Asia-Pacific: Granite Block Market 2024

Granite Block Market Size in Asia-Pacific

In 2022, the Asia-Pacific granite block market increased by 7.9% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Granite Block Production in Asia-Pacific

In value terms, granite block production declined to $X in 2022 estimated in export price. The total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -13.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 40%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Granite Block Exports

Exports in Asia-Pacific

In 2022, overseas shipments of granite blocks and slabs decreased by -24.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 24%. The volume of export peaked at X tons in 2021, and then contracted remarkably in the following year.

In value terms, granite block exports shrank notably to $X in 2022. Total exports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 27%. As a result, the exports reached the peak of $X, and then dropped dramatically in the following year.

Exports by Country

India prevails in exports structure, accounting for X tons, which was approx. 94% of total exports in 2022. China (X tons) and Sri Lanka (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to granite block exports from India stood at +1.4%. At the same time, Sri Lanka (+12.1%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +12.1% from 2012-2022. By contrast, China (-9.3%) illustrated a downward trend over the same period. While the share of India (+5.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-4.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest granite block supplier in Asia-Pacific, comprising 92% of total exports. The second position in the ranking was taken by China ($X), with a 4.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +1.2%. In the other countries, the average annual rates were as follows: China (+1.8% per year) and Sri Lanka (+12.1% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, with an increase of 4.1% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 13% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while India ($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 (+12.2%).

Granite Block Imports

Imports in Asia-Pacific

In 2022, approx. X tons of granite blocks and slabs were imported in Asia-Pacific; jumping by 27% compared with the previous year. Overall, imports, however, continue to indicate a perceptible reduction. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, granite block imports soared to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

China prevails in imports structure, recording X tons, which was near 83% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), making up a 5.3% share of total imports. Vietnam (X tons), Thailand (X tons) and Maldives (X tons) held a little share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of granite blocks and slabs. At the same time, Maldives (+10.7%) and Vietnam (+8.4%) displayed positive paces of growth. Moreover, Maldives emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +10.7% from 2012-2022. By contrast, Taiwan (Chinese) (-11.6%) and Thailand (-13.1%) illustrated a downward trend over the same period. While the share of China (+19 p.p.), Vietnam (+2.1 p.p.) and Maldives (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-5.5 p.p.) and Taiwan (Chinese) (-9.2 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported granite blocks and slabs in Asia-Pacific, comprising 74% of total imports. The second position in the ranking was held by Maldives ($X), with an 8.3% share of total imports. It was followed by Vietnam, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +1.3%. The remaining importing countries recorded the following average annual rates of imports growth: Maldives (+14.3% per year) and Vietnam (+9.5% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, remaining stable against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2019 when the import price increased by 39%. Over the period under review, import prices hit record highs at $X per ton in 2021, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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