Asia-Pacific: Granite Building Stone Market 2024

Granite Building Stone Market Size in Asia-Pacific

The Asia-Pacific granite building stone market expanded markedly to $X in 2021, with an increase of 14% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Granite Building Stone Production in Asia-Pacific

In value terms, granite building stone production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 16% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Granite Building Stone Exports

Exports in Asia-Pacific

Granite building stone exports dropped sharply to X tons in 2021, waning by -18.1% compared with 2020 figures. In general, exports continue to indicate a pronounced setback. The pace of growth was the most pronounced 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 shrank to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 20% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

China was the largest exporting country with an export of around X tons, which amounted to 62% of total exports. It was distantly followed by India (X tons), committing a 37% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +7.0%).

In value terms, China ($X) remains the largest granite building stone supplier in Asia-Pacific, comprising 73% of total exports. The second position in the ranking was held by India ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China was relatively modest.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, surging by 18% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while India totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.5%).

Granite Building Stone Imports

Imports in Asia-Pacific

In 2021, purchases abroad of granite building stone decreased by -0.2% to X tons, falling for the third year in a row after four years of growth. Overall, imports saw a perceptible contraction. The growth pace was the most rapid in 2015 with an increase of 4.7%. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, granite building stone imports expanded sharply to $X in 2021. Over the period under review, imports continue to indicate a perceptible decrease. The growth pace was the most rapid in 2018 with an increase of 11% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) represented the major importer of granite building stone, committing 60% of total imports. It was distantly followed by Japan (X tons), Vietnam (X tons) and China (X tons), together constituting a 22% share of total imports. Taiwan (Chinese) (X tons), Nepal (X tons) and Australia (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%), Vietnam (+14.4%) and Australia (+3.2%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +57.4% from 2012-2021. By contrast, Taiwan (Chinese) (-7.7%) and Japan (-9.3%) illustrated a downward trend over the same period. While the share of China (+4.6 p.p.), Vietnam (+3.7 p.p.) and Nepal (+3.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-2.1 p.p.) and Japan (-10.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X), Japan ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2021, together comprising 81% of total imports. These countries were followed by Australia, Nepal, Taiwan (Chinese) and China, which together accounted for a further 9%.

Nepal, with a CAGR of +51.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, increasing by 7.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 Taiwan (Chinese) (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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