India: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in India

The Indian natural stone sett market rose significantly to $X in 2022, with an increase of 7.5% against the previous year. The market value increased at an average annual rate of +5.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Natural Stone Sett Production in India

In value terms, natural stone sett production expanded to $X in 2022 estimated in export price. Over the period under review, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 30%. Natural stone sett production peaked at $X in 2020; afterwards, it flattened through to 2022.

Natural Stone Sett Exports

Exports from India

After three years of growth, overseas shipments of natural stone setts, kerbstones and flagstones decreased by -58.8% to X tons in 2022. Over the period under review, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 499% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then declined remarkably in the following year.

In value terms, natural stone sett exports contracted remarkably to $X in 2022. Overall, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 630%. The exports peaked at $X in 2021, and then dropped dramatically in the following year.

Exports by Country

The UK (X tons) was the main destination for natural stone sett exports from India, with a 54% share of total exports. Moreover, natural stone sett exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was held by Canada (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK stood at +69.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+69.8% per year) and Canada (+61.4% per year).

In value terms, the UK ($X) remains the key foreign market for natural stone setts, kerbstones and flagstones exports from India, comprising 51% of total exports. The second position in the ranking was taken by Canada ($X), with a 17% share of total exports. It was followed by the United States, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK totaled +68.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+67.0% per year) and the United States (+58.1% per year).

Export Prices by Country

The average natural stone sett export price stood at $X per ton in 2022, picking up by 2.4% against the previous year. Overall, the export price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2020 an increase of 22% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Natural Stone Sett Imports

Imports into India

After four years of growth, overseas purchases of natural stone setts, kerbstones and flagstones decreased by -15.1% to X tons in 2022. Overall, imports continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2018 when imports increased by 200%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, natural stone sett imports reduced dramatically to $X in 2022. Over the period under review, imports continue to indicate a deep slump. The growth pace was the most rapid in 2020 with an increase of 148% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest natural stone sett supplier to India, with a 66% share of total imports. Moreover, natural stone sett imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Indonesia stood at +57.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.1% per year) and the United Arab Emirates (-8.6% per year).

In value terms, Indonesia ($X) constituted the largest supplier of natural stone setts, kerbstones and flagstones to India, comprising 72% of total imports. The second position in the ranking was taken by China ($X), with a 28% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +58.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.2% per year) and the United Arab Emirates (-17.9% per year).

Import Prices by Country

In 2022, the average natural stone sett import price amounted to $X per ton, with a decrease of -16.1% against the previous year. Over the period under review, the import price continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2015 an increase of 124% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :