Granite, Sandstone And Other Building Stone Market

The article discusses the global market trends for granite, sandstone, and other building stone, highlighting an upward consumption trend over the next eight years. Forecasts indicate a deceleration in market performance with a CAGR of +4.3% from 2022 to 2030. Details include market size, production volumes, import and export statistics, as well as key importing and exporting countries. India emerges as a dominant player in stone exports, while countries like China, the United States, and India lead in consumption and production volumes. Overall, the market dynamics show a mix of growth and decline in different product categories and price trends.

Market Forecast

Driven by increasing demand for granite, sandstone and other building stone worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market volume to 1,666M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.2% for the period from 2022 to 2030, which is projected to bring the market value to $400B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Granite, Sandstone And Other Building Stone

After ten years of growth, consumption of granite, sandstone and other building stone decreased by -8.3% to 1,185M tons in 2022. Over the period under review, consumption, however, continues to indicate a buoyant expansion. Global consumption peaked at 1,292M tons in 2021, and then fell in the following year.

The size of the market for granite, sandstone and other building stone worldwide declined to $247.3B in 2022, dropping by -8.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, posted a buoyant increase. Over the period under review, the global market hit record highs at $269.5B in 2021, and then reduced in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (159M tons), the United States (131M tons) and India (65M tons), together comprising 30% of global consumption. Japan, Pakistan, Germany, Nigeria, Russia, Indonesia, Brazil, France, Ukraine and Mexico lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of stone, amongst the main consuming countries, was attained by Pakistan (with a CAGR of +17.6%), while stone for the other global leaders experienced more modest paces of growth.

In value terms, the largest granite, sandstone and other building stone markets worldwide were the United States ($43.1B), Japan ($22B) and Indonesia ($10.6B), with a combined 31% share of the global market. China, Nigeria, Brazil, France, India, Russia, Pakistan, Germany, Mexico and Ukraine lagged somewhat behind, together accounting for a further 23%.

In terms of the main consuming countries, Germany, with a CAGR of +15.9%, recorded the highest growth rate of market size over the period under review, while stone for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of granite, sandstone and other building stone per capita consumption in 2022 were Ukraine (631 kg per person), Germany (499 kg per person) and France (470 kg per person).

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +16.1%), while stone for the other global leaders experienced more modest paces of growth.

Production

World Production of Granite, Sandstone And Other Building Stone

After ten years of growth, production of granite, sandstone and other building stone decreased by -8.4% to 1,184M tons in 2022. Overall, production, however, saw a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 20%. Over the period under review, global production of attained the maximum volume at 1,293M tons in 2021, and then dropped in the following year.

In value terms, production of granite, sandstone and other building stone shrank to $243.3B in 2022 estimated in export price. Over the period under review, production, however, recorded prominent growth. The pace of growth was the most pronounced in 2019 with an increase of 23% against the previous year. Over the period under review, global production of attained the peak level at $266B in 2021, and then dropped in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (153M tons), the United States (131M tons) and India (74M tons), with a combined 30% share of global production. Japan, Pakistan, Germany, Nigeria, Russia, Brazil, Indonesia, France, Ukraine and Mexico lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of stone, amongst the main producing countries, was attained by Pakistan (with a CAGR of +17.6%), while stone for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Granite, Sandstone And Other Building Stone

In 2022, supplies from abroad of granite, sandstone and other building stone decreased by -9.4% to 16M tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 30% against the previous year. Global imports peaked at 18M tons in 2021, and then declined in the following year.

In value terms, imports of granite, sandstone and other building stone dropped to $2.3B in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 18%. As a result, imports attained the peak of $2.5B, and then reduced in the following year.

Imports By Country

In 2022, China (5.9M tons) and the UK (4.8M tons) represented the key importers of granite, sandstone and other building stonearound the world, together creating 65% of total imports. It was distantly followed by Denmark (753K tons), creating a 4.6% share of total imports. Italy (580K tons), the Netherlands (539K tons), Spain (456K tons), France (302K tons), Taiwan (Chinese) (295K tons) and Poland (283K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +15.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($1B) constitutes the largest market for imported granite, sandstone and other building stone worldwide, comprising 44% of global imports. The second position in the ranking was taken by the UK ($225M), with a 9.7% share of global imports. It was followed by Italy, with a 9% share.

From 2012 to 2022, the average annual growth rate of value in China was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: the UK (+4.0% per year) and Italy (-0.8% per year).

Imports By Type

Granite (crude) represented the largest imported product with an import of about 12M tons, which finished at 75% of total imports. Granite blocks and slabs (1.8M tons) held the second position in the ranking, followed by monumental or building stone, other than granite and sandstone (1.5M tons) and sandstone (0.8M tons). All these products together held near 25% share of total imports.

