Middle East: Granite Building Stone Market 2024

Granite Building Stone Market Size in the Middle East

In 2021, the Middle Eastern granite building stone market increased by 68% to $X, rising for the second year in a row after three years of decline. The total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +99.2% against 2019 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Granite Building Stone Production in the Middle East

In value terms, granite building stone production skyrocketed to $X in 2021 estimated in export price. Overall, production posted a remarkable increase. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Granite Building Stone Exports

Exports in the Middle East

After two years of decline, overseas shipments of granite building stone increased by 35% to X tons in 2021. In general, exports enjoyed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, granite building stone exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the major exporter of granite building stone in the Middle East, with the volume of exports recording X tons, which was near 54% of total exports in 2021. It was distantly followed by Iran (X tons) and the United Arab Emirates (X tons), together achieving a 39% share of total exports. Saudi Arabia (X tons) and Palestine (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Iran (with a CAGR of +25.0%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Iran ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 85% share of total exports.

Among the main exporting countries, Iran, with a CAGR of +23.6%, 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

In 2021, the export price in the Middle East amounted to $X per ton, falling by -4.4% against the previous year. In general, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 an increase of 2.7%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.0%), while the other leaders experienced a decline in the export price figures.

Granite Building Stone Imports

Imports in the Middle East

In 2021, purchases abroad of granite building stone increased by 0.6% to X tons, rising for the second consecutive year after three years of decline. In general, imports, however, continue to indicate a mild shrinkage. The pace of growth was the most pronounced in 2013 when imports increased by 22%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, granite building stone imports expanded notably to $X in 2021. Overall, imports, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 44% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Qatar (X tons), Saudi Arabia (X tons), the United Arab Emirates (X tons) and Turkey (X tons) represented the key importer of granite building stone in the Middle East, comprising 72% of total import. It was distantly followed by Iraq (X tons), achieving a 6% share of total imports. Oman (X tons), Israel (X tons), Kuwait (X tons), Jordan (X tons), Yemen (X tons) and Lebanon (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +32.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X), the United Arab Emirates ($X) and Turkey ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 52% of total imports. Saudi Arabia, Israel, Iraq, Jordan, Oman, Kuwait, Yemen and Lebanon lagged somewhat behind, together comprising a further 43%.

Saudi Arabia, with a CAGR of +33.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, increasing by 4.7% against the previous year. In general, the import price, however, recorded a mild reduction. The most prominent rate of growth was recorded in 2013 an increase of 17% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Israel ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+9.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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