ECOWAS: Granite Block Market 2024

Granite Block Market Size in ECOWAS

In 2022, the ECOWAS granite block market decreased by -1.6% to $X, falling for the third consecutive year after four years of growth. In general, consumption showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 5.7%. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Granite Block Production in ECOWAS

In value terms, granite block production dropped slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 8.8% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Granite Block Exports

Exports in ECOWAS

Granite block exports expanded remarkably to X tons in 2022, growing by 5.4% compared with 2021 figures. Over the period under review, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 451% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, granite block exports rose slightly to $X in 2022. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 442% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Nigeria dominates exports structure, accounting for X tons, which was near 97% of total exports in 2022. Sierra Leone (X tons) held a little share of total exports.

Nigeria was also the fastest-growing in terms of the granite blocks and slabs exports, with a CAGR of +33.1% from 2012 to 2022. Sierra Leone experienced a relatively flat trend pattern. From 2012 to 2022, the share of Sierra Leone increased by +2.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest granite block supplier in ECOWAS, comprising 96% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 2.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +27.5%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, the export price showed a abrupt decline. The growth pace was the most rapid in 2016 when the export price increased by 130%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-4.2%).

Granite Block Imports

Imports in ECOWAS

Granite block imports skyrocketed to X tons in 2022, increasing by 168% against the previous year. In general, imports, however, faced a abrupt curtailment. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, granite block imports soared to $X in 2022. Overall, imports, however, continue to indicate a abrupt downturn. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons) represented the largest importer of granite blocks and slabs, mixing up 71% of total imports. It was distantly followed by Nigeria (X tons), creating a 15% share of total imports. Guinea (X tons), Senegal (X tons) and Cabo Verde (X tons) took a relatively small share of total imports.

Imports into Cote d'Ivoire increased at an average annual rate of +53.6% from 2012 to 2022. At the same time, Guinea (+55.1%) and Senegal (+8.1%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +55.1% from 2012-2022. Cabo Verde experienced a relatively flat trend pattern. By contrast, Nigeria (-31.0%) illustrated a downward trend over the same period. Cote d'Ivoire (+71 p.p.), Guinea (+3.8 p.p.), Senegal (+2.9 p.p.) and Cabo Verde (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -83% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported granite blocks and slabs in ECOWAS, comprising 71% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 15% share of total imports. It was followed by Senegal, with a 4.5% share.

In Cote d'Ivoire, granite block imports increased at an average annual rate of +50.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (-29.1% per year) and Senegal (+15.0% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by 10% against the previous year. Overall, the import price enjoyed a perceptible increase. The growth pace was the most rapid in 2018 when the import price increased by 60%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+6.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform