South-Eastern Asia: Granite Block Market 2024

Granite Block Market Size in South-Eastern Asia

In 2022, the Southeast Asian granite block market increased by 1.9% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Granite Block Production in South-Eastern Asia

In value terms, granite block production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 7.8% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Granite Block Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of granite blocks and slabs increased by 23% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a mild descent. The most prominent rate of growth was recorded in 2016 with an increase of 57% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, granite block exports surged to $X in 2022. In general, exports, however, saw a mild contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 47% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia was the key exporting country with an export of around X tons, which resulted at 56% of total exports. It was distantly followed by Singapore (X tons), Cambodia (X tons), Thailand (X tons) and Indonesia (X tons), together generating a 39% share of total exports. Vietnam (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to granite block exports from Malaysia stood at -1.5%. At the same time, Cambodia (+20.0%), Indonesia (+6.6%) and Thailand (+1.7%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +20.0% from 2012-2022. By contrast, Singapore (-2.1%) and Vietnam (-11.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cambodia, Indonesia and Thailand increased by +6.9, +3 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest granite block supplying countries in South-Eastern Asia were Malaysia ($X), Thailand ($X) and Singapore ($X), with a combined 80% share of total exports. Cambodia, Vietnam and Indonesia lagged somewhat behind, together comprising a further 19%.

Cambodia, with a CAGR of +24.7%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, which is down by -5.2% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the export price increased by 32% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.9%), while the other leaders experienced more modest paces of growth.

Granite Block Imports

Imports in South-Eastern Asia

For the fourth consecutive year, South-Eastern Asia recorded decline in purchases abroad of granite blocks and slabs, which decreased by -3.2% to X tons in 2022. Over the period under review, imports showed a abrupt slump. The growth pace was the most rapid in 2018 when imports increased by 13%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, granite block imports expanded notably to $X in 2022. In general, imports saw a pronounced shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 54% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Vietnam (X tons) and Thailand (X tons) represented roughly 81% of total imports in 2022. It was distantly followed by Indonesia (X tons), comprising a 13% share of total imports. Singapore (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +8.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Vietnam ($X) constitutes the largest market for imported granite blocks and slabs in South-Eastern Asia, comprising 50% of total imports. The second position in the ranking was taken by Thailand ($X), with a 19% share of total imports. It was followed by Indonesia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam totaled +9.5%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-9.5% per year) and Indonesia (-8.0% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, with an increase of 14% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, granite block import price increased by +79.7% against 2016 indices. The most prominent rate of growth was recorded in 2018 an increase of 36% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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