Natural Stone Sett Market

The global market for natural stone setts, kerbstones, and flagstones is expected to grow steadily over the next eight years with a forecasted CAGR of +3.3% in volume and +4.4% in value. China leads in both consumption and production, with the United States and Germany also playing major roles in the market. Afghanistan and Pakistan have seen significant growth in per capita consumption, while the United Arab Emirates has emerged as a key exporter in the market. Overall, the market is poised for continued growth in the coming years.

Market Forecast

Driven by increasing demand for natural stone setts, kerbstones and flagstones worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market volume to 64M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $29.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Natural Stone Setts, Kerbstones And Flagstones

For the eighth year in a row, the global market recorded growth in consumption of natural stone setts, kerbstones and flagstones, which increased by 0.2% to 50M tons in 2022. Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +58.0% against 2012 indices. Over the period under review, global consumption reached the peak volume in 2022 and is expected to retain growth in the immediate term.

The global natural stone sett market revenue surged to $21.3B in 2022, increasing by 28% 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). Overall, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +8.2% 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 +119.9% against 2012 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

China (9.9M tons) constituted the country with the largest volume of natural stone sett consumption, comprising approx. 20% of total volume. Moreover, natural stone sett consumption in China exceeded the figures recorded by the second-largest consumer, India (3.7M tons), threefold. The third position in this ranking was held by Afghanistan (3M tons), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +6.7%. In the other countries, the average annual rates were as follows: India (+5.4% per year) and Afghanistan (+2.3% per year).

In value terms, China ($3.2B), the United States ($1.8B) and Ethiopia ($1.8B) were the countries with the highest levels of market value in 2022, together comprising 32% of the global market. India, Indonesia, Bangladesh, Turkey, Brazil, Mexico, Pakistan, Democratic Republic of the Congo, Afghanistan and Iran lagged somewhat behind, together accounting for a further 24%.

Pakistan, with a CAGR of +17.4%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of natural stone sett per capita consumption was registered in Afghanistan (73 kg per person), followed by Pakistan (12 kg per person), Turkey (10 kg per person) and Mexico (9 kg per person), while the world average per capita consumption of natural stone sett was estimated at 0.1 kg per person.

In Afghanistan, natural stone sett per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+13.9% per year) and Turkey (+7.2% per year).

Production

World Production of Natural Stone Setts, Kerbstones And Flagstones

In 2022, the amount of natural stone setts, kerbstones and flagstones produced worldwide amounted to 46M tons, picking up by 1.7% against 2021. In general, the total production indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +1.5% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 11% against the previous year. Global production peaked in 2022 and is expected to retain growth in the near future.

In value terms, natural stone sett production expanded to $16.5B in 2022 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.5% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 16% against the previous year. Over the period under review, global production reached the maximum level at $16.9B in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Production By Country

China (10M tons) constituted the country with the largest volume of natural stone sett production, accounting for 22% of total volume. Moreover, natural stone sett production in China exceeded the figures recorded by the second-largest producer, India (3.8M tons), threefold. The third position in this ranking was taken by Pakistan (2.8M tons), with a 6% share.

In China, natural stone sett production increased at an average annual rate of +5.4% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+5.7% per year) and Pakistan (-0.8% per year).

Imports

World Imports of Natural Stone Setts, Kerbstones And Flagstones

In 2022, supplies from abroad of natural stone setts, kerbstones and flagstones increased by 1.5% to 7M tons for the first time since 2017, thus ending a four-year declining trend. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 29%. Global imports peaked at 10M tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, natural stone sett imports dropped modestly to $1.3B in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 27% against the previous year. As a result, imports attained the peak of $1.4B. From 2018 to 2022, the growth of global imports failed to regain momentum.

Imports By Country

Afghanistan represented the largest importer of natural stone setts, kerbstones and flagstones in the world, with the volume of imports resulting at 3M tons, which was near 43% of total imports in 2022. Germany (546K tons) took the second position in the ranking, followed by South Korea (546K tons) and the United States (543K tons). All these countries together took near 23% share of total imports. France (290K tons), Kuwait (184K tons), Belgium (181K tons), the UK (176K tons), Australia (170K tons), the Netherlands (156K tons), Switzerland (124K tons) and Norway (109K tons) held a little share of total imports.

