Western Africa: Market for Granite, Sandstone And Other Building Stone 2022

Market Size for Granite, Sandstone And Other Building Stone in Western Africa

In 2021, the West African market for granite, sandstone and other building stone decreased by -34.7% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption, however, recorded a moderate expansion. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Production of Granite, Sandstone And Other Building Stone in Western Africa

In value terms, production of granite, sandstone and other building stone dropped remarkably to $X in 2021 estimated in export price. In general, production, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 715% against the previous year. As a result, production reached the peak level of $X, and then fell dramatically in the following year.

Exports of Granite, Sandstone And Other Building Stone

Exports in Western Africa

In 2021, after four years of growth, there was significant decline in shipments abroad of granite, sandstone and other building stone, when their volume decreased by -18% to X tons. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 278% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2020, and then declined markedly in the following year.

In value terms, exports of granite, sandstone and other building stone skyrocketed to $X in 2021. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 272% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

In 2021, Liberia (X tons) represented the main exporter of granite, sandstone and other building stone, creating 40% of total exports. Nigeria (X tons) took a 24% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (16%), Sierra Leone (12%) and Senegal (6.7%).

From 2012 to 2021, the biggest increases were in Liberia (with a CAGR of +1,786.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) emerged as the largest granite, sandstone and other building stone supplier in Western Africa, comprising 59% of total exports. The second position in the ranking was taken by Liberia ($X), with a 17% share of total exports. It was followed by Sierra Leone, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +62.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Liberia (+616.1% per year) and Sierra Leone (+350.7% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, with an increase of 67% against the previous year. Overall, the export price, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 when the export price increased by 67% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Nigeria ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-0.0%), while the other leaders experienced a decline in the export price figures.

Imports of Granite, Sandstone And Other Building Stone

Imports in Western Africa

In 2021, purchases abroad of granite, sandstone and other building stone was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports saw strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 546% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of granite, sandstone and other building stone dropped rapidly to $X in 2021. Over the period under review, imports enjoyed a slight expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 359%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

Benin (X tons) and Nigeria (X tons) prevails in stone structure, together making up 79% of total imports. Ghana (X tons) ranks next in terms of the total imports with a 6.6% share, followed by Burkina Faso (5.1%). Liberia (X tons) and Gambia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Benin (with a CAGR of +93.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest granite, sandstone and other building stone importing markets in Western Africa were Benin ($X), Nigeria ($X) and Burkina Faso ($X), together accounting for 89% of total imports.

Benin, with a CAGR of +82.8%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, with a decrease of -61.1% against the previous year. Overall, the import price saw a abrupt downturn. The growth pace was the most rapid in 2016 an increase of 44%. Over the period under review, import prices reached the peak figure at $X per ton in 2020, and then contracted remarkably in the following year.

Prices varied noticeably country of destination: the country with the highest price was Burkina Faso ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+9.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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