Asia: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in Asia

For the eleventh year in a row, the Asian natural stone sett market recorded growth in sales value, which increased by 16% to $X in 2022. In general, consumption recorded a significant increase. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Natural Stone Sett Production in Asia

In value terms, natural stone sett production rose markedly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a significant expansion. The growth pace was the most rapid in 2020 when the production volume increased by 57%. Over the period under review, production attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Natural Stone Sett Exports

Exports in Asia

In 2022, shipments abroad of natural stone setts, kerbstones and flagstones decreased by -19.8% to X tons, falling for the third year in a row after three years of growth. In general, exports faced a deep setback. The pace of growth was the most pronounced in 2019 with an increase of 25%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural stone sett exports reduced to $X in 2022. Total exports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -35.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 39% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons) and China (X tons) represented roughly 69% of total exports in 2022. Turkey (X tons) took the next position in the ranking, distantly followed by India (X tons) and Saudi Arabia (X tons). All these countries together took approx. 29% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +40.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest natural stone sett supplier in Asia, comprising 62% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 20% share of total exports. It was followed by Turkey, with an 8.7% share.

In China, natural stone sett exports expanded at an average annual rate of +12.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+16.3% per year) and Turkey (+33.2% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, surging by 13% against the previous year. In general, the export price recorded strong growth. The growth pace was the most rapid in 2020 when the export price increased by 59%. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+22.9%), while the other leaders experienced mixed trends in the export price figures.

Natural Stone Sett Imports

Imports in Asia

After two years of decline, supplies from abroad of natural stone setts, kerbstones and flagstones increased by 12% to X tons in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 38%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, natural stone sett imports rose rapidly to $X in 2022. Overall, imports, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2017 when imports increased by 30%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Afghanistan was the largest importing country with an import of around X tons, which amounted to 78% of total imports. It was distantly followed by South Korea (X tons), committing a 14% share of total imports. The following importers - Japan (X tons), Iraq (X tons) and Kuwait (X tons) - each finished at a 5.5% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to natural stone sett imports into Afghanistan stood at +2.7%. At the same time, Iraq (+22.9%), South Korea (+17.4%) and Kuwait (+14.1%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in Asia, with a CAGR of +22.9% from 2012-2022. By contrast, Japan (-5.0%) illustrated a downward trend over the same period. Afghanistan (+19 p.p.) and South Korea (+11 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Afghanistan ($X) constitutes the largest market for imported natural stone setts, kerbstones and flagstones in Asia, comprising 63% of total imports. The second position in the ranking was held by South Korea ($X), with an 18% share of total imports. It was followed by Japan, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value in Afghanistan amounted to +4.7%. In the other countries, the average annual rates were as follows: South Korea (+19.6% per year) and Japan (-3.3% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, approximately mirroring the previous year. In general, the import price, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2014 an increase of 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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