The forecast for industrial sand and gravel sold or used in Illinois shows a downward trend from 2024 to 2028, with a decrease from 1.26 million metric tons in 2024 to 1.19 million metric tons in 2028. As of the end of 2023, Illinois had not seen such forecasted decline. Compared to year-on-year forecasts:
- 2024 to 2025: a slight decrease of approximately 0.79%.
- 2025 to 2026: a reduction of about 1.6%.
- 2026 to 2027: another drop close to 1.63%.
- 2027 to 2028: diminution of around 1.65%.
Over the five-year forecast period, the Compound Annual Growth Rate (CAGR) is expected to be negative, indicating a consistent decline in the industrial sand and gravel market. This suggests a decrease in demand or changes in the industry dynamics.
Future trends to monitor include potential impacts of environmental regulations on sand mining, shifts in construction and energy sectors driving demand, and technological advancements that may influence alternative materials. Keeping an eye on these trends can provide insight into potential reversals or accelerations in this decline.
