Gravel and Crushed Stone Market

The article discusses the global gravel and crushed stone market trends from 2012 to 2022, including consumption, production, imports, exports, and prices. It highlights the market's performance, with a forecasted CAGR of +1.1% in consumption and +2.8% in value from 2022 to 2030. China, the United States, and Japan are key players in consumption and production. Bangladesh saw significant growth in imports, while the United Arab Emirates led the growth in exports. Prices varied by country, with the United Arab Emirates having the highest export price. Overall, the market is expected to see gradual growth in the coming years.

Market Forecast

Driven by rising demand for gravel and crushed stone worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 12,950M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $968.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Gravel and Crushed Stone

In 2022, consumption of gravel and crushed stone was finally on the rise to reach 11,847M tons after three years of decline. Over the period under review, consumption, however, showed a mild decline. The most prominent rate of growth was recorded in 2018 when the consumption volume increased by 5% against the previous year. Over the period under review, global consumption hit record highs at 13,432M tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global gravel and crushed stone market value rose modestly to $773.5B in 2022, surging by 3.2% 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, consumption, however, showed a perceptible reduction. The growth pace was the most rapid in 2016 with an increase of 9.5% against the previous year. Over the period under review, the global market reached the maximum level at $958.5B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (3,190M tons) constituted the country with the largest volume of gravel and crushed stone consumption, comprising approx. 27% of total volume. Moreover, gravel and crushed stone consumption in China exceeded the figures recorded by the second-largest consumer, Japan (527M tons), sixfold. The third position in this ranking was taken by the United States (516M tons), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +1.6%. In the other countries, the average annual rates were as follows: Japan (-4.1% per year) and the United States (-10.3% per year).

In value terms, the United States ($90.9B), Japan ($73.9B) and Democratic Republic of the Congo ($34.5B) were the countries with the highest levels of market value in 2022, together comprising 26% of the global market.

Among the main consuming countries, Democratic Republic of the Congo, with a CAGR of +4.4%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of gravel and crushed stone per capita consumption in 2022 were South Korea (4.7 ton per person), Japan (4.2 ton per person) and France (3.4 ton per person).

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +3.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Gravel and Crushed Stone

In 2022, production of gravel and crushed stone increased by 2.5% to 11,838M tons for the first time since 2018, thus ending a three-year declining trend. In general, production, however, recorded a mild decline. The pace of growth was the most pronounced in 2018 when the production volume increased by 5.1%. Over the period under review, global production reached the maximum volume at 13,384M tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, gravel and crushed stone production rose modestly to $792.1B in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 20% against the previous year. As a result, production attained the peak level of $1,045.7B. From 2015 to 2022, global production growth remained at a lower figure.

Production By Country

China (3,214M tons) remains the largest gravel and crushed stone producing country worldwide, comprising approx. 27% of total volume. Moreover, gravel and crushed stone production in China exceeded the figures recorded by the second-largest producer, Japan (527M tons), sixfold. The United States (499M tons) ranked third in terms of total production with a 4.2% share.

In China, gravel and crushed stone production expanded at an average annual rate of +1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-4.1% per year) and the United States (-10.5% per year).

Imports

World Imports of Gravel and Crushed Stone

In 2022, overseas purchases of gravel and crushed stone decreased by -12.2% to 194M tons, falling for the third consecutive year after four years of growth. Overall, imports recorded a slight shrinkage. The growth pace was the most rapid in 2013 with an increase of 14% against the previous year. Over the period under review, global imports hit record highs at 257M tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, gravel and crushed stone imports contracted to $3.5B in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 9.6%. Over the period under review, global imports attained the maximum at $3.7B in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports By Country

The countries with the highest levels of gravel and crushed stone imports in 2022 were Singapore (20M tons), the United States (18M tons), Qatar (16M tons), Kuwait (14M tons), Bangladesh (13M tons), the Netherlands (12M tons), Hong Kong SAR (10M tons), France (9.3M tons), Germany (7.6M tons), Denmark (6.5M tons), Switzerland (6.4M tons) and Taiwan (Chinese) (6M tons), together reaching 72% of total import. Belgium (4.7M tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +37.9%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest gravel and crushed stone importing markets worldwide were the Netherlands ($307M), Germany ($270M) and Singapore ($242M), together accounting for 24% of global imports. Hong Kong SAR, Qatar, the United States, Kuwait, Bangladesh, France, Belgium, Switzerland, Denmark and Taiwan (Chinese) lagged somewhat behind, together comprising a further 46%.

In terms of the main importing countries, Bangladesh, with a CAGR of +35.8%, recorded the highest growth rate of the value of imports, 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 gravel and crushed stone import price amounted to $18 per ton, rising by 6.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2021 an increase of 13% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in years to come.

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 Germany ($36 per ton), while the United States ($11 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+13.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Gravel and Crushed Stone

In 2022, shipments abroad of gravel and crushed stone decreased by -12.4% to 185M tons, falling for the third year in a row after three years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 23%. Over the period under review, the global exports hit record highs at 253M tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, gravel and crushed stone exports reduced slightly to $3.1B in 2022. The total export value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 24% against the previous year. The global exports peaked at $3.4B in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports By Country

Norway (29M tons) and China (24M tons) represented roughly 29% of total exports in 2022. Oman (15M tons) held an 8.3% share (based on physical terms) of total exports, which put it in second place, followed by Germany (5.7%), Belgium (4.8%), the United Arab Emirates (4.7%), France (4.7%) and Indonesia (4.5%). The following exporters - Canada (8.3M tons), India (7.1M tons), Belarus (6.7M tons), the UK (4.8M tons) and Mexico (3.1M tons) - together made up 16% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by India (with a CAGR of +23.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest gravel and crushed stone supplying countries worldwide were China ($289M), Norway ($279M) and the United Arab Emirates ($264M), together comprising 27% of global exports.

The United Arab Emirates, with a CAGR of +23.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average gravel and crushed stone export price amounted to $17 per ton, surging by 9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2021 an increase of 12% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($30 per ton), while Indonesia ($6.3 per ton) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform