Southern Asia: Granite Block Market 2024

Granite Block Market Size in Southern Asia

In 2022, the South Asian granite block market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. The market value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Granite Block Production in Southern Asia

In value terms, granite block production contracted to $X in 2022 estimated in export price. The total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 16%. The level of production peaked at $X in 2021, and then fell modestly in the following year.

Granite Block Exports

Exports in Southern Asia

In 2022, shipments abroad of granite blocks and slabs decreased by -25.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Total exports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 26%. The volume of export peaked at X tons in 2021, and then fell dramatically in the following year.

In value terms, granite block exports fell significantly to $X in 2022. Total exports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by +0.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 32%. As a result, the exports reached the peak of $X, and then dropped notably in the following year.

Exports by Country

India dominates exports structure, resulting at X tons, which was approx. 98% of total exports in 2022. Sri Lanka (X tons) followed a long way behind the leaders.

Exports from India increased at an average annual rate of +1.4% from 2012 to 2022. At the same time, Sri Lanka (+12.1%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +12.1% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest granite block supplier in Southern Asia, comprising 98% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a 2% share of total exports.

From 2012 to 2022, the average annual growth rate of value in India totaled +1.2%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, rising by 1.7% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 16% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while India totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-0.2%).

Granite Block Imports

Imports in Southern Asia

In 2022, purchases abroad of granite blocks and slabs was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2014 when imports increased by 83%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, granite block imports expanded slightly to $X in 2022. Over the period under review, imports posted resilient growth. The pace of growth appeared the most rapid in 2014 when imports increased by 68% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Maldives represented the main importer of granite blocks and slabs in Southern Asia, with the volume of imports resulting at X tons, which was near 52% of total imports in 2022. It was distantly followed by Bangladesh (X tons), India (X tons) and Sri Lanka (X tons), together making up a 43% share of total imports. Nepal (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to granite block imports into Maldives stood at +10.7%. At the same time, Nepal (+22.1%), Bangladesh (+21.6%) and Sri Lanka (+8.2%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +22.1% from 2012-2022. By contrast, India (-3.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Maldives, Bangladesh and Nepal increased by +12, +12 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Maldives ($X) constitutes the largest market for imported granite blocks and slabs in Southern Asia, comprising 79% of total imports. The second position in the ranking was taken by India ($X), with a 10% share of total imports. It was followed by Sri Lanka, with a 7% share.

From 2012 to 2022, the average annual growth rate of value in Maldives totaled +14.3%. The remaining importing countries recorded the following average annual rates of imports growth: India (-2.8% per year) and Sri Lanka (+11.2% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, growing by 2.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2018 an increase of 16% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Maldives ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Maldives (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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