India: Crude Granite Market 2024

Crude Granite Market Size in India

In 2022, the Indian crude granite market was finally on the rise to reach $X after two years of decline. 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 in certain years. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Crude Granite Production in India

In value terms, crude granite production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the production volume increased by 16%. Over the period under review, production reached the maximum level at $X in 2019; afterwards, it flattened through to 2022.

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Crude Granite Exports

Exports from India

After two years of growth, shipments abroad of granite (crude) decreased by -14.2% to X tons in 2022. Overall, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 831%. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, crude granite exports shrank to $X in 2022. Over the period under review, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 831%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

China (X tons) was the main destination for crude granite exports from India, with a 90% share of total exports. It was followed by Italy (X tons), with a 1.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+18.5% per year) and Poland (+38.0% per year).

In value terms, China ($X) remains the key foreign market for granite (crude) exports from India, comprising 80% of total exports. The second position in the ranking was held by Poland ($X), with a 4.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +26.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+39.5% per year) and Italy (+18.1% per year).

Export Prices by Country

In 2022, the average crude granite export price amounted to $X per ton, standing approx. at the previous year. In general, the export price, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2015 when the average export price increased by 0.9%. The export price 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 destination: amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to China ($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 Poland (+1.1%), while the prices for the other major destinations experienced a decline.

Crude Granite Imports

Imports into India

In 2022, approx. X tons of granite (crude) were imported into India; jumping by 22% compared with 2021. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 134% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, crude granite imports surged to $X in 2022. Overall, imports continue to indicate a moderate expansion. The pace of growth was the most pronounced in 2021 when imports increased by 134% against the previous year. 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

In 2022, South Africa (X tons) constituted the largest supplier of crude granite to India, accounting for a 69% share of total imports. Moreover, crude granite imports from South Africa exceeded the figures recorded by the second-largest supplier, the United States (X tons), tenfold. Finland (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Africa amounted to +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+28.2% per year) and Finland (-14.2% per year).

In value terms, South Africa ($X) constituted the largest supplier of granite (crude) to India, comprising 65% of total imports. The second position in the ranking was held by the United States ($X), with a 7.7% share of total imports. It was followed by Italy, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value from South Africa amounted to +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+31.9% per year) and Italy (-18.6% per year).

Import Prices by Country

The average crude granite import price 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 +1.6%. The pace of growth was the most pronounced in 2013 when the average import price increased by 31%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average 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 Sweden ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+57.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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