Sri Lanka: Marble Building Stone Market 2024

Marble Building Stone Market Size in Sri Lanka

The Sri Lankan marble building stone market expanded remarkably to $X in 2021, picking up by 8.5% against the previous year. The market value increased at an average annual rate of +4.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Marble building stone consumption peaked in 2021 and is likely to continue growth in the near future.

Marble Building Stone Production in Sri Lanka

In value terms, marble building stone production reached $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 9.4%. Marble building stone production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Marble Building Stone Exports

Exports from Sri Lanka

In 2021, overseas shipments of marble building stone decreased by -56.1% to X tons, falling for the fourth year in a row after two years of growth. In general, exports saw a sharp slump. The pace of growth appeared the most rapid in 2016 with an increase of 39% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, marble building stone exports reduced notably to $X in 2021. Overall, exports saw a dramatic shrinkage. The pace of growth was the most pronounced in 2016 when exports increased by 13% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for marble building stone exports from Sri Lanka, with a 87% share of total exports. Moreover, marble building stone exports to India exceeded the volume sent to the second major destination, Saudi Arabia (X tons), more than tenfold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 3.7% share.

From 2012 to 2021, the average annual growth rate of volume to India totaled -28.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+30.8% per year) and the United Arab Emirates (-5.2% per year).

In value terms, India ($X) remains the key foreign market for marble building stone exports from Sri Lanka, comprising 93% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 1.8% share of total exports. It was followed by Oman, with a 1.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India amounted to -30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-12.0% per year) and Oman (-22.1% per year).

Export Prices by Country

In 2021, the average marble building stone export price amounted to $X per ton, dropping by -21.9% against the previous year. Overall, the export price showed a noticeable contraction. The growth pace was the most rapid in 2020 when the average export price increased by 28% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Saudi Arabia ($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 Oman (-0.6%), while the prices for the other major destinations experienced a decline.

Marble Building Stone Imports

Imports into Sri Lanka

In 2021, purchases abroad of marble building stone was finally on the rise to reach X tons after four years of decline. Overall, imports recorded a remarkable increase. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, marble building stone imports surged to $X in 2021. In general, imports continue to indicate a buoyant expansion. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), China (X tons) and India (X tons) were the main suppliers of marble building stone imports to Sri Lanka, with a combined 46% share of total imports. These countries were followed by Hong Kong SAR, Turkey, Malaysia, Greece, Oman, the United Arab Emirates, Portugal, Israel, Spain and Saudi Arabia, which together accounted for a further 32%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +73.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest marble building stone suppliers to Sri Lanka were Italy ($X), China ($X) and Hong Kong SAR ($X), together comprising 60% of total imports.

Hong Kong SAR, with a CAGR of +75.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average marble building stone import price stood at $X per ton in 2021, leveling off at the previous year. Over the last nine-year period, it increased at an average annual rate of +4.2%. The most prominent rate of growth was recorded in 2014 an increase of 23% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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