Nigeria: Market for Granules, Chippings And Powder Of Monumental Stone 2024

Market Size for Granules, Chippings And Powder Of Monumental Stone in Nigeria

The Nigerien market for granules, chippings and powder of monumental stone surged to $X in 2021, jumping by 122% 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 posted strong growth. Monumental stone granules and powder consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Granules, Chippings And Powder Of Monumental Stone

Exports from Nigeria

In 2021, overseas shipments of granules, chippings and powder of monumental stone increased by 471% to X tons, rising for the third consecutive year after three years of decline. In general, exports enjoyed a tangible expansion. The pace of growth was the most pronounced in 2015 when exports increased by 650% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, monumental stone granules and powder exports soared to $X in 2021. Over the period under review, exports enjoyed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana (X tons) was the main destination for monumental stone granules and powder exports from Nigeria, with a 83% share of total exports. Moreover, monumental stone granules and powder exports to Ghana exceeded the volume sent to the second major destination, France (X kg), more than tenfold. Ireland (X kg) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume to Ghana stood at +104.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-38.9% per year) and Ireland (+11.1% per year).

In value terms, the largest markets for monumental stone granules and powder exported from Nigeria were France ($X), Ghana ($X) and Ireland ($X), with a combined 65% share of total exports.

In terms of the main countries of destination, Ghana, with a CAGR of +110.1%, 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

In 2021, the average export price for granules, chippings and powder of monumental stone amounted to $X per ton, jumping by 104% against the previous year. Over the period under review, the export price enjoyed prominent growth. The pace of growth appeared the most rapid in 2016 when the average export price increased by 1,356% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Ghana ($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 France (+241.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Granules, Chippings And Powder Of Monumental Stone

Imports into Nigeria

In 2021, monumental stone granules and powder imports into Nigeria surged to X tons, with an increase of 141% compared with the previous year's figure. In general, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2014 when imports increased by 184% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, monumental stone granules and powder imports surged to $X in 2021. Over the period under review, imports saw a buoyant increase. The growth pace was the most rapid in 2014 when imports increased by 208%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), China (X tons) and Germany (X tons) were the main suppliers of monumental stone granules and powder imports to Nigeria, with a combined 50% share of total imports. New Zealand, the United Arab Emirates, the Netherlands, India and South Africa lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +33.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), New Zealand ($X) and Italy ($X) constituted the largest monumental stone granules and powder suppliers to Nigeria, together comprising 61% of total imports.

In terms of the main suppliers, New Zealand, with a CAGR of +44.2%, recorded the highest growth rate of 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

The average import price for granules, chippings and powder of monumental stone stood at $X per ton in 2021, reducing by -11.6% against the previous year. Over the period under review, the import price continues to indicate a slight decline. The growth pace was the most rapid in 2017 when the average import price increased by 45% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+27.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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