Asia: Granite Building Stone Market 2024

Granite Building Stone Market Size in Asia

The Asian granite building stone market skyrocketed to $X in 2021, picking up by 20% against the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Granite Building Stone Production in Asia

In value terms, granite building stone production expanded notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2019 with an increase of 12%. Over the period under review, production hit record highs in 2021 and is likely to continue growth in the immediate term.

Granite Building Stone Exports

Exports in Asia

For the fourth consecutive year, Asia recorded decline in shipments abroad of granite building stone, which decreased by -16.9% to X tons in 2021. In general, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2017 when exports increased by 12% 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 declined modestly to $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 20%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

China represented the largest exporter of granite building stone in Asia, with the volume of exports resulting at X tons, which was near 60% of total exports in 2021. It was distantly followed by India (X tons), comprising a 36% share of total exports. Turkey (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +19.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, China ($X) remains the largest granite building stone supplier in Asia, comprising 71% of total exports. The second position in the ranking was taken by India ($X), with a 26% share of total exports.

In China, granite building stone exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: India (+2.9% per year) and Turkey (+5.9% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, jumping by 17% against the previous year. Over the last nine years, it increased at an average annual rate of +3.6%. 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 China ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.5%), while the other leaders experienced a decline in the export price figures.

Granite Building Stone Imports

Imports in Asia

After two years of decline, purchases abroad of granite building stone increased by 0.5% to X tons in 2021. In general, imports, however, continue to indicate a perceptible setback. The growth pace was the most rapid in 2013 with an increase of 5.1%. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, granite building stone imports expanded notably to $X in 2021. Overall, imports, however, recorded a perceptible setback. The pace of growth appeared the most rapid in 2013 with an increase of 9.7% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) represented the key importer of granite building stone, creating 43% of total imports. Japan (X tons) held the second position in the ranking, followed by Qatar (X tons), Saudi Arabia (X tons) and the United Arab Emirates (X tons). All these countries together took approx. 24% share of total imports. Turkey (X tons), Vietnam (X tons), China (X tons), Taiwan (Chinese) (X tons), Nepal (X tons), Kazakhstan (X tons) and Iraq (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 South Korea stood at -3.1%. At the same time, Nepal (+57.4%), China (+45.3%), Saudi Arabia (+32.6%), Vietnam (+14.4%), Qatar (+7.8%) and Kazakhstan (+2.8%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Asia, with a CAGR of +57.4% from 2012-2021. By contrast, the United Arab Emirates (-2.8%), Turkey (-7.4%), Taiwan (Chinese) (-7.7%), Japan (-9.3%) and Iraq (-11.5%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+4.6 p.p.), Qatar (+3.4 p.p.), China (+3.4 p.p.), Vietnam (+2.7 p.p.) and Nepal (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-1.6 p.p.), Iraq (-2.1 p.p.), Turkey (-2.1 p.p.) and Japan (-7.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest granite building stone importing markets in Asia were South Korea ($X), Japan ($X) and Vietnam ($X), together accounting for 63% of total imports. These countries were followed by Qatar, the United Arab Emirates, Turkey, Saudi Arabia, Kazakhstan, Nepal, Iraq, Taiwan (Chinese) and China, which together accounted for a further 21%.

In terms of the main importing countries, Nepal, with a CAGR of +51.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, rising by 6.3% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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