Thailand: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in Thailand

The Thai natural stone sett market reached $X in 2022, growing by 2.1% against the previous year. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +5.7% against 2019 indices. Natural stone sett consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Natural Stone Sett Production in Thailand

In value terms, natural stone sett production expanded to $X in 2022 estimated in export price. Over the period under review, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +8.4% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 31%. Natural stone sett production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Natural Stone Sett Exports

Exports from Thailand

In 2022, shipments abroad of natural stone setts, kerbstones and flagstones was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a deep setback. The pace of growth was the most pronounced in 2015 when exports increased by 357%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, natural stone sett exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 248% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Lao People's Democratic Republic (X tons) was the main destination for natural stone sett exports from Thailand, with a 41% share of total exports. Moreover, natural stone sett exports to Lao People's Democratic Republic exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. Belgium (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Lao People's Democratic Republic stood at +29.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+3.9% per year) and Belgium (-6.6% per year).

In value terms, Australia ($X), Lao People's Democratic Republic ($X) and Germany ($X) constituted the largest markets for natural stone sett exported from Thailand worldwide, together accounting for 69% of total exports.

Australia, with a CAGR of +79.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average natural stone sett export price stood at $X per ton in 2022, waning by -23.4% against the previous year. Over the period under review, the export price, however, showed a temperate expansion. The growth pace was the most rapid in 2014 an increase of 294% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+100.4%), while the prices for the other major destinations experienced more modest paces of growth.

Natural Stone Sett Imports

Imports into Thailand

In 2022, approx. X tons of natural stone setts, kerbstones and flagstones were imported into Thailand; picking up by 36% on the previous year's figure. Overall, imports recorded a buoyant increase. The growth pace was the most rapid in 2016 when imports increased by 68%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, natural stone sett imports surged to $X in 2022. Over the period under review, imports posted a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by 55%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Vietnam (X tons) and India (X tons) were the main suppliers of natural stone sett imports to Thailand, with a combined 94% share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +23.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of natural stone setts, kerbstones and flagstones to Thailand, comprising 55% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 23% share of total imports. It was followed by India, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+16.4% per year) and India (+27.2% per year).

Import Prices by Country

In 2022, the average natural stone sett import price amounted to $X per ton, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2014 an increase of 31%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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