The market for crude or roughly trimmed granite in Japan has experienced a steady decline from 2013 when it was valued at $0.6 per capita to just $0.13 per capita in 2023. Year-over-year analysis indicates significant decreases, especially in the recent years: 2021 to 2022 saw a reduction of 15%, and from 2022 to 2023, a further decline of 23.5%. Over the last five years, the compound annual growth rate (CAGR) averaged a negative trend of around 17%, highlighting consistent downward momentum.
Looking ahead, the market's demand might continue to decrease as urban planning shifts toward sustainable and cost-effective materials. Industry observers should watch technological advancements and potential governmental regulations impacting raw granite utilization. Additionally, potential new applications or market needs could arise that may stabilize or invigorate demand in the longer term.
