Malaysia: Granite Building Stone Market 2024

Granite Building Stone Market Size in Malaysia

For the third year in a row, the Malaysian granite building stone market recorded decline in sales value, which decreased by -16.6% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Granite Building Stone Exports

Exports from Malaysia

In 2021, exports of granite building stone from Malaysia skyrocketed to X tons, increasing by 57% on the previous year. Over the period under review, exports showed a resilient expansion. The pace of growth appeared the most rapid in 2018 with an increase of 544% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, granite building stone exports soared to $X in 2021. Overall, exports showed prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 251%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) was the main destination for granite building stone exports from Malaysia, accounting for a 50% share of total exports. Moreover, granite building stone exports to Nigeria exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nigeria stood at +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+11.4% per year) and Taiwan (Chinese) (+16.8% per year).

In value terms, the largest markets for granite building stone exported from Malaysia were Nigeria ($X), Indonesia ($X) and the United States ($X), with a combined 63% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +45.5%, saw the highest growth rate of 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, growing by 19% against the previous year. Over the period under review, the export price continues to indicate a notable increase. The pace of growth appeared the most rapid in 2019 an increase of 117%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to Ireland ($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 Papua New Guinea (+33.1%), while the prices for the other major destinations experienced more modest paces of growth.

Granite Building Stone Imports

Imports into Malaysia

For the third year in a row, Malaysia recorded decline in overseas purchases of granite building stone, which decreased by -21.3% to X tons in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 110%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, granite building stone imports shrank to $X in 2021. In general, imports, however, continue to indicate a modest increase. The most prominent rate of growth was recorded in 2015 with an increase of 70%. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest granite building stone supplier to Malaysia, accounting for a 87% share of total imports. Moreover, granite building stone imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China stood at -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-0.1% per year) and Oman (+8.7% per year).

In value terms, China ($X) constituted the largest supplier of granite building stone to Malaysia, comprising 92% of total imports. The second position in the ranking was taken by India ($X), with a 3.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+1.4% per year) and Oman (-3.4% per year).

Import Prices by Country

The average granite building stone import price stood at $X per ton in 2021, growing by 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2015 when the average import price increased by 26% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Oman ($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 (+2.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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