South-Eastern Asia: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in South-Eastern Asia

After five years of growth, the Southeast Asian natural stone sett market decreased by -17% to $X in 2022. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +75.0% against 2013 indices. As a result, consumption attained the peak level of $X, and then declined rapidly in the following year.

Natural Stone Sett Production in South-Eastern Asia

In value terms, natural stone sett production declined notably to $X in 2022 estimated in export price. In general, production enjoyed a notable increase. The pace of growth was the most pronounced in 2021 with an increase of 39% against the previous year. As a result, production reached the peak level of $X, and then declined rapidly in the following year.

Natural Stone Sett Exports

Exports in South-Eastern Asia

In 2022, natural stone sett exports in South-Eastern Asia rose sharply to X tons, with an increase of 12% against the previous year's figure. In general, exports showed buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 81% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural stone sett exports reduced to $X in 2022. Over the period under review, exports saw prominent growth. The pace of growth was the most pronounced in 2013 when exports increased by 51% against the previous year. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Vietnam dominates exports structure, recording X tons, which was approx. 98% of total exports in 2022. Indonesia (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the natural stone setts, kerbstones and flagstones exports, with a CAGR of +16.8% from 2012 to 2022. At the same time, Indonesia (+2.9%) displayed positive paces of growth. From 2012 to 2022, the share of Vietnam increased by +4.9 percentage points.

In value terms, Vietnam ($X) remains the largest natural stone sett supplier in South-Eastern Asia, comprising 95% of total exports. The second position in the ranking was held by Indonesia ($X), with a 4.8% share of total exports.

In Vietnam, natural stone sett exports increased at an average annual rate of +16.3% over the period from 2012-2022.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, which is down by -17.8% against the previous year. In general, the export price showed a slight curtailment. The growth pace was the most rapid in 2021 when the export price increased by 45%. As a result, the export price attained the peak level of $X per ton, and then reduced remarkably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-0.5%).

Natural Stone Sett Imports

Imports in South-Eastern Asia

In 2022, approx. X tons of natural stone setts, kerbstones and flagstones were imported in South-Eastern Asia; picking up by 10% against 2021. Total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.7% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 47%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, natural stone sett imports skyrocketed to $X in 2022. Total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -31.3% against 2018 indices. The growth pace was the most rapid in 2018 when imports increased by 53%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X tons) was the largest importer of natural stone setts, kerbstones and flagstones, committing 61% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 13% share, followed by Singapore (9.6%) and the Philippines (9.6%). Myanmar (X tons) and Vietnam (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to natural stone sett imports into Thailand stood at +11.5%. At the same time, the Philippines (+57.4%), Vietnam (+9.6%) and Singapore (+7.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +57.4% from 2012-2022. By contrast, Myanmar (-4.1%) and Malaysia (-5.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand and the Philippines increased by +26 and +9.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported natural stone setts, kerbstones and flagstones in South-Eastern Asia, comprising 54% of total imports. The second position in the ranking was held by Singapore ($X), with a 16% share of total imports. It was followed by Malaysia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Thailand amounted to +14.0%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+11.1% per year) and Malaysia (-9.8% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, with an increase of 4.6% against the previous year. In general, the import price, however, saw a slight contraction. The most prominent rate of growth was recorded in 2013 when the import price increased by 9.1% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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