GCC: Granite Building Stone Market 2024

Granite Building Stone Market Size in GCC

The GCC granite building stone market totaled $X in 2021, therefore, remained relatively stable against the previous year. Overall, consumption, however, showed a noticeable contraction. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Granite Building Stone Production in GCC

In value terms, granite building stone production expanded notably to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt decline. The level of production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Granite Building Stone Exports

Exports in GCC

In 2021, overseas shipments of granite building stone decreased by -2.3% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, exports showed a noticeable curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 75%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, granite building stone exports expanded significantly to $X in 2021. In general, exports showed a abrupt slump. The pace of growth was the most pronounced in 2017 with an increase of 38%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the largest exporter of granite building stone, creating 75% of total exports. It was distantly followed by Saudi Arabia (X tons), making up a 22% share of total exports. Oman (X tons) held a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the granite building stone exports, with a CAGR of +3.1% from 2012 to 2021. Saudi Arabia (-11.0%) and Oman (-14.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +31 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest granite building stone supplier in GCC, comprising 67% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 28% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +2.1%. In the other countries, the average annual rates were as follows: Saudi Arabia (-12.6% per year) and Oman (-10.1% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, picking up by 12% against the previous year. Overall, the export price, however, recorded a perceptible slump. The pace of growth appeared the most rapid in 2019 an increase of 23%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+5.3%), while the other leaders experienced a decline in the export price figures.

Granite Building Stone Imports

Imports in GCC

In 2021, approx. X tons of granite building stone were imported in GCC; picking up by 7% against 2020. The total import volume increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 23%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, granite building stone imports rose significantly to $X in 2021. Total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +22.7% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 34%. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of granite building stone, namely Qatar, Saudi Arabia and the United Arab Emirates, represented more than two-thirds of total import. Oman (X tons) ranks next in terms of the total imports with a 6.3% share, followed by Kuwait (5%). Bahrain (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +32.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X), the United Arab Emirates ($X) and Saudi Arabia ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 87% share of total imports.

Among the main importing countries, Saudi Arabia, with a CAGR of +33.3%, recorded the highest rates of growth with regard to 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

In 2021, the import price in GCC amounted to $X per ton, increasing by 4.3% against the previous year. Over the period under review, the import price, however, continues to indicate a mild downturn. The growth pace was the most rapid in 2013 an increase of 21%. Over the period under review, import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Bahrain ($X per ton) and the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+0.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform