The global Construction Aggregates Market is estimated to be valued at US$ 528.09 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction aggregates are basic materials such as sand, gravel, crushed stone, slag, recycled concrete and geosynthetic aggregates used in construction. They are generally used with cement in concrete construction and also used with asphalt for road construction. Construction aggregates provide quality, durability and performance in structures.
Market key trends:
One of the key trends in the construction aggregates market is the increasing demand for recycled aggregates. With growing awareness about sustainable construction practices, recycled aggregates which are obtained by crushing waste materials from construction and demolition sites are gaining popularity among builders and contractors. Recycled aggregates reduce the consumption of natural raw materials and prevent construction waste from ending up in landfills. Their usage helps lower costs and carbon footprint of construction projects. The global recycled aggregates market is expected to grow at a CAGR of over 5% during the forecast period.
SWOT Analysis
Strength: Construction aggregates have wide applications in different construction activities like infrastructure development, building construction and cement production. Growing construction industry globally drives the demand for construction aggregates.
Weakness: Fluctuating raw material prices and transportation cost affects the profit margins of construction aggregates market. Strict environmental regulations in many countries can increase the production cost.
Opportunity: Rising public and private investment in infrastructure development projects across developing countries creates new opportunities. Recovering construction sector in developed economies post COVID-19 pandemic boost the market growth.
Threats: Economic slowdowns severely impacts the demand from construction industry. Substitutes like steel and other synthetic materials poses threat to replace aggregates in some construction applications.
Key Takeaways
The Global Construction Aggregates Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing public and private sector construction spending on residential and commercial buildings as well as infrastructure projects like roads, highways, bridges, and rail networks around the world.
Regional analysis
Asia Pacific dominates the global construction aggregates market and is expected to maintain its leading position during the forecast period, owing to rapid urbanization and heavy investment in public infrastructure projects by China and India governments. Europe and North America are also lucrative regions for construction aggregates market supported by recovery in building construction and increasing spending on road construction in major countries.
Key players operating in the construction aggregates market are China Resources Cement Holdings Limited, EuroCement Group, Vulcan Materials Company, LafargeHolcim, LSR Group, Adbri, Cemex, Heidelberg Cement AG, and Martin Marietta Materials. The top players account for around 30% of global market share and are focused on increasing production capacity through mergers and acquisitions as well as geographical expansion into high growth emerging countries to meet the rising demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
