Spades And Shovels Market

The global market for spades and shovels is expected to see continued growth in both volume and value over the next eight years. Various countries, including China, the United States, and the Netherlands, play significant roles in consumption, production, imports, and exports of these products. The article offers detailed analysis of trends and patterns within the industry, providing valuable insights for businesses and stakeholders.

Market Forecast

Driven by increasing demand for spades and shovels worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 442K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $1.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Spades And Shovels

In 2022, approx. 345K tons of spades and shovels were consumed worldwide; falling by -2.8% compared with the previous year. The total consumption volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the peak volume at 355K tons in 2021, and then contracted in the following year.

The global spades and shovels market size declined modestly to $1B in 2022, reducing 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). The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $1.1B in 2021, and then contracted modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (58K tons), India (33K tons) and the United States (33K tons), together accounting for 36% of global consumption. Japan, Italy, Brazil, the Netherlands, Pakistan, Mexico, Russia, Germany, the UK and Turkey lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +24.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest spades and shovels markets worldwide were China ($144M), the United States ($133M) and Japan ($89M), together accounting for 36% of the global market. India, Pakistan, Mexico, Germany, the Netherlands, Brazil, Italy, the UK, Russia and Turkey lagged somewhat behind, together accounting for a further 35%.

Italy, with a CAGR of +19.5%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of spades and shovels per capita consumption was registered in the Netherlands (730 kg per 1000 persons), followed by Italy (240 kg per 1000 persons), Japan (132 kg per 1000 persons) and the UK (100 kg per 1000 persons), while the world average per capita consumption of spades and shovels was estimated at 44 kg per 1000 persons.

In the Netherlands, spades and shovels per capita consumption expanded at an average annual rate of +24.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+16.1% per year) and Japan (-0.1% per year).

Production

World Production of Spades And Shovels

In 2022, after five years of growth, there was decline in production of spades and shovels, when its volume decreased by -2.2% to 379K tons. The total output volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 24%. Global production peaked at 388K tons in 2021, and then reduced slightly in the following year.

In value terms, spades and shovels production declined modestly to $1.2B in 2022 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +81.2% against 2012 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 18%. Global production peaked at $1.2B in 2021, and then fell modestly in the following year.

Production By Country

The country with the largest volume of spades and shovels production was China (205K tons), comprising approx. 54% of total volume. Moreover, spades and shovels production in China exceeded the figures recorded by the second-largest producer, India (37K tons), sixfold. Mexico (21K tons) ranked third in terms of total production with a 5.6% share.

In China, spades and shovels production expanded at an average annual rate of +4.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+4.9% per year) and Mexico (+4.7% per year).

Imports

World Imports of Spades And Shovels

In 2022, the amount of spades and shovels imported worldwide expanded rapidly to 161K tons, growing by 5.3% against 2021 figures. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 12% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, spades and shovels imports rose markedly to $479M in 2022. In general, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.9% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 32%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (27K tons), distantly followed by the Netherlands (13K tons) and Russia (7.6K tons) represented the major importers of spades and shovels, together comprising 29% of total imports. The UK (6.2K tons), Germany (6.2K tons), Ghana (3.7K tons), Tanzania (2.9K tons), Colombia (2.7K tons), Japan (2.6K tons), the United Arab Emirates (2.6K tons), Canada (2.6K tons) and Malaysia (2.5K tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to spades and shovels imports into the United States stood at +4.2%. At the same time, the Netherlands (+29.0%), Russia (+13.3%), Colombia (+6.2%), Ghana (+5.6%) and the UK (+4.7%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +29.0% from 2012-2022. Tanzania, Germany, Canada and the United Arab Emirates experienced a relatively flat trend pattern. By contrast, Japan (-2.4%) and Malaysia (-10.7%) illustrated a downward trend over the same period. While the share of the Netherlands (+7.4 p.p.), Russia (+3 p.p.) and the United States (+2.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Malaysia (-4.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($116M) constitutes the largest market for imported spades and shovels worldwide, comprising 24% of global imports. The second position in the ranking was taken by Germany ($31M), with a 6.5% share of global imports. It was followed by the Netherlands, with a 5.6% share.

In the United States, spades and shovels imports expanded at an average annual rate of +8.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+3.4% per year) and the Netherlands (+17.9% per year).

Import Prices By Country

The average spades and shovels import price stood at $2,974 per ton in 2022, remaining stable against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2021 an increase of 22% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($5,060 per ton), while Ghana ($522 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 (+6.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Spades And Shovels

For the third consecutive year, the global market recorded growth in overseas shipments of spades and shovels, which increased by 5% to 195K tons in 2022. Over the period under review, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +22.3% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 23% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, spades and shovels exports surged to $720M in 2022. Overall, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

China prevails in exports structure, recording 147K tons, which was near 75% of total exports in 2022. It was distantly followed by Mexico (10K tons), making up a 5.1% share of total exports. The following exporters - Brazil (6.5K tons), the Netherlands (6K tons), India (5.1K tons) and Poland (4K tons) - together made up 11% of total exports.

From 2012 to 2022, average annual rates of growth with regard to spades and shovels exports from China stood at +5.5%. At the same time, the Netherlands (+25.0%), Brazil (+7.1%), Mexico (+5.1%), Poland (+3.6%) and India (+1.8%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.0% from 2012-2022. While the share of China (+4.2 p.p.) and the Netherlands (+2.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($519M) remains the largest spades and shovels supplier worldwide, comprising 72% of global exports. The second position in the ranking was taken by Mexico ($37M), with a 5.1% share of global exports. It was followed by the Netherlands, with a 3% share.

In China, spades and shovels exports increased at an average annual rate of +11.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (+6.0% per year) and the Netherlands (+24.9% per year).

Export Prices By Country

In 2022, the average spades and shovels export price amounted to $3,689 per ton, growing by 17% against the previous year. Over the last decade, it increased at an average annual rate of +4.0%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Poland ($4,037 per ton), while India ($2,610 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform