Market Research Future (MRFR) has published a cooked research report on the “Global Construction materials market” that contains information from 2018 to 2032. The construction materials market is estimated to register a CAGR of 4.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global construction materials market— China National Building Material Co., Ltd., CRH PLC, LafargeHolcim Ltd., BBMG Corporation Ltd., HeidelbergCement AG, CEMEX S.A.B. de C.V., Knauf Gips KG, Lixil Group Corporation, Anhui Conch Cement Co., Ltd., and Boral Limited
The global construction materials market is accounted to register a CAGR of 4.20% during the forecast period and is estimated to reach USD 1824.4 Billion by 2032.
The growing need for building materials, which have higher tensile strength, density, and thermal capacity, as well as weather resistance, is driving market expansion. Aside from that, expanding commercial infrastructure and residential flat building throughout the world is adding to market expansion. Furthermore, the market is being influenced favourably by the increasing use of improved production methods and technical developments in installation techniques. Aside from that, rising government investments in enhancing the conditions of public infrastructures, as well as rising rehabilitation and reconstruction operations of numerous cultural sites and monuments, are encouraging market expansion.
The global construction materials market has been segmented based type and end user.
On the basis of type, the market is segmented into Aggregates, Cement, Bricks and Blocks, Metals, and Others. Aggregates segment accounted for the largest revenue share in 2022. The segment's growth is attributable to the construction industry's spectacular growth across a number of developing countries. Aggregates have a variety of uses in the construction industry.
Based on End User, the global construction materials market has been segmented into Residential, Infrastructure, Commercial, and Industrial. Residential segment dominated the global Construction Materials market in 2022. The residential market in China is anticipated to expand in the coming years at a promising rate. China's urbanization rate was 64,7% as of 2022; by 2035, it's expected to rise to 75–80%. In an effort to increase consumer demand and purchasing power in the nation's residential real estate market, banks in roughly 90 Chinese cities cut mortgage rates in February 2022.
The global construction materials market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe construction materials market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The construction materials market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World construction materials market comprises of Middle East, Africa, and Latin America.
The North America construction materials market dominated this market in 2022 (45.80%). North America is the most developed continent due to the presence of nations with sound economic policies, early adoption of cutting-edge infrastructure, high GDPs, and a vibrant ecosystem of the construction sector. Immigrant populations have grown dramatically in Canada in recent years. Canada's population is growing at a rate that is about twice as fast as that of the other G7 countries. Between 2016 and 2021, there will be a 1.8 million rise in the population of Canada, which can be attributable to the new immigrants, who may be either temporary or long-term residents. The COVID-19 pandemic slowed down international migration, yet in fiscal year 2020, approximately to 185,000 permanent immigrants entered Canada. As a result, the Canadian residential real estate market is expanding rapidly.
Moreover, Europe construction materials market accounted for the healthy market share in 2022. The residential market in the area is growing quickly, which is contributing to the industry growth in Europe. High per capita income and a preference among consumers to own two residences outright and rent or lease the third. The presence of a few sizable materials companies in the region is also expected to expand the utilization of these resources.
Additionally, the Asia Pacific construction materials market is expected to register significant growth from 2023 to 2032. The Asia Pacific (APAC) region is projected to be profitable for the construction material market during the course of the forecast year. The rise of the residential building industry in the APAC region is mostly due to the government's initiatives to support affordable housing for all, rising income levels, and people's preference for individual housing. During the 2025 fiscal year, 178,000 new dwellings are projected to be constructed in Australia.
Furthermore, the rest of the world's construction materials market is divided into the Middle East, Africa, and Latin America. The construction materials market in Latin America is robust due to ongoing infrastructure projects and urbanization. Growing populations and urban development contribute to the demand for cement, steel, and other construction materials.
Key Findings of the Study