Eastern Asia: Granite Building Stone Market 2024

Granite Building Stone Market Size in Eastern Asia

The East Asian granite building stone market soared to $X in 2021, rising by 21% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X; afterwards, it flattened through to 2021.

Granite Building Stone Production in Eastern Asia

In value terms, granite building stone production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 19% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Granite Building Stone Exports

Exports in Eastern Asia

For the fourth consecutive year, Eastern Asia recorded decline in overseas shipments of granite building stone, which decreased by -28.4% to X tons in 2021. Over the period under review, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by 5.5%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, granite building stone exports contracted to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 20%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

In 2021, China (X tons) represented the largest exporter of granite building stone in Eastern Asia, achieving 100% of total export.

China was also the fastest-growing in terms of the granite building stone exports, with a CAGR of -6.8% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest granite building stone supplier in Eastern Asia.

In China, granite building stone exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, with an increase of 26% against the previous year. Export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, granite building stone export price increased by +63.8% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +6.5% per year.

Granite Building Stone Imports

Imports in Eastern Asia

In 2021, approx. X tons of granite building stone were imported in Eastern Asia; approximately mirroring 2020. Overall, imports continue to indicate a perceptible downturn. The pace of growth was the most pronounced in 2015 when imports increased by 3.1%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, granite building stone imports totaled $X in 2021. In general, imports continue to indicate a pronounced downturn. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

South Korea represented the largest importing country with an import of around X tons, which resulted at 73% of total imports. Japan (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by China (5.9%) and Taiwan (Chinese) (4.5%).

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, China (+45.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +45.3% 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 South Korea (+7 p.p.) and China (+5.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-1.8 p.p.) and Japan (-9.6 p.p.) displayed negative dynamics.

In value terms, the largest granite building stone importing markets in Eastern Asia were South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 97% share of total imports. These countries were followed by China, which accounted for a further 1.2%.

China, with a CAGR of +12.7%, recorded 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 a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, with an increase of 5.6% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 8.3% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, 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 ($X per ton), while China ($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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