Asia-Pacific: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in Asia-Pacific

For the eleventh year in a row, the Asia-Pacific natural stone sett market recorded growth in sales value, which increased by 22% to $X in 2022. Overall, consumption posted significant growth. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Natural Stone Sett Production in Asia-Pacific

In value terms, natural stone sett production surged to $X in 2022 estimated in export price. In general, production, however, showed significant growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 63% against the previous year. The level of production peaked in 2022 and is likely to see gradual growth in years to come.

Natural Stone Sett Exports

Exports in Asia-Pacific

In 2022, shipments abroad of natural stone setts, kerbstones and flagstones decreased by -26.7% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 26% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, natural stone sett exports shrank to $X in 2022. In general, exports, however, saw a pronounced expansion. The pace of growth was the most pronounced in 2014 with an increase of 39% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) and China (X tons) dominates exports structure, together generating 88% of total exports. It was distantly followed by India (X tons), making up a 9.7% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by India (with a CAGR of +40.7%), while the other leaders experienced mixed trends in the exports figures.

In value terms, China ($X) remains the largest natural stone sett supplier in Asia-Pacific, comprising 71% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 22% share of total exports.

In China, natural stone sett exports expanded at an average annual rate of +12.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+16.3% per year) and India (+38.8% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, rising by 19% against the previous year. Overall, the export price showed a prominent increase. The pace of growth was the most pronounced in 2020 when the export price increased by 67% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Vietnam ($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 a decline in the export price figures.

Natural Stone Sett Imports

Imports in Asia-Pacific

In 2022, purchases abroad of natural stone setts, kerbstones and flagstones was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.8% 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 -27.0% against 2019 indices. The pace of growth was the most pronounced in 2017 when imports increased by 85% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, natural stone sett imports reached $X in 2022. Over the period under review, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 85%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Afghanistan (X tons) was the major importer of natural stone setts, kerbstones and flagstones, committing 79% of total imports. It was distantly followed by South Korea (X tons), generating a 14% share of total imports. The following importers - Australia (X tons) and Japan (X tons) - together made up 6.5% of total imports.

Imports into Afghanistan increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, South Korea (+17.4%) and Australia (+15.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +17.4% from 2012-2022. By contrast, Japan (-5.0%) illustrated a downward trend over the same period. While the share of South Korea (+9.6 p.p.) and Australia (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-3.2 p.p.) and Afghanistan (-8.3 p.p.) displayed negative dynamics.

In value terms, Afghanistan ($X) constitutes the largest market for imported natural stone setts, kerbstones and flagstones in Asia-Pacific, comprising 58% of total imports. The second position in the ranking was held by South Korea ($X), with a 17% share of total imports. It was followed by Australia, with a 15% share.

In Afghanistan, natural stone sett imports increased at an average annual rate of +4.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+19.6% per year) and Australia (+16.9% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, growing by 1.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2014 when the import price increased by 29% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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