The global construction aggregates market consists of crushed stone or gravel, sand and gravel, recycled concrete and others which are widely used for construction purposes. The construction aggregates are used to make concrete, cement, asphalt and other construction activities. Aggregates are highly used in infrastructure projects including roads, bridges, buildings and highways construction and repair works. With increasing infrastructural development projects worldwide, the demand for construction aggregates is rising exponentially.
The global construction aggregates market is estimated to be valued at US$ 478 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Infrastructural Development Projects: As mentioned in the heading, rising number of infrastructural projects across both developing and developed nations is significantly driving the demand for construction aggregates. Mega projects like high-speed rail networks, new airports, smart cities etc. require large volume of aggregates. According to World Economic Forum, global investment in infrastructure is expected to grow by over $94 trillion by 2040. This growing infrastructural spending will boost aggregates consumption.
Sustainable Construction Aggregates: Growing awareness regarding use of recycled and waste construction materials as aggregates is another key driver. Using recycled aggregates reduces landfill waste and lowers the environmental impact of virgin aggregates extraction. Many nations are developing regulations to increase use of sustainable aggregates in construction projects. This factor is positively impacting the market growth.
Here are the segment analysis, PEST analysis, and key takeaways without market size, CAGR, or conclusion for the Construction Aggre market:
Segment Analysis
The construction aggregates market is dominated by the crushed stone sub-segment, which holds around 60% share of the overall market. Crushed stone aggregates are highly durable and tend to last longer as compared to gravel and sand. This makes crushed stone the preferred choice for construction applications such as buildings, roads, and highways where high strength and durability is required.
PEST Analysis
Political: Government investments and regulations supporting infrastructure development will drive growth. However, changes in trade policies can impact costs.
Economic: A growing economy and rising disposable incomes increase spending on residential and commercial construction. However, economic slowdowns can negatively impact demand.
Social: Rapid urbanization is increasing demand for housing, road, and other infrastructure projects. Rising environmental awareness is also boosting demand for recycled aggregates.
Technological: Usage of advanced equipment for quarrying, mining, crushing, and screening is improving productivity while reducing costs. Automation is also being increasingly adopted.
Key Takeaways
The Global Construction Aggregate Market Size is expected to witness high growth over the forecast period supported by the ongoing investments in infrastructure development globally. The global construction aggregates market is estimated to be valued at US$ 470 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2028.
Regional analysis
The Asia Pacific region currently dominates the global construction aggregates market with China being the largest consumer as well as producer. This is attributed to the massive ongoing investments by the Chinese government in building new roads, bridges, residential buildings, and other infrastructure to support its growing economy and urbanization.
Key players
Key players operating in the construction aggregates market are CRH Plc, LafargeHolcim, HeidelbergCement AG, Martin Marietta, and Vulcan Materials Company.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
