ASEAN: Granite Building Stone Market 2024

Granite Building Stone Market Size in ASEAN

The ASEAN granite building stone market dropped to $X in 2021, waning by -8.6% against the previous year. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Granite Building Stone Production in ASEAN

In value terms, granite building stone production dropped to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 20%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Granite Building Stone Exports

Exports in ASEAN

In 2021, granite building stone exports in ASEAN reduced rapidly to X tons, falling by -79.3% against 2020 figures. Overall, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2017 when exports increased by 338% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, granite building stone exports dropped sharply to $X in 2021. Total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 51%. The level of export peaked at $X in 2020, and then declined rapidly in the following year.

Exports by Country

Vietnam represented the key exporter of granite building stone in ASEAN, with the volume of exports amounting to X tons, which was near 61% of total exports in 2021. Singapore (X tons) held a 27% share (based on physical terms) of total exports, which put it in second place, followed by Cambodia (6.9%). Malaysia (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to granite building stone exports from Vietnam stood at +8.8%. At the same time, Cambodia (+71.7%), Singapore (+5.8%) and Malaysia (+5.1%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +71.7% from 2012-2021. While the share of Vietnam (+50 p.p.), Singapore (+20 p.p.), Cambodia (+6.8 p.p.) and Malaysia (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest granite building stone supplier in ASEAN, comprising 79% of total exports. The second position in the ranking was held by Cambodia ($X), with a 9.3% share of total exports. It was followed by Malaysia, with a 4% share.

In Vietnam, granite building stone exports increased at an average annual rate of +8.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cambodia (+65.2% per year) and Malaysia (+8.6% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, picking up by 291% against the previous year. In general, the export price enjoyed a strong increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+3.3%), while the other leaders experienced a decline in the export price figures.

Granite Building Stone Imports

Imports in ASEAN

In 2021, overseas purchases of granite building stone decreased by -5.6% to X tons, falling for the third year in a row after four years of growth. Over the period under review, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 100% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, granite building stone imports expanded notably to $X in 2021. In general, imports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of 85% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Vietnam represented the key importer of granite building stone in ASEAN, with the volume of imports finishing at X tons, which was approx. 43% of total imports in 2021. It was distantly followed by the Philippines (X tons), Indonesia (X tons), Thailand (X tons), Malaysia (X tons) and Singapore (X tons), together making up a 51% share of total imports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to granite building stone imports into Vietnam stood at +14.4%. At the same time, Thailand (+47.8%) and Myanmar (+22.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +47.8% from 2012-2021. Indonesia, the Philippines and Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (-8.0%) illustrated a downward trend over the same period. While the share of Vietnam (+22 p.p.), Thailand (+10 p.p.) and Myanmar (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-4.9 p.p.), Malaysia (-5.6 p.p.), the Philippines (-7.6 p.p.) and Singapore (-16.6 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) constitutes the largest market for imported granite building stone in ASEAN, comprising 51% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 17% share of total imports. It was followed by Singapore, with a 9.7% share.

In Vietnam, granite building stone imports increased at an average annual rate of +15.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the Philippines (+8.8% per year) and Singapore (-4.9% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, increasing by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2019 an increase of 20% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform