Republic of Korea: Market for Gravel, Pebbles And Crushed Stone for Concrete and Road Aggregates 2024

Market Size for Gravel, Pebbles And Crushed Stone for Concrete and Road Aggregates in Republic of Korea

In 2021, the South Korean market for gravel, pebbles and crushed stone for concrete and road aggregates was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption recorded a resilient expansion. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Gravel, Pebbles And Crushed Stone for Concrete and Road Aggregates in Republic of Korea

In value terms, production of gravel, pebbles and crushed stone for concrete and road aggregates soared to $X in 2021 estimated in export price. Overall, production posted a prominent expansion. The growth pace was the most rapid in 2015 when the production volume increased by 184% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production of growth remained at a lower figure.

Exports of Gravel, Pebbles And Crushed Stone for Concrete and Road Aggregates

Exports from Republic of Korea

In 2021, the amount of gravel, pebbles and crushed stone for concrete and road aggregates exported from South Korea dropped rapidly to X tons, waning by -96.1% against the previous year's figure. In general, exports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2016 with an increase of 10,971% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, exports of gravel, pebbles and crushed stone for concrete and road aggregates dropped sharply to $X in 2021. Overall, exports saw a significant decrease. The pace of growth was the most pronounced in 2016 when exports increased by 7,149% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

The Philippines (X tons) was the main destination for exports of gravel, pebbles and crushed stone for concrete and road aggregates from South Korea, accounting for a 76% share of total exports. Moreover, exports of gravel, pebbles and crushed stone for concrete and road aggregates to the Philippines exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sixfold. Mexico (X tons) ranked third in terms of total exports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume to the Philippines totaled -14.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+1.1% per year) and Mexico (0.0% per year).

In value terms, the Philippines ($X) emerged as the key foreign market for gravel, pebbles and crushed stone for concrete and road aggregates exports from South Korea, comprising 64% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 30% share of total exports. It was followed by Mongolia, with a 3.6% share.

From 2012 to 2021, the average annual growth rate of value to the Philippines totaled -21.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+6.4% per year) and Mongolia (+22.1% per year).

Export Prices by Country

In 2021, the average export price for gravel, pebbles and crushed stone for concrete and road aggregates amounted to $X per ton, picking up by 160% against the previous year. Over the period under review, the export price showed prominent growth. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+20.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gravel, Pebbles And Crushed Stone for Concrete and Road Aggregates

Imports into Republic of Korea

In 2021, the amount of gravel, pebbles and crushed stone for concrete and road aggregates imported into South Korea expanded notably to X tons, rising by 7.1% compared with the previous year. Overall, imports, however, continue to indicate a pronounced curtailment. The growth pace was the most rapid in 2017 when imports increased by 45%. Over the period under review, imports of attained the maximum at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, imports of gravel, pebbles and crushed stone for concrete and road aggregates expanded rapidly to $X in 2021. In general, imports posted noticeable growth. The most prominent rate of growth was recorded in 2017 with an increase of 44% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), the Philippines (X tons) and Indonesia (X tons) were the main suppliers of imports of gravel, pebbles and crushed stone for concrete and road aggregates to South Korea, together comprising 87% of total imports. Vietnam and France lagged somewhat behind, together comprising a further 9.3%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +60.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest gravel, pebbles and crushed stone for concrete and road aggregates suppliers to South Korea were China ($X), the Philippines ($X) and Indonesia ($X), with a combined 78% share of total imports. Vietnam and France lagged somewhat behind, together accounting for a further 8.4%.

Vietnam, with a CAGR of +73.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for gravel, pebbles and crushed stone for concrete and road aggregates amounted to $X per ton, picking up by 1.6% against the previous year. Over the period under review, import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +9.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for gravel, pebbles and crushed stone for concrete and road aggregates increased by +119.7% against 2012 indices. The growth pace was the most rapid in 2014 an increase of 26%. The import price peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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