GCC: Granite Block Market 2024

Granite Block Market Size in GCC

In 2022, the GCC granite block market increased by 1.8% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Granite Block Production in GCC

In value terms, granite block production reduced modestly to $X in 2022 estimated in export price. In general, production showed a mild decline. The most prominent rate of growth was recorded in 2017 with an increase of 17%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Granite Block Exports

Exports in GCC

In 2022, shipments abroad of granite blocks and slabs decreased by -8.1% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports recorded a pronounced descent. The most prominent rate of growth was recorded in 2017 when exports increased by 31% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, granite block exports shrank dramatically to $X in 2022. Overall, exports recorded a deep contraction. The growth pace was the most rapid in 2017 when exports increased by 35% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the largest exporter of granite blocks and slabs, constituting 74% of total exports. It was distantly followed by Saudi Arabia (X tons), mixing up a 26% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the granite blocks and slabs exports, with a CAGR of +60.4% from 2012 to 2022. Saudi Arabia (-15.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+74 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-73.6 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) emerged as the largest granite block supplier in GCC, comprising 82% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 17% share of total exports.

In the United Arab Emirates, granite block exports increased at an average annual rate of +41.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, shrinking by -42.1% against the previous year. Over the period under review, the export price showed a abrupt decline. The most prominent rate of growth was recorded in 2015 an increase of 9.7% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-11.9%).

Granite Block Imports

Imports in GCC

For the third year in a row, GCC recorded growth in supplies from abroad of granite blocks and slabs, which increased by 30% to X tons in 2022. In general, imports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2020 when imports increased by 98% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, granite block imports skyrocketed to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 135% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons), Qatar (X tons) and Saudi Arabia (X tons) was the key importer of granite blocks and slabs in GCC, mixing up 94% of total import. The following importers - Kuwait (X tons) and Bahrain (X tons) - together made up 5.9% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Bahrain (with a CAGR of +0.6%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest granite block importing markets in GCC were Qatar ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 95% share of total imports. Kuwait and Bahrain lagged somewhat behind, together comprising a further 5%.

Among the main importing countries, Bahrain, with a CAGR of +7.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, rising by 2.9% against the previous year. Import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, granite block import price increased by +36.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 an increase of 62%. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Bahrain ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform