Report Update Apr 1, 2024

Nigeria - Granite Building Stone - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Granite Building Stone Market 2024

Granite Building Stone Market Size in Nigeria

In 2021, the Nigerien granite building stone market decreased by -25.4% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption saw a pronounced curtailment. Granite building stone consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Granite Building Stone Exports

Exports from Nigeria

In 2021, exports of granite building stone from Nigeria soared to X tons, picking up by 46% compared with the previous year. In general, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2017 when exports increased by 6,134% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, granite building stone exports fell markedly to $X in 2021. Overall, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 2,043% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for granite building stone exports from Nigeria, accounting for a 95% share of total exports. It was followed by Benin (X kg), with a 2.9% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China totaled -6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-24.8% per year) and Germany (+10.6% per year).

In value terms, China ($X) emerged as the key foreign market for granite building stone exports from Nigeria, comprising 83% of total exports. The second position in the ranking was taken by Germany ($X), with an 8.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China amounted to -14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+14.7% per year) and Benin (-7.8% per year).

Export Prices by Country

In 2021, the average granite building stone export price amounted to $X per ton, falling by -51.1% against the previous year. Over the period under review, the export price continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2020 an increase of 883% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+22.6%), while the prices for the other major destinations experienced more modest paces of growth.

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Granite Building Stone Imports

Imports into Nigeria

In 2021, purchases abroad of granite building stone decreased by -28.2% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, imports saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2020 when imports increased by 69%. As a result, imports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, granite building stone imports fell dramatically to $X in 2021. Over the period under review, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 124%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

India (X tons), China (X tons) and Spain (X tons) were the main suppliers of granite building stone imports to Nigeria, with a combined 83% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +42.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Spain ($X) appeared to be the largest granite building stone suppliers to Nigeria, together accounting for 80% of total imports.

Spain, with a CAGR of +30.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average granite building stone import price amounted to $X per ton, increasing by 7.8% against the previous year. Over the period under review, the import price, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2020 when the average import price increased by 32% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-1.4%), while the prices for the other major suppliers experienced a decline.

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Frequently Asked Questions (FAQ) :

What are the largest markets for granite building stone in the world?

China constituted the country with the largest volume of granite building stone consumption, accounting for 31% of total volume. Moreover, granite building stone consumption in China exceeded the figures recorded by the second-largest consumer, the United States, threefold. The third position in this ranking was held by India, with a 7.4% share.

What are the largest producers of granite building stone in the world?

China constituted the country with the largest volume of granite building stone production, comprising approx. 43% of total volume. Moreover, granite building stone production in China exceeded the figures recorded by the second-largest producer, India, threefold. Brazil ranked third in terms of total production with a 6.1% share.

What are the leading suppliers of granite building stone to Nigeria?

In value terms, the largest granite building stone suppliers to Nigeria were India, China and Spain, together comprising 80% of total imports.

What are the leading importers of granite building stone from Nigeria?

In value terms, China emerged as the key foreign market for granite building stone exports from Nigeria, comprising 83% of total exports. The second position in the ranking was held by Germany, with an 8.9% share of total exports.

What is the average export price for granite building stone in Nigeria?

In 2021, the average granite building stone export price amounted to $1,249 per ton, reducing by -51.1% against the previous year.

What is the average import price for granite building stone in Nigeria?

The average granite building stone import price stood at $397 per ton in 2021, picking up by 7.8% against the previous year.

This report provides an in-depth analysis of the granite building stone market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 23701260 - Worked monumental or building stone and articles thereof, of granite (excluding tiles, cubes and similar articles, of which the largest surface area is capable of being enclosed in a square the side of which is < 7 cm, setts, kerbstones and

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023