GCC: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in GCC

In 2022, the GCC natural stone sett market increased by 5.3% to $X for the first time since 2015, thus ending a six-year declining trend. Overall, consumption, however, showed a abrupt curtailment. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Natural Stone Sett Production in GCC

In value terms, natural stone sett production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 138% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Natural Stone Sett Exports

Exports in GCC

In 2022, overseas shipments of natural stone setts, kerbstones and flagstones were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, faced a abrupt decline. The pace of growth appeared the most rapid in 2016 with an increase of 146% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, natural stone sett exports expanded remarkably to $X in 2022. Overall, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 59%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the main exporting country with an export of around X tons, which finished at 82% of total exports. It was distantly followed by Oman (X tons), generating a 16% share of total exports. The United Arab Emirates (X tons) took a relatively small share of total exports.

Saudi Arabia was also the fastest-growing in terms of the natural stone setts, kerbstones and flagstones exports, with a CAGR of -1.5% from 2012 to 2022. The United Arab Emirates (-14.8%) and Oman (-23.8%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+55 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Oman (-54 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest natural stone sett supplier in GCC, comprising 76% of total exports. The second position in the ranking was held by Oman ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia stood at -4.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (-27.0% per year) and the United Arab Emirates (-13.8% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, which is down by -2.2% against the previous year. Overall, the export price continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2013 an increase of 43%. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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 ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.2%), while the other leaders experienced a decline in the export price figures.

Natural Stone Sett Imports

Imports in GCC

In 2022, imports of natural stone setts, kerbstones and flagstones in GCC contracted slightly to X tons, remaining constant against the previous year. Over the period under review, imports recorded a significant decrease. The growth pace was the most rapid in 2021 with an increase of 32%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, natural stone sett imports reached $X in 2022. In general, imports saw a dramatic decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 7.4%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Kuwait represented the major importing country with an import of about X tons, which amounted to 55% of total imports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by the United Arab Emirates (X tons) and Qatar (X tons). All these countries together held approx. 43% share of total imports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to natural stone sett imports into Kuwait stood at +14.1%. At the same time, Oman (+20.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +20.2% from 2012-2022. By contrast, the United Arab Emirates (-8.1%), Qatar (-15.4%) and Saudi Arabia (-30.7%) illustrated a downward trend over the same period. Kuwait (+54 p.p.), the United Arab Emirates (+8.7 p.p.), Qatar (+3.3 p.p.) and Oman (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -67.6% from 2012 to 2022, respectively.

In value terms, Saudi Arabia ($X), Qatar ($X) and the United Arab Emirates ($X) were the countries with the highest levels of imports in 2022, together comprising 82% of total imports. Kuwait and Oman lagged somewhat behind, together comprising a further 17%.

Oman, with a CAGR of +22.8%, saw 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 mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, increasing by 8.5% against the previous year. Over the period under review, the import price, however, showed a abrupt descent. The growth pace was the most rapid in 2019 an increase of 22% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform