India: Granite Building Stone Market 2024

Granite Building Stone Market Size in India

The Indian granite building stone market fell to $X in 2021, reducing by -14% against the previous year. In general, consumption recorded a noticeable reduction. Granite building stone consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Granite Building Stone Production in India

In value terms, granite building stone production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 7.2%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Granite Building Stone Exports

Exports from India

Granite building stone exports from India soared to X tons in 2021, picking up by 19% on 2020. In general, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +53.4% against 2015 indices. The pace of growth appeared the most rapid in 2013 with an increase of 29%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, granite building stone exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 24% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Exports by Country

Vietnam (X tons), the United States (X tons) and Saudi Arabia (X tons) were the main destinations of granite building stone exports from India, together comprising 42% of total exports. The United Arab Emirates, Egypt, Nepal, Turkey, Poland, Germany, Qatar, Libya, Italy and Iraq lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nepal (with a CAGR of +65.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for granite building stone exported from India were the United States ($X), Vietnam ($X) and Germany ($X), with a combined 43% share of total exports.

In terms of the main countries of destination, Vietnam, with a CAGR of +58.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average granite building stone export price stood at $X per ton in 2021, remaining stable against the previous year. In general, the export price showed a perceptible downturn. The most prominent rate of growth was recorded in 2015 an increase of 1.1% against the previous year. The export price peaked 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 for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+2.8%), while the prices for the other major destinations experienced a decline.

Granite Building Stone Imports

Imports into India

In 2021, granite building stone imports into India declined dramatically to X tons, dropping by -55% against the previous year's figure. Over the period under review, imports showed a sharp descent. The pace of growth appeared the most rapid in 2015 with an increase of 9.3%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, granite building stone imports reduced sharply to $X in 2021. Overall, imports saw a deep setback. The pace of growth was the most pronounced in 2013 when imports increased by 12% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Namibia (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of granite building stone imports to India, together comprising 44% of total imports. Brazil, Sri Lanka, Malaysia, Norway, Zimbabwe, Vietnam, Canada, Portugal, South Africa and Italy lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +17.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Namibia ($X) and Brazil ($X) constituted the largest granite building stone suppliers to India, together comprising 52% of total imports. These countries were followed by Taiwan (Chinese), Sri Lanka, Malaysia, Italy, Vietnam, Canada, South Africa, Norway, Zimbabwe and Portugal, which together accounted for a further 33%.

Canada, with a CAGR of +21.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average granite building stone import price stood at $X per ton in 2021, increasing by 39% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +9.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the average import price increased by 43%. Over the period under review, average import prices attained the maximum in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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