Imports of granite (crude) increased at an average annual rate of +1.5% from 2012 to 2022. At the same time, granite blocks and slabs (+2.3%) displayed positive paces of growth. Moreover, granite blocks and slabs emerged as the fastest-growing type imported in the world, with a CAGR of +2.3% from 2012-2022. Sandstone and monumental or building stone, other than granite and sandstone experienced a relatively flat trend pattern. While the share of granite (crude) (+1.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of monumental or building stone, other than granite and sandstone (-2 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, granite (crude) ($1.4B) constitutes the largest type of granite, sandstone and other building stone imported worldwide, comprising 60% of global imports. The second position in the ranking was taken by granite blocks and slabs ($462M), with a 20% share of global imports. It was followed by sandstone, with an 11% share.

For granite (crude), imports remained relatively stable over the period from 2012-2022. For the other products, the average annual rates were as follows: granite blocks and slabs (+2.1% per year) and sandstone (+2.5% per year).

Import Prices By Type

In 2022, the average import price for granite, sandstone and other building stone amounted to $141 per ton, surging by 2.7% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 15%. As a result, import price reached the peak level of $177 per ton. From 2014 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was sandstone ($294 per ton), while the price for granite (crude) ($111 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by monumental or building stone, other than granite and sandstone (+2.8%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

In 2022, the average import price for granite, sandstone and other building stone amounted to $141 per ton, increasing by 2.7% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 15%. As a result, import price reached the peak level of $177 per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 Italy ($360 per ton), while Denmark ($18 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+16.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Granite, Sandstone And Other Building Stone

In 2022, shipments abroad of granite, sandstone and other building stone decreased by -18.8% to 16M tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 18%. The global exports peaked at 19M tons in 2021, and then fell sharply in the following year.

In value terms, exports of granite, sandstone and other building stone contracted to $1.5B in 2022. Over the period under review, exports recorded a noticeable setback. The most prominent rate of growth was recorded in 2017 with an increase of 16%. Over the period under review, the global exports of hit record highs at $2B in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports By Country

India dominates stone structure, accounting for 9.5M tons, which was approx. 61% of total exports in 2022. It was distantly followed by Norway (1.2M tons), comprising a 7.5% share of total exports. Brazil (691K tons), Portugal (505K tons), Spain (431K tons), Poland (351K tons), South Africa (340K tons), Angola (300K tons) and China (281K tons) followed a long way behind the leaders.

Exports from India increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, Poland (+11.8%), Angola (+5.8%), Spain (+5.6%), Portugal (+2.7%) and Norway (+1.2%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.8% from 2012-2022. South Africa experienced a relatively flat trend pattern. By contrast, Brazil (-4.9%) and China (-14.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +23 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($654M) remains the largest granite, sandstone and other building stone supplier worldwide, comprising 42% of global exports. The second position in the ranking was held by Brazil ($156M), with a 10% share of global exports. It was followed by Norway, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled -1.7%. In the other countries, the average annual rates were as follows: Brazil (-4.0% per year) and Norway (-3.0% per year).

Exports By Type

In 2022, monumental or building stone, other than granite and sandstone (6.3M tons) and granite (crude) (6.2M tons) represented the major types of granite, sandstone and other building stoneacross the globe, together finishing at approx. 80% of total exports. Granite blocks and slabs (2.3M tons) ranks next in terms of the total exports with a 15% share, followed by sandstone (4.9%).

From 2012 to 2022, the biggest increases were recorded for monumental or building stone, other than granite and sandstone (with a CAGR of +10.5%), while shipments for the other products experienced more modest paces of growth.

In value terms, granite (crude) ($748M), granite blocks and slabs ($421M) and monumental or building stone, other than granite and sandstone ($250M) constituted the products with the highest levels of exports in 2022, together accounting for 92% of global exports.

Granite blocks and slabs, with a CAGR of -0.6%, recorded the highest growth rate of the value of exports, among the main exported products over the period under review, while shipments for the other products experienced a decline in the exports figures.

Export Prices By Type

In 2022, the average export price for granite, sandstone and other building stone amounted to $99 per ton, growing by 8.3% against the previous year. Overall, the export price, however, continues to indicate a pronounced reduction. The growth pace was the most rapid in 2013 when the average export price increased by 12%. As a result, the export price attained the peak level of $149 per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was granite blocks and slabs ($184 per ton), while the average price for exports of monumental or building stone, other than granite and sandstone ($40 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by crude granite (+0.6%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average export price for granite, sandstone and other building stone stood at $99 per ton in 2022, with an increase of 8.3% against the previous year. Over the period under review, the export price, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2013 when the average export price increased by 12%. As a result, the export price reached the peak level of $149 per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($225 per ton), while Poland ($53 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.1%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform