1% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to granite block exports from India stood at +1.4%. At the same time, the United Arab Emirates (+60.4%) and Turkey (+17.4%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in Asia, with a CAGR of +60.4% from 2012-2022. By contrast, China (-9.3%) illustrated a downward trend over the same period. Turkey (+14 p.p.) and the United Arab Emirates (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while China and India saw its share reduced by -4.7% and -7.2% from 2012 to 2022, respectively.

In value terms, India ($X) remains the largest granite block supplier in Asia, comprising 77% of total exports. The second position in the ranking was taken by Turkey ($X), with a 12% share of total exports. It was followed by China, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+15.5% per year) and China (+1.8% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, flattening at the previous year. Overall, the export price saw a slight contraction. The most prominent rate of growth was recorded in 2017 an increase of 12% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.2%), while the other leaders experienced a decline in the export price figures.

Granite Block Imports

Imports in Asia

For the third consecutive year, Asia recorded growth in purchases abroad of granite blocks and slabs, which increased by 27% to X tons in 2022. Overall, imports, however, showed a pronounced slump. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, granite block imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a mild decline. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, amounting to X tons, which was near 81% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), constituting a 5.2% share of total imports. Vietnam (X tons), Thailand (X tons) and Maldives (X tons) took a little share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of granite blocks and slabs. At the same time, Maldives (+10.7%) and Vietnam (+8.4%) displayed positive paces of growth. Moreover, Maldives emerged as the fastest-growing importer imported in Asia, with a CAGR of +10.7% from 2012-2022. By contrast, Taiwan (Chinese) (-11.6%) and Thailand (-13.1%) illustrated a downward trend over the same period. While the share of China (+19 p.p.) and Vietnam (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-5.2 p.p.) and Taiwan (Chinese) (-8.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported granite blocks and slabs in Asia, comprising 72% of total imports. The second position in the ranking was taken by Maldives ($X), with an 8.1% share of total imports. It was followed by Vietnam, with a 5% share.

In China, granite block imports expanded at an average annual rate of +1.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Maldives (+14.3% per year) and Vietnam (+9.5% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2019 when the import price increased by 38%. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then contracted modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Maldives ($X per ton), while Taiwan (Chinese) ($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 (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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