Global Gravel and Crushed Stone Market to Reach 12,950M Tons by 2030

IndexBox has just published a new report: World - Gravel And Crushed Stone - Market Analysis, Forecast, Size, Trends And Insights.

The global market for gravel and crushed stone is forecast to experience growth in both volume and value over the period from 2023 to 2030. With a projected CAGR of +1.5% for volume and +3.5% for value, the market is expected to see an upward consumption trend, reaching 12,950 million tons and $968.2 billion, respectively, by the end of 2030.

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 seven-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.5% for the period from 2023 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 +3.5% for the period from 2023 to 2030, which is projected to bring the market value to $968.2B (in in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Gravel and Crushed Stone

In 2023, approx. 11,693M tons of gravel and crushed stone were consumed worldwide; approximately mirroring 2022 figures. Over the period under review, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 5% against the previous year. Global consumption peaked at 12,754M tons in 2013; however, from 2014 to 2023, consumption failed to regain momentum.

The global gravel and crushed stone market revenue dropped to $761.2B in 2023, reducing by -1.6% 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 showed a mild downturn. The growth pace was the most rapid in 2016 with an increase of 9.5% against the previous year. Global consumption peaked at $911B in 2013; however, from 2014 to 2023, consumption failed to regain momentum.

Consumption By Country

The country with the largest volume of gravel and crushed stone consumption was China (3,171M tons), comprising approx. 27% of total volume. Moreover, gravel and crushed stone consumption in China exceeded the figures recorded by the second-largest consumer, Japan (508M tons), sixfold. The third position in this ranking was held by the United States (498M tons), with a 4.3% share.

From 2013 to 2023, the average annual growth rate of volume in China stood at +1.3%. In the other countries, the average annual rates were as follows: Japan (-3.2% per year) and the United States (-9.4% per year).

In value terms, the United States ($90.4B), Japan ($71.3B) and Democratic Republic of the Congo ($32.7B) were the countries with the highest levels of market value in 2023, with a combined 26% share of the global market.

Democratic Republic of the Congo, with a CAGR of +5.1%, 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.

The countries with the highest levels of gravel and crushed stone per capita consumption in 2023 were South Korea (4.6 ton per person), Japan (4.1 ton per person) and Turkey (3.3 ton per person).

From 2013 to 2023, the biggest increases were recorded for South Korea (with a CAGR of +3.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Gravel and Crushed Stone

In 2023, approx. 11,693M tons of gravel and crushed stone were produced worldwide; leveling off at the previous year. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 5.1%. Global production peaked at 12,713M tons in 2013; however, from 2014 to 2023, production failed to regain momentum.

In value terms, gravel and crushed stone production dropped modestly to $785.7B in 2023 estimated in export price. Over the period under review, production recorded a mild descent. The pace of growth appeared the most rapid 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 2023, global production growth failed to regain momentum.

Production By Country

China (3,198M tons) remains the largest gravel and crushed stone producing country worldwide, accounting for 27% of total volume. Moreover, gravel and crushed stone production in China exceeded the figures recorded by the second-largest producer, Japan (508M tons), sixfold. The third position in this ranking was taken by the United States (482M tons), with a 4.1% share.

In China, gravel and crushed stone production expanded at an average annual rate of +1.3% over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: Japan (-3.2% per year) and the United States (-9.6% per year).

Imports

World Imports of Gravel and Crushed Stone

In 2023, purchases abroad of gravel and crushed stone decreased by -1.1% to 192M tons, falling for the fourth year in a row after four years of growth. In general, imports showed a perceptible downturn. The most prominent rate of growth was recorded in 2017 with an increase of 6.9%. Over the period under review, global imports reached the maximum at 257M tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, gravel and crushed stone imports totaled $3.6B in 2023. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 8.4%. Global imports peaked at $3.7B in 2019; however, from 2020 to 2023, imports failed to regain momentum.

Imports By Country

In 2023, Singapore (20M tons), the United States (16M tons), Kuwait (16M tons), Qatar (15M tons), Bangladesh (14M tons), the Netherlands (10M tons), Hong Kong SAR (9.7M tons), France (7.9M tons), Germany (6.6M tons), Switzerland (6.1M tons), Taiwan (Chinese) (5.6M tons) and Denmark (5.6M tons) was the main importer of gravel and crushed stone in the world, mixing up 69% of total import. Belgium (4.8M tons) followed a long way behind the leaders.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bangladesh (with a CAGR of +37.6%), while imports 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 ($316M), Germany ($255M) and the United States ($243M), with a combined 23% share of global imports. Qatar, Kuwait, Hong Kong SAR, Singapore, Bangladesh, France, Switzerland, Belgium, Denmark and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 44%.

In terms of the main importing countries, Bangladesh, with a CAGR of +30.6%, recorded the highest rates of growth with regard to 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 2023, the average gravel and crushed stone import price amounted to $19 per ton, rising by 5% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 13% against the previous year. Over the period under review, average import prices reached the maximum in 2023 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($39 per ton), while Singapore ($9.9 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+12.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Gravel and Crushed Stone

After three years of decline, overseas shipments of gravel and crushed stone increased by 3.6% to 192M tons in 2023. Over the period under review, exports, however, showed a mild curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 17%. The global exports peaked at 253M tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, gravel and crushed stone exports rose modestly to $3.2B in 2023. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 11% against the previous year. Over the period under review, the global exports attained the peak figure at $3.4B in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports By Country

Norway (28M tons) and China (27M tons) represented the largest exporters of gravel and crushed stone in 2023, accounting for near 14% and 14% of total exports, respectively. Oman (17M tons) ranks next in terms of the total exports with an 8.6% share, followed by the United Arab Emirates (8.1%), Germany (5.1%), Indonesia (4.7%) and Canada (4.7%). France (8M tons), Belgium (7.7M tons), India (6.4M tons), Belarus (6.3M tons), Malaysia (6.1M tons) and the UK (3.7M tons) took a relatively small share of total exports.

From 2013 to 2023, the biggest increases were recorded for India (with a CAGR of +30.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest gravel and crushed stone supplying countries worldwide were Norway ($267M), the United Arab Emirates ($266M) and China ($263M), together comprising 25% of global exports. Germany, Oman, France, Belgium, Canada, India, the UK, Belarus, Indonesia and Malaysia lagged somewhat behind, together accounting for a further 37%.

India, with a CAGR of +23.4%, saw the highest rates of growth with regard to the value of exports, among 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

The average gravel and crushed stone export price stood at $17 per ton in 2023, flattening at the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 12% against the previous year. Over the period under review, the average export prices attained the maximum at $17 per ton in 2022, and then shrank slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Germany ($24 per ton), while Indonesia ($6.2 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the UK (+5.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform