South-Eastern Asia: Granite Building Stone Market 2024

Granite Building Stone Market Size in South-Eastern Asia

The Southeast Asian granite building stone market declined to $X in 2021, waning by -8.6% against the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Granite Building Stone Production in South-Eastern Asia

In value terms, granite building stone production dropped to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Granite Building Stone Exports

Exports in South-Eastern Asia

Granite building stone exports dropped notably to X tons in 2021, which is down by -79.3% on the previous year. Overall, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 338% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, granite building stone exports declined notably to $X in 2021. Total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 51% against the previous year. The level of export peaked at $X in 2020, and then reduced rapidly in the following year.

Exports by Country

In 2021, Vietnam (X tons) was the major exporter of granite building stone, comprising 61% of total exports. Singapore (X tons) ranks second in terms of the total exports with a 27% share, followed by Cambodia (6.9%). Malaysia (X tons) followed a long way behind the leaders.

Exports from Vietnam increased at an average annual rate of +8.8% from 2012 to 2021. At the same time, Cambodia (+71.7%), Singapore (+5.8%) and Malaysia (+5.1%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +71.7% from 2012-2021. Vietnam (+50 p.p.), Singapore (+20 p.p.), Cambodia (+6.8 p.p.) and Malaysia (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest granite building stone supplier in South-Eastern Asia, comprising 79% of total exports. The second position in the ranking was held by Cambodia ($X), with a 9.3% share of total exports. It was followed by Malaysia, with a 4% share.

From 2012 to 2021, the average annual growth rate of value in Vietnam totaled +8.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Cambodia (+65.2% per year) and Malaysia (+8.6% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, surging by 291% against the previous year. In general, the export price recorded a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while Singapore ($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 (+3.3%), while the other leaders experienced a decline in the export price figures.

Granite Building Stone Imports

Imports in South-Eastern Asia

In 2021, supplies from abroad of granite building stone decreased by -5.6% to X tons, falling for the third year in a row after four years of growth. Over the period under review, imports, however, posted a strong increase. The pace of growth appeared the most rapid in 2018 when imports increased by 100% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, granite building stone imports expanded significantly to $X in 2021. In general, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 85% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Vietnam represented the largest importing country with an import of about X tons, which finished at 43% of total imports. The Philippines (X tons) ranks second in terms of the total imports with a 14% share, followed by Indonesia (11%), Thailand (11%), Malaysia (8.2%) and Singapore (7.1%). Myanmar (X tons) followed a long way behind the leaders.

Imports into Vietnam increased at an average annual rate of +14.4% from 2012 to 2021. At the same time, Thailand (+47.8%) and Myanmar (+22.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +47.8% from 2012-2021. Indonesia, the Philippines and Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (-8.0%) illustrated a downward trend over the same period. While the share of Vietnam (+22 p.p.), Thailand (+10 p.p.) and Myanmar (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-4.9 p.p.), Malaysia (-5.6 p.p.), the Philippines (-7.6 p.p.) and Singapore (-16.6 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) constitutes the largest market for imported granite building stone in South-Eastern Asia, comprising 51% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 17% share of total imports. It was followed by Singapore, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam stood at +15.7%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+8.8% per year) and Singapore (-4.9% per year).

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, growing by 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2019 an increase of 20% against the previous year. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

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 Singapore ($X per ton), while Myanmar ($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 Philippines (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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