ASEAN: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in ASEAN

In 2022, the ASEAN natural stone sett market decreased by -17% to $X for the first time since 2016, thus ending a five-year rising trend. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +75.0% against 2013 indices. As a result, consumption reached the peak level of $X, and then reduced dramatically in the following year.

Natural Stone Sett Production in ASEAN

In value terms, natural stone sett production declined sharply to $X in 2022 estimated in export price. Overall, production recorded pronounced growth. The pace of growth appeared the most rapid in 2021 with an increase of 39% against the previous year. As a result, production reached the peak level of $X, and then contracted notably in the following year.

Natural Stone Sett Exports

Exports in ASEAN

In 2022, the amount of natural stone setts, kerbstones and flagstones exported in ASEAN expanded rapidly to X tons, growing by 12% on the previous year. Overall, exports enjoyed a prominent increase. The growth pace was the most rapid in 2013 when exports increased by 81%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, natural stone sett exports dropped to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 51%. The level of export peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Vietnam prevails in exports structure, accounting for X tons, which was near 98% of total exports in 2022. Indonesia (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the natural stone setts, kerbstones and flagstones exports, with a CAGR of +16.8% from 2012 to 2022. At the same time, Indonesia (+2.9%) displayed positive paces of growth. While the share of Vietnam (+4.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-4.4 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest natural stone sett supplier in ASEAN, comprising 95% of total exports. The second position in the ranking was held by Indonesia ($X), with a 4.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Vietnam stood at +16.3%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, which is down by -17.8% against the previous year. Over the period under review, the export price showed a mild descent. The most prominent rate of growth was recorded in 2021 when the export price increased by 45% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell remarkably in the following year.

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 Indonesia ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-0.5%).

Natural Stone Sett Imports

Imports in ASEAN

In 2022, the amount of natural stone setts, kerbstones and flagstones imported in ASEAN rose notably to X tons, surging by 10% compared with the previous year's figure. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.7% against 2018 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 47%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, natural stone sett imports soared to $X in 2022. Total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -31.3% against 2018 indices. The growth pace was the most rapid in 2018 when imports increased by 53%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Thailand represented the main importing country with an import of around X tons, which finished at 61% of total imports. Malaysia (X tons) took the second position in the ranking, followed by Singapore (X tons) and the Philippines (X tons). All these countries together held near 32% share of total imports. The following importers - Myanmar (X tons) and Vietnam (X tons) - together made up 4.9% of total imports.

Imports into Thailand increased at an average annual rate of +11.5% from 2012 to 2022. At the same time, the Philippines (+57.4%), Vietnam (+9.6%) and Singapore (+7.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +57.4% from 2012-2022. By contrast, Myanmar (-4.1%) and Malaysia (-5.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand and the Philippines increased by +26 and +9.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported natural stone setts, kerbstones and flagstones in ASEAN, comprising 54% of total imports. The second position in the ranking was taken by Singapore ($X), with a 16% share of total imports. It was followed by Malaysia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand amounted to +14.0%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+11.1% per year) and Malaysia (-9.8% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, increasing by 4.6% against the previous year. Overall, the import price, however, showed a slight downturn. The pace of growth was the most pronounced in 2013 when the import price increased by 9.2% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Singapore ($X per ton), while Myanmar ($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 (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform