Singapore: Market for Granite, Sandstone And Other Building Stone 2022

Market Size for Granite, Sandstone And Other Building Stone in Singapore

In 2021, the Singaporean market for granite, sandstone and other building stone increased by 84% to $X for the first time since 2016, thus ending a four-year declining trend. In general, consumption, however, showed a sharp slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Exports of Granite, Sandstone And Other Building Stone

Exports from Singapore

In 2021, exports of granite, sandstone and other building stone from Singapore surged to X tons, with an increase of 15% compared with the previous year. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2014 when exports increased by 82% against the previous year. Over the period under review, the exports of attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, exports of granite, sandstone and other building stone reduced to $X in 2021. In general, exports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2014 with an increase of 73% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons), China (X tons) and Saudi Arabia (X tons) were the main destinations of exports of granite, sandstone and other building stone from Singapore, together accounting for 93% of total exports. These countries were followed by British Indian Ocean Territory, Malaysia and Taiwan (Chinese), which together accounted for a further 5.6%.

From 2012 to 2021, the biggest increases were in British Indian Ocean Territory (with a CAGR of +13.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) emerged as the key foreign market for granite, sandstone and other building stone exports from Singapore, comprising 41% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 20% share of total exports. It was followed by China, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to Saudi Arabia stood at +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-17.9% per year) and China (-8.7% per year).

Export Prices by Country

In 2021, the average export price for granite, sandstone and other building stone amounted to $X per ton, reducing by -16.5% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 69% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Malaysia ($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 Taiwan (Chinese) (+62.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Granite, Sandstone And Other Building Stone

Imports into Singapore

After four years of decline, purchases abroad of granite, sandstone and other building stone increased by 81% to X tons in 2021. Overall, imports, however, showed a sharp shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 1,110% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of granite, sandstone and other building stone surged to $X in 2021. Over the period under review, imports, however, showed a precipitous shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 111% against the previous year. Over the period under review, imports of hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest supplier of granite, sandstone and other building stone to Singapore, with a 74% share of total imports. Moreover, imports of granite, sandstone and other building stone from Vietnam exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), sixfold. China (X tons) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-53.0% per year) and China (-16.8% per year).

In value terms, China ($X) constituted the largest supplier of granite, sandstone and other building stone to Singapore, comprising 43% of total imports. The second position in the ranking was held by Malaysia ($X), with a 17% share of total imports. It was followed by Indonesia, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-41.7% per year) and Indonesia (-44.1% per year).

Import Prices by Country

In 2021, the average import price for granite, sandstone and other building stone amounted to $X per ton, flattening at the previous year. Overall, the import price saw a significant expansion. The growth pace was the most rapid in 2015 when the average import price increased by 450%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Malaysia ($X per ton), while the price for Vietnam (less than $X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+55.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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