ECOWAS: Market for Gravel And Crushed Stone 2024

Market Size for Gravel And Crushed Stone in ECOWAS

After two years of decline, the ECOWAS gravel and crushed stone market increased by 8.7% to $X in 2021. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Gravel And Crushed Stone in ECOWAS

In value terms, gravel and crushed stone production expanded markedly to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 17%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Exports of Gravel And Crushed Stone

Exports in ECOWAS

In 2021, the amount of gravel and crushed stone exported in ECOWAS amounted to X tons, picking up by 6.5% against the previous year. Over the period under review, exports, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 490%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, gravel and crushed stone exports surged to $X in 2021. Overall, exports saw a pronounced expansion. The most prominent rate of growth was recorded in 2015 with an increase of 1,493% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ghana represented the main exporting country with an export of around X tons, which accounted for 80% of total exports. It was distantly followed by Senegal (X tons), comprising a 17% share of total exports.

Ghana was also the fastest-growing in terms of the gravel and crushed stone exports, with a CAGR of +69.4% from 2012 to 2021. Senegal (-19.2%) illustrated a downward trend over the same period. While the share of Ghana (+80 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-77.4 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) and Ghana ($X) were the countries with the highest levels of exports in 2021.

Among the main exporting countries, Ghana, with a CAGR of +64.1%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 44% against the previous year. Over the period under review, the export price showed a strong increase. The most prominent rate of growth was recorded in 2015 when the export price increased by 170%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+21.5%).

Imports of Gravel And Crushed Stone

Imports in ECOWAS

After two years of growth, supplies from abroad of gravel and crushed stone decreased by -53.3% to X tons in 2021. Over the period under review, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 227%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, gravel and crushed stone imports contracted notably to $X in 2021. Overall, imports showed a deep slump. The most prominent rate of growth was recorded in 2015 with an increase of 100% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Togo represented the key importing country with an import of around X tons, which amounted to 43% of total imports. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Gambia (X tons), Ghana (X tons), Guinea-Bissau (X tons) and Senegal (X tons). All these countries together took approx. 51% share of total imports. Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to gravel and crushed stone imports into Togo stood at +8.4%. At the same time, Ghana (+48.7%), Cote d'Ivoire (+28.7%), Gambia (+8.9%) and Senegal (+7.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +48.7% from 2012-2021. By contrast, Nigeria (-1.4%) and Guinea-Bissau (-1.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cote d'Ivoire and Ghana increased by +12 and +9.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Togo ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 60% share of total imports.

In terms of the main importing countries, Ghana, with a CAGR of +41.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, jumping by 79% against the previous year. Overall, the import price, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2018 when the import price increased by 100% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+3.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform