Western Africa: Granite Block Market 2024

Granite Block Market Size in Western Africa

In 2022, the West African granite block market decreased by -1.6% to $X, falling for the third consecutive year after four years of growth. In general, consumption saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 5.7% against the previous year. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Granite Block Production in Western Africa

In value terms, granite block production dropped modestly to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 8.7%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Granite Block Exports

Exports in Western Africa

In 2022, exports of granite blocks and slabs in Western Africa expanded significantly to X tons, picking up by 5.4% compared with 2021 figures. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 451% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, granite block exports expanded modestly to $X in 2022. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 442%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Nigeria dominates exports structure, resulting at X tons, which was near 97% of total exports in 2022. Sierra Leone (X tons) held a little share of total exports.

Nigeria was also the fastest-growing in terms of the granite blocks and slabs exports, with a CAGR of +33.1% from 2012 to 2022. Sierra Leone experienced a relatively flat trend pattern. From 2012 to 2022, the share of Sierra Leone increased by +2.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest granite block supplier in Western Africa, comprising 96% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 2.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +27.5%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, stabilizing at the previous year. In general, the export price saw a abrupt setback. The pace of growth appeared the most rapid in 2016 when the export price increased by 130% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-4.2%).

Granite Block Imports

Imports in Western Africa

In 2022, the amount of granite blocks and slabs imported in Western Africa skyrocketed to X tons, with an increase of 156% compared with the previous year. Over the period under review, imports, however, showed a drastic downturn. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, granite block imports skyrocketed to $X in 2022. Overall, imports, however, faced a deep reduction. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire represented the key importing country with an import of around X tons, which finished at 71% of total imports. It was distantly followed by Nigeria (X tons), constituting a 15% share of total imports. Guinea (X tons), Senegal (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to granite block imports into Cote d'Ivoire stood at +53.6%. At the same time, Guinea (+55.1%) and Senegal (+8.1%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +55.1% from 2012-2022. Cabo Verde experienced a relatively flat trend pattern. By contrast, Nigeria (-31.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Guinea, Senegal and Cabo Verde increased by +71, +3.7, +2.9 and +2.3 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported granite blocks and slabs in Western Africa, comprising 71% of total imports. The second position in the ranking was held by Nigeria ($X), with a 15% share of total imports. It was followed by Senegal, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at +50.3%. In the other countries, the average annual rates were as follows: Nigeria (-29.1% per year) and Senegal (+15.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, rising by 10% against the previous year. Over the period under review, the import price continues to indicate a notable expansion. The pace of growth was the most pronounced in 2018 when the import price increased by 59% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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 Senegal ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+6.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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