ASEAN: Granite Block Market 2024

Granite Block Market Size in ASEAN

In 2022, the ASEAN granite block market increased by 1.9% to $X, rising for the second consecutive year after two years of decline. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Granite Block Production in ASEAN

In value terms, granite block production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 7.8%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Granite Block Exports

Exports in ASEAN

In 2022, overseas shipments of granite blocks and slabs were finally on the rise to reach X tons after two years of decline. Overall, exports, however, showed a slight decline. The most prominent rate of growth was recorded in 2016 when exports increased by 57%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, granite block exports surged to $X in 2022. Over the period under review, exports, however, recorded a slight shrinkage. The growth pace was the most rapid in 2019 with an increase of 47% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Malaysia (X tons) was the key exporter of granite blocks and slabs, making up 56% of total exports. Singapore (X tons) ranks second in terms of the total exports with a 20% share, followed by Cambodia (8%), Thailand (5.6%) and Indonesia (5.4%). Vietnam (X tons) followed a long way behind the leaders.

Exports from Malaysia decreased at an average annual rate of -1.5% from 2012 to 2022. At the same time, Cambodia (+20.0%), Indonesia (+6.6%) and Thailand (+1.7%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +20.0% from 2012-2022. By contrast, Singapore (-2.1%) and Vietnam (-11.1%) illustrated a downward trend over the same period. While the share of Cambodia (+6.9 p.p.), Indonesia (+3 p.p.) and Thailand (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-6.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X), Thailand ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022, with a combined 80% share of total exports. Cambodia, Vietnam and Indonesia lagged somewhat behind, together comprising a further 19%.

In terms of the main exporting countries, Cambodia, with a CAGR of +24.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with a decrease of -5.2% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the export price increased by 32% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.9%), while the other leaders experienced more modest paces of growth.

Granite Block Imports

Imports in ASEAN

Granite block imports dropped to X tons in 2022, which is down by -3.2% compared with 2021 figures. Over the period under review, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 13%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, granite block imports rose notably to $X in 2022. Overall, imports continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2018 with an increase of 54% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Vietnam (X tons) and Thailand (X tons) represented roughly 81% of total imports in 2022. It was distantly followed by Indonesia (X tons), committing a 13% share of total imports. Singapore (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +8.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Vietnam ($X) constitutes the largest market for imported granite blocks and slabs in ASEAN, comprising 50% of total imports. The second position in the ranking was held by Thailand ($X), with a 19% share of total imports. It was followed by Indonesia, with a 14% share.

In Vietnam, granite block imports expanded at an average annual rate of +9.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (-9.5% per year) and Indonesia (-8.0% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, rising by 14% against the previous year. Import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, granite block import price increased by +79.7% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the import price increased by 36% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform