ECOWAS: Granite Building Stone Market 2024

Granite Building Stone Market Size in ECOWAS

In 2021, after two years of growth, there was significant decline in the ECOWAS granite building stone market, when its value decreased by -7.7% to $X. Overall, consumption continues to indicate a perceptible decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Granite Building Stone Production in ECOWAS

In value terms, granite building stone production fell modestly to $X in 2021 estimated in export price. Overall, production showed a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 6.4%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Granite Building Stone Exports

Exports in ECOWAS

After two years of growth, shipments abroad of granite building stone decreased by -92.9% to X tons in 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 2,651% against the previous year. The volume of export peaked at X tons in 2020, and then contracted markedly in the following year.

In value terms, granite building stone exports dropped dramatically to $X in 2021. Overall, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 when exports increased by 390%. Over the period under review, the exports attained the maximum at $X in 2020, and then declined remarkably in the following year.

Exports by Country

Ghana (X tons) and Nigeria (X tons) represented the key exporters of granite building stone in 2021, accounting for approx. 43% and 29% of total exports, respectively. It was distantly followed by Niger (X tons) and Cote d'Ivoire (X tons), together generating a 28% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +16.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest granite building stone supplier in ECOWAS, comprising 52% of total exports. The second position in the ranking was taken by Niger ($X), with a 22% share of total exports. It was followed by Ghana, with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled -13.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Niger (+18.1% per year) and Ghana (-1.9% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 50% against the previous year. In general, the export price, however, saw a abrupt contraction. The growth pace was the most rapid in 2018 when the export price increased by 116% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+5.7%), while the other leaders experienced a decline in the export price figures.

Granite Building Stone Imports

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in purchases abroad of granite building stone, when their volume decreased by -21.9% to X tons. In general, imports saw a pronounced contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 61%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, granite building stone imports fell to $X in 2021. Over the period under review, imports continue to indicate a deep setback. The pace of growth appeared the most rapid in 2020 with an increase of 100%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, amounting to X tons, which was approx. 81% of total imports in 2021. It was distantly followed by Ghana (X tons), mixing up an 8.2% share of total imports. The following importers - Cabo Verde (X tons) and Cote d'Ivoire (X tons) - each finished at a 6.2% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to granite building stone imports into Nigeria stood at -2.9%. At the same time, Cabo Verde (+10.0%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +10.0% from 2012-2021. By contrast, Cote d'Ivoire (-1.6%) and Ghana (-4.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cabo Verde increased by +2.3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported granite building stone in ECOWAS, comprising 76% of total imports. The second position in the ranking was held by Ghana ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with a 3.6% share.

In Nigeria, granite building stone imports declined by an average annual rate of -6.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-2.1% per year) and Cote d'Ivoire (-3.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, picking up by 9.7% against the previous year. Overall, the import price, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2020 when the import price increased by 24%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Ghana ($X per ton) and Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) and Cabo Verde ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform