Kuwait: Granite Building Stone Market 2024

Granite Building Stone Market Size in Kuwait

The Kuwaiti granite building stone market contracted rapidly to $X in 2021, falling by -33.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a abrupt contraction. Granite building stone consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Granite Building Stone Exports

Exports from Kuwait

For the third consecutive year, Kuwait recorded decline in overseas shipments of granite building stone, which decreased by -28.3% to X tons in 2021. Overall, exports recorded a dramatic setback. The most prominent rate of growth was recorded in 2018 when exports increased by 17% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, granite building stone exports fell to $X in 2021. In general, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 72% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons), Iraq (X tons) and Qatar (X tons) were the main destinations of granite building stone exports from Kuwait, together comprising 93% of total exports. These countries were followed by the Philippines and the United Arab Emirates, which together accounted for a further 5.1%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, Iraq ($X), Saudi Arabia ($X) and Qatar ($X) constituted the largest markets for granite building stone exported from Kuwait worldwide, together comprising 78% of total exports. These countries were followed by the United Arab Emirates and the Philippines, which together accounted for a further 19%.

In terms of the main countries of destination, the Philippines, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average granite building stone export price amounted to $X per ton, increasing by 21% against the previous year. In general, the export price posted perceptible growth. The pace of growth was the most pronounced in 2013 an increase of 57% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Saudi Arabia ($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 the United Arab Emirates (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Granite Building Stone Imports

Imports into Kuwait

In 2021, supplies from abroad of granite building stone decreased by -24.8% to X tons, falling for the sixth year in a row after four years of growth. Over the period under review, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 16% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, granite building stone imports shrank markedly to $X in 2021. In general, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 27% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), India (X tons) and Italy (X tons) were the main suppliers of granite building stone imports to Kuwait, with a combined 87% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +12.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest granite building stone suppliers to Kuwait were India ($X), China ($X) and Italy ($X), together comprising 72% of total imports.

Among the main suppliers, India, with a CAGR of +3.9%, 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 average granite building stone import price amounted to $X per ton, with a decrease of -13.7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 12%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($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 (-1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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