Cut Stone And Stone Product Market
The global market for cut stone and stone products is expected to continue growing over the next eight years, with a forecasted increase in both consumption volume and market value. The United States leads the market in terms of both consumption and production, while also being a major importer and exporter of these products. The average import and export prices have seen fluctuations in recent years, with the United States playing a key role in determining the price levels for these products.
Market Forecast
Driven by increasing demand for cut stone and stone products worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.6% for the period from 2022 to 2030, which is projected to bring the market volume to 29M 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 2022 to 2030, which is projected to bring the market value to $8.6B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Cut Stone And Stone Products
For the third consecutive year, the global market recorded growth in consumption of cut stone and stone products, which increased by 3.3% to 26M tons in 2022. The total consumption volume increased at an average annual rate of +3.8% from 2013 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in the near future.
The value of the market for cut stone and stone products worldwide amounted to $6.6B in 2022, surging by 3.3% 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). The market value increased at an average annual rate of +3.6% from 2013 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the market value increased by 7.2% against the previous year. Over the period under review, the global market reached the peak level in 2022 and is likely to continue growth in the immediate term.
Consumption By Country
The United States (26M tons) constituted the country with the largest volume of cut stone and stone product consumption, comprising approx. 100% of total volume.
In the United States, cut stone and stone product consumption increased at an average annual rate of +3.8% over the period from 2013-2022.
In value terms, the United States ($6.6B) led the market, alone.
From 2013 to 2022, the average annual growth rate of value in the United States amounted to +3.6%.
In the United States, cut stone and stone product per capita consumption expanded at an average annual rate of +3.2% over the period from 2013-2022.
Production
World Production of Cut Stone And Stone Products
In 2022, approx. 21M tons of cut stone and stone products were produced worldwide; picking up by 3.5% on the previous year's figure. The total output volume increased at an average annual rate of +3.8% over the period from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by 6.6% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.
In value terms, cut stone and stone product production expanded to $5.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period from 2013 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 6.6% against the previous year. Global production peaked in 2022 and is likely to see gradual growth in the immediate term.
Production By Country
The United States (21M tons) remains the largest cut stone and stone product producing country worldwide, accounting for 100% of total volume.
From 2013 to 2022, the average annual growth rate of volume in the United States stood at +3.8%.
Imports
World Imports of Cut Stone And Stone Products
In 2022, overseas purchases of cut stone and stone products increased by 2.8% to 5.3M tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +4.1% from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 25%. Over the period under review, global imports attained the maximum in 2022 and are likely to continue growth in years to come.
In value terms, cut stone and stone product imports expanded modestly to $4.9B in 2022. Overall, total imports indicated a buoyant increase from 2013 to 2022: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.4% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 35% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.
Imports By Country
The countries with the highest levels of cut stone and stone product imports in 2022 were the United States (5.3M tons), together reaching 100% of total import.
The United States was also the fastest-growing in terms of the cut stone and stone products imports, with a CAGR of +4.1% from 2013 to 2022. The shares of the largest importers remained relatively stable throughout the analyzed period.
In value terms, the United States ($4.9B) constitutes the largest market for imported cut stone and stone products worldwide.
From 2013 to 2022, the average annual rate of growth in terms of value in the United States stood at +5.8%.
Import Prices By Country
In 2022, the average import price for cut stone and stone products amounted to $915 per ton, increasing by 2% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2015 when the average import price increased by 9% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.
As there is only one major supplying country, the average price level is determined by prices for the United States.
From 2013 to 2022, the rate of growth in terms of prices for the United States amounted to +1.7% per year.
Exports
World Exports of Cut Stone And Stone Products
In 2022, approx. 373K tons of cut stone and stone products were exported worldwide; surging by 4.5% compared with the previous year's figure. The total export volume increased at an average annual rate of +2.1% from 2013 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 16% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the near future.
In value terms, cut stone and stone product exports expanded markedly to $86M in 2022. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 16% against the previous year. Over the period under review, the global exports hit record highs at $91M in 2014; however, from 2015 to 2022, the exports failed to regain momentum.
Exports By Country
The United States (373K tons) represented roughly 100% of total exports in 2022.
The United States was also the fastest-growing in terms of the cut stone and stone products exports, with a CAGR of +2.1% from 2013 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.
In value terms, the United States ($86M) also remains the largest cut stone and stone product supplier worldwide.
From 2013 to 2022, the average annual growth rate of value in the United States was relatively modest.
Export Prices By Country
In 2022, the average export price for cut stone and stone products amounted to $231 per ton, picking up by 6.4% against the previous year. Overall, the export price, however, saw a slight contraction. The most prominent rate of growth was recorded in 2019 an increase of 8.5% against the previous year. The global export price peaked at $274 per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for the United States.
From 2013 to 2022, the rate of growth in terms of prices for the United States amounted to -1.4% per year.
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