Middle East: Granite Block Market 2024

Granite Block Market Size in the Middle East

The Middle Eastern granite block market shrank to $X in 2022, with a decrease of -5% against the previous year. Overall, consumption continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2018 when the market value increased by 6.2% against the previous year. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Granite Block Production in the Middle East

In value terms, granite block production contracted modestly to $X in 2022 estimated in export price. Overall, production recorded a slight shrinkage. The most prominent rate of growth was recorded in 2019 when the production volume increased by 5.6%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Granite Block Exports

Exports in the Middle East

In 2022, exports of granite blocks and slabs in the Middle East expanded significantly to X tons, picking up by 14% on 2021 figures. Overall, exports recorded a buoyant increase. The pace of growth was the most pronounced in 2020 when exports increased by 71%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, granite block exports declined to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 22%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey prevails in exports structure, amounting to X tons, which was near 81% of total exports in 2022. The United Arab Emirates (X tons) took a 9.4% share (based on physical terms) of total exports, which put it in second place, followed by Iran (5.6%). Saudi Arabia (X tons) followed a long way behind the leaders.

Exports from Turkey increased at an average annual rate of +17.4% from 2012 to 2022. At the same time, the United Arab Emirates (+60.4%) and Iran (+33.6%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +60.4% from 2012-2022. By contrast, Saudi Arabia (-15.8%) illustrated a downward trend over the same period. Turkey (+35 p.p.), the United Arab Emirates (+9.2 p.p.) and Iran (+4.7 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -48.4% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest granite block supplier in the Middle East, comprising 76% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total exports. It was followed by Iran, with a 7% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +15.5%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+41.4% per year) and Iran (+15.5% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, dropping by -13.8% against the previous year. In general, the export price continues to indicate a deep contraction. The growth pace was the most rapid in 2013 an increase of 19%. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($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 (-1.6%), while the other leaders experienced a decline in the export price figures.

Granite Block Imports

Imports in the Middle East

In 2022, approx. X tons of granite blocks and slabs were imported in the Middle East; increasing by 7.4% on 2021 figures. Overall, imports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 52%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, granite block imports expanded rapidly to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible reduction. The growth pace was the most rapid in 2020 when imports increased by 47% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons), distantly followed by the United Arab Emirates (X tons), Qatar (X tons), Lebanon (X tons), Saudi Arabia (X tons), Syrian Arab Republic (X tons) and Israel (X tons) were the largest importers of granite blocks and slabs, together committing 93% 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 Lebanon (with a CAGR of +2.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest granite block importing markets in the Middle East were Qatar ($X), the United Arab Emirates ($X) and Turkey ($X), together accounting for 59% of total imports.

Qatar, with a CAGR of +4.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, growing by 5.5% against the previous year. Over the last decade, it increased at an average annual rate of +3.7%. The most prominent rate of growth was recorded in 2015 when the import price increased by 17% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 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 Qatar ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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