Imports into Afghanistan increased at an average annual rate of +2.2% from 2012 to 2022. At the same time, the United States (+19.2%), South Korea (+17.4%), Australia (+15.3%) and the UK (+4.0%) displayed positive paces of growth. Moreover, the United States emerged as the fastest-growing importer imported in the world, with a CAGR of +19.2% from 2012-2022. The Netherlands and Norway experienced a relatively flat trend pattern. By contrast, Switzerland (-1.1%), Germany (-3.2%), France (-3.5%), Belgium (-6.4%) and Kuwait (-8.5%) illustrated a downward trend over the same period. While the share of Afghanistan (+7.7 p.p.), the United States (+6.4 p.p.), South Korea (+6.2 p.p.), Kuwait (+2.6 p.p.) and Australia (+1.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of France (-1.9 p.p.), Belgium (-2.5 p.p.) and Germany (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Afghanistan ($243M), the United States ($134M) and Germany ($113M) were the countries with the highest levels of imports in 2022, with a combined 39% share of global imports.

The United States, with a CAGR of +22.1%, recorded 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 global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average natural stone sett import price amounted to $179 per ton, waning by -4.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 29% against the previous year. As a result, import price attained the peak level of $187 per ton, and then declined modestly in the following year.

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 the UK ($482 per ton), while Kuwait ($21 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+5.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Natural Stone Setts, Kerbstones And Flagstones

In 2022, overseas shipments of natural stone setts, kerbstones and flagstones increased by 26% to 3.7M tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, continue to indicate a perceptible setback. The most prominent rate of growth was recorded in 2017 with an increase of 44%. Over the period under review, the global exports hit record highs at 7.3M tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, natural stone sett exports contracted to $794M in 2022. The total export value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 27%. Over the period under review, the global exports hit record highs at $1.1B in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, the United Arab Emirates (1.2M tons) was the main exporter of natural stone setts, kerbstones and flagstones, committing 33% of total exports. Portugal (369K tons) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by China (9.9%), Germany (5.8%), Turkey (5.3%), Vietnam (4.9%) and Belgium (4.8%). Italy (145K tons), the Netherlands (107K tons), Spain (96K tons), Poland (92K tons), India (90K tons) and Tunisia (65K tons) held a minor share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the natural stone setts, kerbstones and flagstones exports, with a CAGR of +71.2% from 2012 to 2022. At the same time, India (+40.7%), Turkey (+30.2%), Spain (+23.0%), Tunisia (+11.9%), the Netherlands (+11.2%), Poland (+5.3%) and Germany (+3.2%) displayed positive paces of growth. Vietnam and Italy experienced a relatively flat trend pattern. By contrast, Belgium (-1.1%), Portugal (-1.2%) and China (-8.2%) illustrated a downward trend over the same period. The United Arab Emirates (+33 p.p.), Turkey (+5.1 p.p.), Germany (+3 p.p.), Portugal (+2.5 p.p.), Spain (+2.4 p.p.), India (+2.4 p.p.), the Netherlands (+2.2 p.p.) and Vietnam (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while China saw its share reduced by -5.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($303M) remains the largest natural stone sett supplier worldwide, comprising 38% of global exports. The second position in the ranking was taken by Portugal ($67M), with an 8.4% share of global exports. It was followed by Vietnam, with a 6.3% share.

In China, natural stone sett exports increased at an average annual rate of +12.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Portugal (+2.8% per year) and Vietnam (+0.6% per year).

Export Prices By Country

In 2022, the average natural stone sett export price amounted to $216 per ton, waning by -27.1% against the previous year. In general, the export price, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2020 an increase of 56% against the previous year. The global export price peaked at $296 per ton in 2021, and then plummeted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($834 per ton), while the United Arab Emirates ($8 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+22.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform